Ivanhoe Electric's VRB Energy signs JV with Red Sun for $35M infusion; $20M to fund US battery line

Ivanhoe Electric Inc.

Definitive agreements signed for 51/49 JV between VRB Energy (90%-owned subsidiary) and Red Sun to manufacture vanadium redox flow batteries for Asia, Middle East, Africa.
Red Sun to pay $20M in two tranches for VRB Energy's shares; JV to receive $35M capital increase from Red Sun (approx $12.5M at closing).
Ivanhoe Electric to allocate $20M of proceeds to establish a US-based vanadium redox flow battery assembly facility in Arizona, capable of 50 MW per year.
Closing expected by end of October 2024, pending conditions precedent and Chinese regulatory filings.

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