The 50% sale also saw POW receive A$2.4 million worth of shares in KOSADAQ-listed KORID.

Vanadium redox flow batteries have the potential to play a crucial role in the new energy sector.

Steve Rogers, managing director, commented: "We continue to work closely with our JV partner in Korea on the Daejon Project that is targeted at completing a pre-feasibility study to upgrade the vanadium resource available at the site.

"We look forward to realising further value from the partnership, including the exploration of further energy projects with our JV partner."

Read more: http://www.proactiveinvestors.com.au/companies/news/165577/protean-wave-energy-ltd-builds-korean-relationship-70590.html