About Bushveld Energy

Bushveld Energy is uniquely positioned to deliver energy storage solutions to the African continent and recognises that electricity in Africa intersects paramount potential for social transformation with an immense commercial opportunity.

Bushveld's active participation in the entire value chain gives it control over critical cost drivers required to reduce prices and establish local production.

Furthermore, we recognise that technology and hardware alone will not unlock the full potential of energy storage on the continent. To that end, we are committed to providing energy solutions that reduce operating expenses and improve cash flows. Bushveld Energy draws upon the technical expertise, business acumen and beneficiation experience of its core team and advisory board.

  • Bushveld energy [photo]
  • Bushveld energy [photo]
  • Bushveld energy [photo]

Our Mission

Bushveld Energy will become one of the largest electricity storage providers in Africa by 2020. We will meet the demand for utility scale energy storage in Africa by leveraging South Africa-mined and beneficiated vanadium.

Bushveld energy [photo]

Why Bushveld

Bushveld has recognised three competitive factors that will allow it to create widespread use of vanadium redox flow batteries

  1. Secure vanadium supply

    1. Bushveld is securing vanadium supply
      • Price and quantity volatility of vanadium supply has been one of the historical block to mass commercialisation of vanadium-based batteries
      • Bushveld is uniquely positioned to mitigate this risk due Bushveld Minerals ownership of multiple low cost, high quality vanadium deposits
  2. Reduce the cost of VRFBs

    1. The cost of utility scale energy storage batteries, including VRFBs, has been too high to make it cost effective for mass application. Bushveld reduces VRFB costs in three ways
      • It insulates the cost of vanadium electrolyte manufacturing (nd thus VRFBs), which accounts for 1/3 of input costs, from the risks of market price volatility of vanadium () by guaranteeing supply at a fixed price for a longer time period without use of costly financial instruments (see chart below);
      • Through value chain integration in one geography, Bushveld also reduces vanadium and electrolyte manufacturing and transportation costs (see chart below);
    Vanadium prices are low but have a history of volatility
    Metal Bulletin Inflated V205 Monthly Midpoint Average Price

    Source: Metal Bulletin

    Overview of Bushveld’s VRFB manufacturing model

    South Africa is a natural home for the vanadium redox flow battery industry because its one of the largest producers of low cost vanadium. This gives South Africa a competitive advantage in VRFBs, when compared to other energy storage technologies or other countries.

    Value chain Vanadium processing Electrolyte manufacture VRFB manufacture Business development
    Primary activities
    • Mine vanadium
    • Process vanadium
    • Manufacture electrolyte in South Africa
    • Manufacture VRFBs in South Africa
    • Manage the component supply chain
    • Ensure product quality
    • Market and distribute VRFBs
    • Develop joint projects, such as integrated PV + VRFB installations
    • Offer customers flexible energy solutions, including financing, leasing, short-term rentals and power purchase agreements
  3. Leverage the natural competitiveness of South Africa in vanadium

    1. For South Africa and parts of the South African Development Community (SADC), VRFB manufacturing in South Africa will remove the currency exchange costs and risk associated with Rand versus the US Dollar, Euro, Renminbi or Yen.

    South Africa is the second largest producer of vanadium globally

    Global vanadium production
    Global vanadium production 2014 [graph]

    Vanadium is identified as one of the minerals for significant beneficiation and creation of value adding industries in South Africa

    South Africa ranks in the top three in global reserves in ten different minerals

    Percent of global supply reserve base located in SA, 20031
    Global vanadium consumption 2014 [graph]
    1. Source: 2008 data for Gold and 2014 data for Vanadium

    South Africa is the natural place for Vanadium Redox Flow batteries.

Our Team

Mikhail Nikomarov [photo]
Mikhail Nikomarov

Head and Co-founder of Bushveld Energy

Mr. Mikhail Nikomarov is an entrepreneur and African energy expert who has worked on strategic and operational energy issues across four continents, including eight African countries.


Prior to founding Bushveld Energy, Mikhail spent 6.5 years with McKinsey & Company in Moscow and Johannesburg, advising national governments, utilities and manufacturers on growth strategy & policy and leading operational turnarounds in the power sector. In 2015, he co-authored the McKinsey & Company’s report "Brighter Africa: the growth potential of the sub-Saharan electricity sector."

