Vanadium Electrolyte (VE)
Industry leading development of 100% reusable battery material
Current global market size is approximately 400 MWh of annual electrolyte production capacity
Conventional production of a primary vanadium producer would equate to ~1,600 MWh/annum based on 8000 tonnes V2O5 /annum
The key element of vanadium flow batteries is the electrolyte itself representing close to half of the value of the battery. Local production in North America and direct process are key considerations to alleviating reliance on disruptive and higher cost supply streams. Primary low cost stable supply is the last remaining challenge to accelerate commercialization of VRFB technology. Vanadium redox flow batteries are a proven technology ideally suited for most grid scale energy storage applications.
Low cost energy storage potential through exclusive supply and processing technology.
VE is the most critical cost reducing component of the leading energy storage technology...
V/V Vanadium Redox Flow Batteries "VRFB"
Vanadium use in batteries has grown exponentially from 1% of world vanadium consumption in 2014. This can be attributed to increased market demand for grid and renewable energy storage technologies. The absence of North American vanadium production positions the VRFB at a higher cost/KWH to China, Korea, Japan and Europe were VE is readily available. VRFB battery manufacturers in North America are reliant on cost prohibitive foreign import of VE. With global vanadium production crippled since 2015, VRFB technology cost may become comprimised if a low cost, stable supply is not developed.
The vision of VanadiumCorp is to build the the first direct (primary) producer of vanadium electrolyte "VE"
Lowering VRFB pricing to accelerate commercialization depends on a new method to produce VE. Direct production is necessary for the cost/kWh of VRFB technology to decrease and stabilize. Vanadiumcorp is developing new direct process technology with Electrochem and Enscitech with this exact objective.
Grid storage applications are increasing deployment of vanadium batteries.
Electrochemistry remains a continual area for growth of vanadium pentoxide research. Vanadium salts can be used as electrolytes for vanadium redox flow batteries (VRFB) and in some types of lithium-metal polymer (LMP) batteries. Power storage and automotive batteries have been key areas of research investment given the growth of grid-connected intermittent energy sources such as photovoltaics and wind turbines and the increasing commercialisation of electric vehicles driven by high energy prices and CO2 reduction targets.