Red Moon Proposes Name Change and Renewable Energy Storage Spinout
4 hours ago by MT Newswires
Companies Mentioned: RMK
11:31 AM EDT, 05/13/2021 (MT Newswires) — Red Moon Resources Inc. (RMK.V) on Thursday announced that it is proposing a name change, to be presented to shareholders at a special AGM slated for July, 2021. The name change will better reflect the company’s core business (potential supplier of high-grade salt for North American de-icing markets) as it advances its Great Atlantic Salt Project in western Newfoundland through the Feasibility Stage.
To create a pure North American salt focus, Red Moon is also weighing various strategic options beginning with a planned spinout of Fischell’s Brook, which hosts a large salt dome situated approximately 15 kilometers south of the Great Atlantic salt deposit. . The Fischell’s Brook asset will underpin Red Moon’s spinout of a renewable energy storage company that could also benefit from recent advancements in compressed air energy storage (CAES) technology.
Red Moon reports that energy storage is a key component to deliver clean energy transition. One method is to utilize underground storage caverns constructed in salt domes that can store energy produced from renewable sources and released when needed.