Prior to joining McKinsey, Mikhail worked as a banker in the US financial sector providing funding to mid-cap corporate clients. His other published work covers the topics of international trade and national competitiveness.

He holds an MBA from INSEAD (France), an Economics Diploma from the London School of Economics (UK) and two B.A. degrees in History and in Economics from the University of Massachusetts (USA).


Fortune Mojapelo [photo]
Fortune Mojapelo

Director and Co-founder of Bushveld Energy

Mr. Fortune Mojapelo is mining entrepreneur with a strong track record in resource exploration and development. He is the CEO of Bushveld Minerals and a co-founder and director of VM Investment (Pty) Ltd, a principal investments and advisory company focusing on developing mining projects in Africa.


Fortune has played a leading role in the origination, establishment and project development of several junior mining companies in Africa including New Kush Exploration and Mining (Gold in South Sudan), Greenhills Resources (Tin), Bushveld Resources Limited (Iron-Ore), New Horizon Minerals (Iron Ore), Bushveld Platinum Limited (PGMs) and Eagle Resources Limited (Uranium)

He is currently the Chief Executive Office of Bushveld Minerals Limited, a role he has held from the inception of the company. He also serves as a non-executive Director of Lemur Resources Limited.

His corporate career started at McKinsey & Company where as a strategy consultant he worked on advising clients in several industries on corporate strategy and organizational development. Fortune holds a B.Sc (Actuarial Science) degree from University of Cape Town


Ian Watson [photo]
Ian Watson

Director of Bushveld Energy

Mr. Ian Clyde Watson, Pr. Eng., is the Non-Executive Chairman of Bushveld Minerals Limited. He is a qualified mining engineer with over 45 years' experience of the mining industry, which started with Goldfields South Africa.


Ian served as Mine Manager of Northam Platinum Limited in 1986 where he led the start-up of the Northam Platinum mine, including underground mine design, pioneering the use of hydropower, installation of metallurgical plants and ultimately bringing the mine into production in 1992. He has served in executive and non-executive roles in the mining sector where his roles have included:

  • Managing Director of Northam Platinum Limited from 1998 to 2002,
  • Chief Executive Officer of Platmin Limited until December 1, 2009.
  • Non-executive Director of International Ferro Metals Limited from April 2003 to November 2009.
  • Independent Non-Executive Director of Shaft Sinkers Holdings Plc since November 2010.

He is member of the S.A. Institute of Mining and Metallurgy (SAIMM). Ian has obtained a national Diploma of Mining from the Witwatersrand Technical College, South Africa in 1968.


Pat Frampton [photo]
Pat Frampton

Technical Advisor

Mr. Pat Frampton is the President of Patton Engineering and has extensive experience in renewables and energy storage. For the past 13 years he has consulted to Eskom Research in leading their Energy Storage Project, a part of Eskom’s Renewables and Energy Storage Portfolio.


His company was instrumental in the development of a Large Scale Energy Storage Pilot and Demonstration Facility for Eskom at its Rosherville Research Centre, including managing the installation, commissioning and integration of the various battery energy storage systems, as well as conducting the testing of these units on behalf of Eskom.

Mr. Frampton also lectures at the University of Johannesburg (UJ) on energy storage and renewable energy, as well as acting as an external examiner for the postgraduate theses in energy studies. These studies cover a wide range of energy efficiency projects as well as the possible implementation of renewable energy projects at UJ. In addition to Eskom and UJ, he and his company have also consulted to Anglo Gold Ashanti, the University of Western Cape and the South African Department of Science and Technology.

He has is also the co-author of numerous reports on energy storage and PV and wind generation, both in his name and on behalf of Eskom.


Ras Myburgh [photo]
Ras Myburgh

Advisory Board Member

Mr. Ras Myburgh is the Executive Director at Hindsight Financial and Commercial Solutions with a long track record in the South African power generation, including energy storage and mining sectors. He previously served as CEO of Kumba Iron Ore LTD. Following the 2008 electricity crisis, Ras was seconded to Eskom to develop and implement a long term coal supply strategy.


Mr. Myburgh started his career at Eskom and has extensive coal fired and hydro power generation experience in operations, maintenance, plant performance optimisation and engineering, as well as exposure to power transmission and distribution systems. He has an MBA from the Univeristy of Stellenbosch, a BEng Electrical from the University of Pretoria and a BSc Energy from Rand Afrikaans University.