Vanadium battery energy storage projects awaiting approval

Will a vanadium flow battery be approved?

Given the characteristics of a Vanadium Flow Battery (notably zero fire risk and lower noise levels than a lithium battery), the Company believes that such approval will be forthcoming.

Are VRFBs a major source of new demand for vanadium?

Many vanadium industry stakeholders see VRFBs as a major source of new demand for the metal that has traditionally been used in steel alloys,” states Mikhail Nikomarov, Chairman of the Vanitec Energy Storage Committee (ESC) and CEO of Bushveld Energy.

How fast will vanadium redox flow batteries grow in 2022?

7 July 2022 According to an independent analysis by market intelligence and advisory firm, Guidehouse Insights, global annual deployments of vanadium redox flow batteries (VRFBs) are expected to reach approximately 32.8 GWh per annum by 2031. This represents a compound annual growth rate (CAGR) of 41% over the forecasted period.

What is invinity's new battery energy storage system?

The system will be the largest deployed by Invinity to date and would be one of the first commercial battery projects in the UK to co-locate a long duration battery energy storage system with on-site renewable generation.

How much vanadium will be produced by 2031?

The VRFB deployment forecast by Guidehouse Insights would equate to between 127,500 and 173,800 tons of new vanadium demand per year by 2031, according to Vanitec calculations based off Guidehouse’s projection. That would be more than twice as much vanadium as is currently produced annually today.

Is vanadium a critical raw material?

The European Commission identified and formally registered vanadium on the 2017 list of Critical Raw Materials for the European Union, while the United States, Canada and Australia have also listed vanadium as critical to supporting their economies.