We found that the vast majority of vanadium is produced as a co-/by-product in a highly concentrated supply chain, which helps explain the extreme volatility in supply and price witnessed in the vanadium market. These factors also cause concern for the upper bound of the rates at which annual supply can feasibly grow.
A press release by the company states that the vanadium flow battery project has the ability to store and release 700MWh of energy. This system ensures extended energy storage capabilities for various applications. It is designed with scalability in mind, and is poised to support evolving energy demands with unmatched performance.
Further inspection of the vanadium co-/by-product supply distribution reveals more causes for concern: while co-/by-product production represents the majority (75%) of the global vanadium supply, conversations with industry experts revealed that this stream is concentrated around ∼10 steel mills, primarily in China and Russia.
However, circulation of their vanadium extraction methods could facilitate the market entry of other mines to sustain growth, such as new principal production projects in the US and China. The US recently announced plans for a principal vanadium mine called the Gibellini project, to be located in Nevada's Battle Mountain region.
Thus, the prohibitive price of vanadium may remain a separate issue from the supply chain challenges discussed here. One method to reduce the burden of the vanadium price does exist via a new market of electrolyte leasing, where a third-party company leases the vanadium – usually in the form of VRFB electrolyte – to a battery vendor or end-user.
Image: VRB Energy. The vanadium redox flow battery (VRFB) industry is poised for significant growth in the coming years, equal to nearly 33GWh a year of deployments by 2030, according to new forecasting. Vanadium industry trade group Vanitec has commissioned Guidehouse Insights to undertake independent analysis of the VRFB energy storage sector.
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