Vanadium is classified by the US as a critical mineral Vanadium is classified by the US as a critical mineral for Homeland Security because approximately 75% of global production of vanadium comes from China and Russia. Vanadium is part of the green energy solution in large stationary vanadium redox flow batteries being commercialized in large battery storage applications such as solar and wind farms around the world. Over the next two years, the United States is projected to become the largest global market for stationary energy storage. The Biden Administration will direct agencies to prioritize the production and processing of minerals necessary to produce key products like batteries. As the Company has the largest highest grade primary vanadium deposit in North America, located in Nevada, these are favourable policies and developments to advance the project.
FACT SHEET: Securing a Made in America Supply Chain for Critical Minerals; Biden-Harris Administration, Companies Announce Major Investments to Expand Domestic Critical Minerals Supply Chain, Breaking Dependence on China and Boosting Sustainable Practiceshttps://www.whitehouse.gov/briefing-room/statements-releases/2022/02/22/fact-sheet-securing-a-made-in-america-supply-chain-for-critical-minerals/.
Excerpts follow:
"Critical minerals provide the building blocks for many modern technologies and are essential to our national security and economic prosperity." "They are also key inputs in clean energy technologies like batteries, electric vehicles, wind turbines, and solar panels. As the world transitions to a clean energy economy, global demand for these critical minerals is set to skyrocket by 400-600 percent over the next several decades." "The U.S. is increasingly dependent on foreign sources for many of the processed versions of these minerals. Globally, China controls most of the market for processing and refining for cobalt, lithium, rare earths and other critical minerals."
"In June, the Biden-Harris Administration released a first-of-its-kind "Supply Chain Assessment" that found our over-reliance on foreign sources and adversarial nations for critical minerals and materials posed national and economic security threats." "In addition to working with partners and allies to diversify sustainable sources, the reports recommended expanding domestic mining, production, processing, and recycling of critical minerals and materials-all with a laser focus on boosting strong labor, environmental and environmental justice, community engagement, and Tribal consultation standards."
"To focus the work of Federal agencies on sourcing critical minerals, the Administration will direct agencies to prioritize the production and processing of minerals necessary to produce key products like batteries, semiconductors, and permanent magnets, consistent with our strong environmental, social and labor principles."
The "Supply Chain Assessment" included a report entitled REVIEW OF LARGE CAPACITY BATTERIES by the DEPARTMENT OF ENERGY. Excerpts from that report follow:
"The high-capacity battery market is arguably one of the most critical to our Nation's interests."
"Global capacity estimates vary by source but installed stationary battery storage capacity is projected to grow from 8 gigawatt-hours (GWh) in 2018 to 155 GWh in 2030, a nearly twenty-fold increase. Currently, Korea, Japan, and the United States are the three largest global markets for stationary battery storage, respectively. Over the next two years, the United States is projected to become the largest global market for stationary storage, and by 2050, China, the United States, and India are projected to be the three largest global markets."
https://stockhouse.com/news/press-releases/2022/03/08/phenom-resources-white-house-commits-to-securing-a-made-in-america-supply-chain