Phenom Resources Corp. investee MK Plus Co., Ltd. has been awarded nearly SEK 120 million (US$12 million) by the Swedish Energy Agency to jointly finance the industrialization of advanced battery manufacturing in Sweden.

The funding supports the development and scale-up of Vanadium Solid-State Battery technologies at MK Plus Sweden AB, building on the manufacturing platform established through its 2025 acquisition of a Swedish battery facility. The project is being carried out in collaboration with RISE Research Institutes of Sweden and Swedish equipment suppliers to strengthen the regional industrial battery value chain.

Phenom holds a 5% equity interest in MK Plus, which is operating under the Vanadis Energy brand as it expands its international footprint across Europe, North America, and the Middle East. The private Japanese battery company has added more than 10 interested utility, renewable energy, industrial, and infrastructure customers in Europe and the Middle East.

Additional financings secured recently are funding the advanced retooling stage of the Swedish plant. Once retooling is complete, MK Plus expects to deliver its first round of batteries in fall 2026 to customers including the Austria State government of Burgenland and Agelus/Aramco.

Beyond its holding in MK Plus, Phenom holds a 100% interest in the Carlin Gold-Vanadium Project in Elko County, Nevada.

Read the full announcement: Phenom Reports Commercialization Progress at MK Plus's New Swedish Base