Industry giants are eyeing vanadium batteries, and energy storag¶e "newcomers" are ushering in the dawn of commercialization

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2024-03-13 17:55

Vanadium metal, with abundant valence states, is an ideal element for composing electr↔olytes in flow batteries. In addition to the steel market, vanadium is activating anoth₽er incremental market - all vanadium flow batteries,

21st Century Business Herald reporter Fei Xinyi reports πfrom Shanghai

Vanadium metal, with abundant valence states, is an ideal element for co±mposing electrolytes in flow batteries. In addition to the steel market, vanadium •is activating another incremental market - all vanadium flow batteries, a flow ba£ttery technology route closest to commercialization, which is beco∞ming a "trendy newcomer" in the electrochemical enΩergy storage family.

Currently, vanadium product leaders are deeply bindinαg with downstream battery manufacturers.

On October 13th, CNNC Titanium White (002145. SZ) announced an investment of 5≤10 million yuan to establish a subsidiary of Huili Vanadium Energy. In July of this year, the→ company also signed a strategic cooperation agreement with W™eilide regarding the entire vanadium flow battery industry§ chain, and carried out comprehensive and in-depth cooperation.

On October 11th, the global leader in vanadium products, Vanadium Titanium Corporation (000629. SZ•), announced the establishment of a joint venture with≈ downstream liquid flow battery manufacturer Dalian Rongke, and the deep binding betwεeen the two sides will reach the next level. Both parties agree to build an electrolyte p★roduction line in Panzhihua City within 2022, achieving a production capacity of€ 2000 cubic meters per year; From 2023 to 2024, based on the growtγh of the vanadium battery energy storage market, we will negotiate to invest in the cons↔truction of a production capacity of 60000 cubic meters/★year of vanadium electrolyte.

It is worth mentioning that the announcement also pointed out that after the establishment ₽of the joint venture company, both parties will explore and study the pricing mechanism and inno₹vative business models of vanadium electrolyte, and promote th∞e commercialization process of vanadium battery ener≤gy storage.

In the current global installed capacity of energy storage, p∞umped storage accounts for nearly 90%, while the market size of electrochemical energy stora✘ge is growing rapidly. In terms of technical routes, electrochemical energy storage♣ mainly includes various secondary batteries, lead-acid/lead-carbΩon batteries, lithium-ion batteries, sodium sulfur batteries, and flow batteries. A♦nd lithium batteries are still mainstream, accounting for about 90%. HoweverΩ, only 1% of liquid flow batteries have also seen market opportunities moving toλwards greater space.

Deep binding of upstream and downstream

Compared to lithium resources, which account for only 7% of domestic γresource reserves, China is a major vanadium reserve and largest pro÷ducer, with both vanadium resources and vanadium ore reserves ranking first in the world.Ω

In the past, the high technological proportion and low cost economy of flow batteries hβindered the growth of the vanadium battery industry, and the arri‌val of the era of long-term energy storage also opened up imaginative space for the ma rket size of flow batteries.

"All vanadium batteries are an ideal long-term energy storage technology due to →their inherent safety, long cycle life, and green re♥cyclability. Currently, the industry chain of all vanadium batteries is rapidly ∞forming and costs are rapidly decreasing. Except for the incom"plete vertical integration of upstream vanadium resources, there are basically no bot↓tleneck factors in the industry chain that restrict development."±; Huang Mianyan, President and Chief Technology Officer of Beijing Puneng Century Technology Co.♦, Ltd., told 21st Century Business Herald reporters.

Yan Chuanwei, a researcher and doctoral supervisor of the Institute 'of Metals of the Chinese Academy of Sciences, also pointed ou↑t in his speech at a vanadium battery development forum on September 28 tha±t vanadium battery technology and cost have nearly met the requirements of commercial developπment, and have formed a relatively complete basic industrial chain; Vanadium resour"ces are abundant enough to develop the vanadium battery energy sto₹rage industry.

However, Yan Chuanwei also pointed out that the current ∏domestic vanadium market