Anglo American Platinum today announced that it has contributed a further $100 million to the Platinum Group Metals Development Fund (PGMDF) in order to further develop new and innovative industrial applications for PGMs, with an emphasis on local beneficiation.
The PGM Development Fund is a private equity fund established to provide capital for further PGM market development and beneficiation, particularly in Southern Africa. It is an Anglo American Platinum initiative managed by Douglas Investments and advised by Bryanston Resources.
The fresh capital injection from Anglo American Platinum has resulted in the fund’s investment in Primus power, a US-based company that has developed a flow battery technology that can store and release energy at utility scale.
Commenting on Anglo American Platinum’s contribution, Executive Head of Marketing at Anglo American Platinum, Andrew Hinkly said: “Investing in the development of PGM markets is critical in ensuring sustainability of the South African platinum industry and supporting the green economy of tomorrow to which PGMs are indispensable. Our investment in Primus power indicates our support for their differentiated product for mass deployment that integrates thoughtful design and utility-grade construction into a product that adds value at numerous locations along the electrical grid. This is a strategic investment for Anglo American Platinum which is good both for business and for the environment.”
The PGMDF is one of many initiatives spearheaded by Anglo American Platinum who continues to commit significant effort and resources to market development initiatives which ensure a sustainable demand for the PGMs that it produces, while actively promoting local beneficiation.
Anglo American Platinum will invest the money over five years at $20 million per year. An additional $20 million, over five years, has been committed by third parties.
About PGM Development Fund
The PGM Development Fund is a private equity fund established to provide capital for further PGM market development and beneficiation particularly in Southern Africa. It is an Anglo American Platinum initiative managed by Douglas Investments and advised by Bryanston Resources. www.pgmdevelopmentfund.co.za
Launched in July 2009, with a $10 million commitment from Anglo American Platinum, the objective of the PGMDF has been to invest in alternative technologies that use PGMs, and over the last four years the fund has delivered successfully on this mandate with a focus on benefaction.
About Primus Power Primus
Power is a leader in low-cost, grid-scale energy storage solutions with a scalable, distributed, multi-hour system that economically serves multiple storage applications. With 14 patented innovations in chemistry, cell design and system engineering, the Company’s EnergyPod® products offer exceptional power density, reliability and portability at industry-low prices. www.primuspower.com.