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Vanadium","destination-vanadium","article/destination-vanadium",{"_uid":557,"date":558,"tags":559,"editor":560,"content":570,"excerpt":719,"featured":50,"reporter":720,"_editable":724,"component":725,"seo_title":553,"categories":726,"visibility":733,"author_company":49,"featured_image":734,"seo_description":719,"author_full_name":49,"author_job_title":49,"formattedDate":739,"formattedArticleDate":740},"fb038eba-0b22-47c1-aaf6-7dc04adfa6ec","2018-08-07 00:00",[],[561],{"slug":562,"name":563,"content":564},"matthew-bird","Matthew Bird",{"job_title":565,"image":566,"bio":568,"linkedin":569},"Senior Editor - Supply Chains & Data Visualisation",{"filename":567},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":571,"content":572},"doc",[573,584,590,597,602,609,616,621,627,632,638,643,648,654,659,665,670,676,681,687,693,699,704,709,714],{"type":574,"attrs":575,"content":577},"heading",{"level":576,"textAlign":49},6,[578],{"text":579,"type":580,"marks":581},"Benchmark Mineral Intelligence recently spoke with Vincent Algar, Australian Vanadium’s Managing Director, about changes in the vanadium market, price spikes and energy storage.","text",[582],{"type":583},"italic",{"type":585,"attrs":586,"content":587},"paragraph",{"textAlign":49},[588],{"text":589,"type":580},"Benchmark Mineral Intelligence: How has the vanadium market changed in the last 18 months? (evolution of steel versus batteries).",{"type":585,"attrs":591,"content":592},{"textAlign":49},[593,595],{"text":594,"type":580},"Vincent Algar:",{"text":596,"type":580}," The supply and demand balance globally has shifted significantly in the past 18 months. Changes that began with the closure of Highveld Steel created a series of knock on effects that were added to by changes to a slag import ban and stricter environmental regulation of slag production in China. New demand has emerged with enforced changes to Chinese rebar standards.",{"type":585,"attrs":598,"content":599},{"textAlign":49},[600],{"text":601,"type":580},"The rise of VRFB (vanadium flow battery) demand, particularly in China, as a means of capturing increased renewables there, is driving further demand.",{"type":585,"attrs":603,"content":604},{"textAlign":49},[605,607],{"text":606,"type":580},"Benchmark:",{"text":608,"type":580},"Vanadium has hit the headlines due to price spikes. What impact has this had on end users — particularly those building energy storage units?",{"type":585,"attrs":610,"content":611},{"textAlign":49},[612,614],{"text":613,"type":580},"VA:",{"text":615,"type":580}," Higher vanadium prices are not favourable to energy storage manufacturers. End users in steel can tolerate higher prices to a point. Eventually, both VRFB makers and vanadium end users will seek to cement stronger ties with primary vanadium producers to ensure supply contracts, or to have full integration.",{"type":585,"attrs":617,"content":618},{"textAlign":49},[619],{"text":620,"type":580},"Benchmark: The world’s energy storage market has received a lot of attention of late, primarily due to the Aliso Canyon disaster and Tesla’s activities in the space. This has mainly been for lithium ion installations. Has this had a positive or negative effect on vanadium?",{"type":585,"attrs":622,"content":623},{"textAlign":49},[624,625],{"text":613,"type":580},{"text":626,"type":580}," All stationary energy storage stories are positive for VRFB as they relate to the capture of renewable energy that would otherwise be lost. The differentiators between Li-ion and Vanadium are significant, particularly as longlife grid assets which will suit business owners and utilities. While Li-Ion installations will continue to dominate, VRFB installations will find a percentage of the market through the different ways it is able to address particular storage problems.",{"type":585,"attrs":628,"content":629},{"textAlign":49},[630],{"text":631,"type":580},"Benchmark: With respect to vanadium flow, how is the world’s energy storage market affecting the type of installations being built?",{"type":585,"attrs":633,"content":634},{"textAlign":49},[635,636],{"text":613,"type":580},{"text":637,"type":580}," The development of the VRFB market is increasing pace, but will be limited to VRFB companies that have strong balance sheets, as significant up-front capital and working capital will be required. This will likely mean a number of failures in the years ahead. This could change with the involvement of larger companies and other battery makers who choose VRFB to diversify their lithium interests.",{"type":585,"attrs":639,"content":640},{"textAlign":49},[641],{"text":642,"type":580},"Larger players will allow the construction of larger systems at the utility scale. This will directly affect the amount of vanadium required to power these systems. Until then the effect will remain limited, as the system sizes remain relatively small (1-10 MWh rather than 10-200MWh).",{"type":585,"attrs":644,"content":645},{"textAlign":49},[646],{"text":647,"type":580},"Benchmark: What do end customers require when considering vanadium flow batteries as a utility