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[Ferro-Alloys.com]Australian Vanadium Ltd (ASX:AVL) has positioned itself as a front-runner to benefit from the positive signs of growth in vanadium demand as it applies to the energy storage market.
AVL has already recognised the potential for involvement in the energy storage market and explored the growth of demand for vanadium redox flow batteries.
The company's Gabanintha Project will allow it to supply high-quality vanadium products to electrolyte producers worldwide, as well as its own plant planned for Australia.
This delivers AVL a vertical integration strategy.
Key factors for growth and vanadium demand include:
- Renewable energy generation in Australia is due to more than double over the next four years as the country seeks to meet a renewable energy target of 23 per cent;
- This increased renewable energy generation drives the need for new ways to store energy. Battery storage is proving to be an attractive answer, with numerous implementations already underway; and
- Commercial vanadium redox flow batteries represent a significant new use of vanadium in the form of an electrolyte solution.
Battery storage
The inconsistent nature of renewable energy generation such as solar and wind power is driving demand for energy storage solutions.
Vanadium battery solutions are an option for consumers having favourable characteristics such as a long life cycle, high charge retention and scalability.
AVL is well positioned to take advantage of this opportunity and has recently entered into key agreements for future co-operation in developing the Australian Vanadium flow battery technology and installations.
Vincent Algar, CEO for Australian Vanadium, said that this shift will have significant impacts for vanadium producers.
“The effect on vanadium demand will be driven more and more by battery demand.
"We have identified this opportunity and are working hard to get all our integrated activities in full swing, to take advantage across the whole value chain."
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- [Editor:Sophie]
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