Idemitsu raises stake in Vecco Group to 14.7%

TOKYO Idemitsu Kosan Co, Japan's second biggest oil refiner, has increased its stake in Australia's Vecco Group to 14.7 per cent, giving it access to a vanadium mine and an electrolyte plant project, as it expands its presence in renewable energy.

Idemitsu said on Friday that it had reached 13.16 million Australian dollars $8.8 million, giving it a 14.7 per cent stake.

Idemitsu will promote knowledge-gaining efforts in the rare metals business and promote the development of businesses that will contribute to the introduction of renewable energy, according to Idemitsu's statement.

In the future, Idemitsu said that the Debella project plans to launch a vanadium electrolyte manufacturing plant with 35 million megawatt hour MWh capacity for the redox flow batteries.