storage option.",{"type":585,"attrs":649,"content":650},{"textAlign":49},[651,652],{"text":613,"type":580},{"text":653,"type":580}," Space is important, as the batteries can have a larger footprint than Li-Ion. A requirement for over four hours of baseload power. Preferably multiple uses for energy, such as voltage and frequency management on their micro-grid. A long-life project. A renewable energy source such as wind or solar.",{"type":585,"attrs":655,"content":656},{"textAlign":49},[657],{"text":658,"type":580},"Benchmark: How can vanadium compete with other non-flow technologies such as lithium ion?",{"type":585,"attrs":660,"content":661},{"textAlign":49},[662,663],{"text":613,"type":580},{"text":664,"type":580}," VRFB has a longer asset life with no charge level degradation. It is more economic for storage requirements over 4 hours. It also has the ability to charge and discharge at the same time and with a 100% depth of discharge. Being non-flammable is another key differentiator.",{"type":585,"attrs":666,"content":667},{"textAlign":49},[668],{"text":669,"type":580},"Benchmark: How can vanadium compete with other flow technologies such as iron potassium?",{"type":585,"attrs":671,"content":672},{"textAlign":49},[673,674],{"text":613,"type":580},{"text":675,"type":580}," To date, all other flow batteries use two metals. The all-vanadium battery has the unique characteristic of using only one metal always in solution. This means no plating issues that require cleaning cycles or degradation of anodes and cathodes. This makes them unique in flow batteries and hence the dominant form commercially.",{"type":585,"attrs":677,"content":678},{"textAlign":49},[679],{"text":680,"type":580},"Benchmark: One concern about vanadium flow batteries is the dependence on one single raw material: vanadium pentoxide. What are your thoughts on this?",{"type":585,"attrs":682,"content":683},{"textAlign":49},[684,685],{"text":613,"type":580},{"text":686,"type":580}," Yes, this is a concern. Price is also a major problem as VRFB have a very high proportion of cost in vanadium electrolyte. This can make the battery uneconomic for the battery producer. This is where the leasing of electrolyte could be a big factor in the uptake of the technology.",{"type":585,"attrs":688,"content":689},{"textAlign":49},[690,691],{"text":606,"type":580},{"text":692,"type":580},"The vast majority of vanadium is produced as a by-product. How much of a concern is this?",{"type":585,"attrs":694,"content":695},{"textAlign":49},[696,697],{"text":613,"type":580},{"text":698,"type":580}," By-product vanadium from steel slag must be considered separately from other vanadium by-products. Dirty steel by-products are the object of scrutiny around the world and can be shut down. Such a shutdown will affect global demand significantly, but is also unlikely.",{"type":585,"attrs":700,"content":701},{"textAlign":49},[702],{"text":703,"type":580},"Minor by-products from chemical or mining processes (not primary vanadium ores) is an opportunity. New mine production from primary highgrade ores is a significant opportunity to stabilise production.",{"type":585,"attrs":705,"content":706},{"textAlign":49},[707],{"text":708,"type":580},"Benchmark: How important is the China factor on the vanadium industry? Both from a supply and demand perspective.",{"type":585,"attrs":710,"content":711},{"textAlign":49},[712],{"text":713,"type":580},"VA: China is cleaning up its environment and as such is shutting down the dirty production of metals and import of other countries’ waste products. Chinese rebar standard changes have an implication for the demand for vanadium from inside and outside China.",{"type":585,"attrs":715,"content":716},{"textAlign":49},[717],{"text":718,"type":580},"China is moving to large scale renewables and grid level storage using VRFB. Both of these factors mean China is the most important market for future vanadium demand and supply.","Benchmark Mineral Intelligence recently spoke with Vincent Algar, Australian Vanadium’s Managing Director, about changes in the vanadium market, price spikes and energy storage. Benchmark Mineral Intelligence: How has the vanadium market changed in the last 18 months? (evolution of steel versus batteries). Vincent Algar: The supply and demand balance globally has shifted significantly in the past 18 months. Changes that began with the closure of Highveld Steel created a series […]",[721],{"slug":562,"name":563,"content":722},{"job_title":565,"image":723,"bio":568,"linkedin":569},{"filename":567},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"fb038eba-0b22-47c1-aaf6-7dc04adfa6ec\", \"id\": \"\"}-->","article",[727,730],{"slug":728,"name":729},"batteries","Batteries",{"slug":731,"name":732},"critical-minerals","Critical Minerals","private",{"id":49,"alt":735,"name":735,"focus":735,"title":735,"source":735,"filename":736,"copyright":735,"fieldtype":737,"meta_data":738,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/711ae90b43/bm-015-avl-180307-jwyld.jpg","asset",{"alt":735,"title":735,"source":735,"copyright":735},"Aug 07, 2018","7th August 2018",[],[],1792773944087]