RE:VRFB News Good news!
More VRFB deployment = More demand for electrolyte = More demand for HP Vanadium / V2O3
"The
global vanadium trioxide market size is estimated to reach US$3,432.1 million by 2027 after growing at a CAGR of around 4.5% from 2022 to 2027". Even at 50% of the estimate or US$1.7Billion, it would have a considerable impact on the demand of V2O3.
In July last year, Thai renewable energy group BCPG committed to make a US$24 million investment in vanadium flow battery company VRB Energy. VRB is headquartered in Canada and owned by minerals exploration company Ivanhoe Electric. The company is currently involved in one of the world’s largest flow battery projects, a 100MW/500MWh demonstration system in Hubei Province, China.
Elsewhere, major European energy groups Equinor and Uniper committed to investment in and a pilot project for flow battery technologies in the past couple of weeks. Meanwhile a specialist energy industry lawyer told Energy-Storage.news that in the US, the Inflation Reduction Act’s incentive programmes for energy storage, and standalone energy storage projects, could benefit flow batteries.
Morten Lund, a partner at law firm Stoel Rives, said the discount on project capital expenditure offered by the Investment Tax Credit (ITC) could see utilities and investors overlooking some of the cost limitations of flow batteries in favour of their various technical advantages.
In June, analysis group Guidehouse said that it expected demand for vanadium redox flow batteries to rise significantly in the next decade, equalling nearly 33GWh a year of deployments by 2031.
1 Gigawatt hour (GWh) = 1,000 Megawatt hour (MWh)