Yongtai Energy + Haide Co., Ltd.: Jointly Acquired 25 Million Tons Of Vanadium Ore Resources To Increase The All-Vanadium Flow Battery Energy Storage Industry
On August 31, Yongtai Energy (SH.600157) and HaiDe Limited (SZ.000567) both announced that Yongtai Energy Co., Ltd. (hereinafter referred to as “the company” or “Yongtai Energy”) and Hainan HaiDde Capital Management Co., Ltd. ( Hereinafter referred to as “HaiDe Co., Ltd.”) jointly signed the Equity Acquisition Agreement (hereinafter referred to as the “Acquisition Agreement”) with Xinjiang Huiyou Holding Group Co., Ltd. (hereinafter referred to as “Xinjiang Huiyou Group”) and Dunhuang Huihong Mining Development Co., Ltd. (hereinafter referred to as “Huihong Mining”), Beijing Detai Energy Storage Technology Co., Ltd. (tentative name, hereinafter referred to as “Detai Energy Storage”), Beijing Detai Energy Storage Technology Co., Ltd. (tentative name, hereinafter referred to as “Detai Energy Storage”), which was jointly invested and established by the company and HaiDe Co., Ltd., acquired a 65% stake in Huihong Mining, a vanadium resource company held by Xinjiang Huiyou Group.
According to the “Assets Evaluation Report on the Value of 65% Equity of Dunhuang Huihong Mining Development Co., Ltd. Involved in the Proposed Equity Acquisition of Yongtai Energy and HaiDe Co., Ltd.” (hereinafter referred to as “Asset Evaluation Report”), as of June 30, 2022, the evaluation base date, the evaluation value corresponding to the 65% equity of Huihong Mining was 291.3346 million yuan. In this transaction, with reference to the above appraisal value, the purchase price of 65% equity of Huihong Mining was determined after negotiation to be RMB 191.75 million.
According to the “Dunhuang Huihong Mining Development Co., Ltd. Platform Mountain Phosphate Vanadium Mine Mining Rights Evaluation Report” issued by Jinan Dashan Mining Consulting Co., Ltd. “”), within the scope of this assessment: the platform holds 5,381,900 tons of vanadium ore, and the assessed value of the mining right of the platform is 553,078,500 yuan. Through supplementary exploration and the updating and technical transformation of mining and smelting equipment, the amount of vanadium pentoxide in Huihong Mine is 57,000 tons, with an average grade of 1.06%. As of June 30, 2022, the assessment base date, the industry has a vanadium ore resource of 24.9 million tons, a vanadium pentoxide resource of 241,500 tons, and a vanadium pentoxide production capacity of 3,000 tons per year.
This acquisition is to further implement the company’s transformation and development plan to the energy storage industry, obtain high-quality vanadium ore resources and improve high-purity vanadium smelting technology, and accelerate the company’s integration of energy storage material resources, purification and smelting, new energy storage materials, electrolyte processing, The development of the whole industry chain in the field of all-vanadium flow battery energy storage, such as stacks, equipment R&D and manufacturing, and project integration, provides a complete set of energy storage solutions for new energy and traditional power systems, further enhances the company’s core competitiveness and enhances the company’s long-term profitability, and achieve the company’s green, low-carbon and high-quality development.
HaiDe Co., Ltd. is a listed company controlled by the company’s controlling shareholder Yongtai Group Co., Ltd. (hereinafter referred to as “Yongtai Group”), and Yongtai Group holds 75.28% of its shares. The acquisition of equity through Detai Energy Storage constitutes a connected transaction and does not constitute a major asset restructuring. According to the relevant provisions of the “Articles of Association”, the acquisition of the equity interest of Vanadium Mineral Resources Company through Detai Energy Storage can be implemented after the deliberation and approval of the company’s board of directors.
In the past 12 months as of the date of this announcement, the company and the related party HaiDe shares, except for this related transaction, have not jointly acquired related transactions through joint ventures; the company and the related party HaiDe shares plan to jointly invest in the establishment of Detai Energy Storage. The related transaction amount is 1 billion yuan (including: the company invested 510 million yuan and HaiDe Co., Ltd. invested 490 million yuan); the company and its related party HaiDe shares plan to establish Detai Energy Storage and the company’s holding company Zhangjiagang Shazhou Electric Power Co., Ltd. (hereinafter referred to as “Shazhou Electric Power”) to cooperate in the construction of an energy storage auxiliary frequency regulation project, with an investment of 150 million yuan; the company and its related party HaiDe Co., Ltd. plan to jointly increase the capital of a new energy storage company through the establishment of Detai Energy Storage, with an additional capital of 10 million yuan; The amount of related transactions in the real estate of a subsidiary of HaiDe Leasing Company was RMB 5,014,700.
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