The Trend is Your Friend
Over the long term, we expect new applications in the energy storage industry to drive incremental demand for vanadium use. This application values high purity vanadium product. According to Vanitec, demand accounted for approximately 8% of vanadium consumption as of in the first three quarters of 2023 (2% in 2021 and 4% in 2022) and grew to become the second largest demand driver (after steel) with the implementation of large scale projects in China, we expect energy storage applications to be the fastest growing demand driver for vanadium in 2024. Global climate change trends are also encouraging the research and implementation of battery systems to support renewable energy sources. VRFB, which use vanadium ions in different oxidation states to store energy, are considered to be a cost competitive alternative to lithium-ion technology for large scale, long duration energy storage. We believe our high purity products are well positioned to take advantage of this fast growing market.
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VRFB Demand as a Percentage of Total Vanadium Consumpsion: