{"id":25589,"date":"2023-01-19T09:45:35","date_gmt":"2023-01-19T14:45:35","guid":{"rendered":"https:\/\/capital10x.com\/old\/?p=25589"},"modified":"2024-03-20T16:53:59","modified_gmt":"2024-03-20T20:53:59","slug":"the-increasing-market-potential-of-vanadium-and-vanadium-flow-batteries","status":"publish","type":"post","link":"https:\/\/capital10x.com\/old\/the-increasing-market-potential-of-vanadium-and-vanadium-flow-batteries\/","title":{"rendered":"The Increasing Market Potential of Vanadium and Vanadium Flow Batteries"},"content":{"rendered":"<p>If you\u2019ve been following Capital 10X, you\u2019ll know we identified vanadium some time ago as a key strategic metal essential to the energy transition. Vanadium increases the strength and efficiency of industrial metals and is also the main element in the manufacture of vanadium redox flow batteries (VRFBs).\u00a0 We believe in the long-term growth potential of the VRFB market as a green technology with lots of upside.<\/p>\n<p><iframe loading=\"lazy\" title=\"The Increasing Market Potential of Vanadium and Vanadium Flow Batteries\" width=\"696\" height=\"392\" src=\"https:\/\/www.youtube.com\/embed\/eHRx92GMTls?feature=oembed&#038;enablejsapi=1&#038;origin=https:\/\/capital10x.com\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe><\/p>\n<p>Capital 10X authorized a comprehensive guide comparing VRFB batteries to Lithium-ion batteries and exploring the role of both chemistries in the green industrial revolution.<\/p>\n<p><a href=\"https:\/\/capital10x.com\/old\/battery-tech-report-lithium-ion-vs-vrfbs\/\">Read it here<\/a>.<\/p>\n<p>In 2023, there are several additional factors to consider in the development of the VRFB market and overall vanadium demand outlook.<\/p>\n<p><strong>Vanadium Demand Drivers<\/strong><\/p>\n<p>The steel industry accounted for 92% of total vanadium demand in 2021 and remains the key source of demand.\u00a0 It is expected to continue to lead demand, with China demand for steel showing no signs of slowing while making up 60% of vanadium consumption globally.\u00a0 Wood Mackenzie forecasts that vanadium demand in the steel market will grow at a CAGR of about 3.1 percent until 2030.<\/p>\n<p><strong>Vanadium Prices On the Move Again, Is it a Signal?<\/strong><\/p>\n<p>In the first half of 2022 V2O5 prices (Vanadium Pentoxide) reached a high of US$ 13 per pound, driven by concerns over potential supply disruptions from the Ukraine\/Russian conflict, but lowered over demand concerns from China with steel production slowdowns in preparation for the Winter Games as well as lockdowns due to the COVID-19 global pandemic.<\/p>\n<p>Prices declines in the second half as economic growth concerns grabbed headlines, but in late 2022 and into the new year, Vanadium prices are showing signs of life, hitting around $9.80 per pound, approx. 26% above the lows of 2022.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-25610\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/01\/vanadium-price-2.jpg\" alt=\"\" width=\"1920\" height=\"1080\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/01\/vanadium-price-2.jpg 1820w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/01\/vanadium-price-2-300x169.jpg 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/01\/vanadium-price-2-1024x576.jpg 1024w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/01\/vanadium-price-2-768x432.jpg 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/01\/vanadium-price-2-1536x864.jpg 1536w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/01\/vanadium-price-2-696x392.jpg 696w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/01\/vanadium-price-2-1392x783.jpg 1392w\" sizes=\"auto, (max-width: 1920px) 100vw, 1920px\" \/><\/p>\n<p>The price increases are likely driven by two factors:<\/p>\n<ol>\n<li>A rebound in demand from the Aerospace industry as COVID lockdowns recede and international travel picks up. Aerospace grade vanadium is of the highest purity and only provided by specialized processors.<\/li>\n<li>The installation and interconnection of the world\u2019s largest VRFB battery project China recently. Industrial demand for VRFB batteries is picking up steam and are expected have a significant impact on demand for Vanadium in the future.<\/li>\n<\/ol>\n<h2><strong>Large Scale VRFB Installations: A New Driver of Demand<\/strong><\/h2>\n<p>The word\u2019s largest non-lithium or pumped hydro energy storage (PHES) project was commissioned recently in China and has set off a wave of ever larger projects across the world. In September of last year, Dalian Rongke Power, in partnership with Pangang Group Vanadium\/Titanium Resources <a href=\"https:\/\/www.pv-magazine.com\/2022\/09\/29\/china-connects-worlds-largest-redox-flow-battery-system-to-grid\/\">installed a 100MW\/400MWh Vanadium Redox Flow Battery (VRFB)<\/a> system in Dalian, China.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-25604\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/01\/dalian-1.jpg\" alt=\"\" width=\"1920\" height=\"1080\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/01\/dalian-1.jpg 1820w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/01\/dalian-1-300x169.jpg 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/01\/dalian-1-1024x576.jpg 1024w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/01\/dalian-1-768x432.jpg 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/01\/dalian-1-1536x864.jpg 1536w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/01\/dalian-1-696x392.jpg 696w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/01\/dalian-1-1392x783.jpg 1392w\" sizes=\"auto, (max-width: 1920px) 100vw, 1920px\" \/><\/p>\n<p>The system was developed with Dalian Institute of Chemical Physics and will eventually scale to over 200MW\/800MWh, making it the largest VRFB system in the world to date. To put this battery system into perspective, it required ~4% of total annual global vanadium production (~8,000 tonnes of V2O5).<\/p>\n<p>China has plans to build another 1,000 GW of solar and wind capacity by 2030 and as VRFB batteries demonstrate their effectiveness in long duration applications, there is a large opportunity for them to fill some of the energy storage needs generated by all the new wind and solar capacity.<\/p>\n<p>The Pangang VRFB system is in Dalian City\u2019s Shahekou District, which is in Liaoning Province in northeastern China.\u00a0 The system has the potential to lower the peak load on the local grid and improve the reliability of the overall power supply in the entire province, enhancing the opportunity to connect new generation sources (like renewable) energy to the grid.<\/p>\n<p>The Dalian project is part of a multi-year Chinese plan for the nation to transition to lower-energy consumption, stimulate demand for renewable energy and energy storage products and achieve net zero emissions by 2060.<\/p>\n<p>VRFBs are a relatively newer energy storage technology to reach commercial viability, creating a demand for the green metal beyond traditional uses.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-25609\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/01\/VRFB-structural-demand.jpg\" alt=\"\" width=\"1920\" height=\"1080\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/01\/VRFB-structural-demand.jpg 1820w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/01\/VRFB-structural-demand-300x169.jpg 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/01\/VRFB-structural-demand-1024x576.jpg 1024w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/01\/VRFB-structural-demand-768x432.jpg 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/01\/VRFB-structural-demand-1536x864.jpg 1536w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/01\/VRFB-structural-demand-696x392.jpg 696w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/01\/VRFB-structural-demand-1392x783.jpg 1392w\" sizes=\"auto, (max-width: 1920px) 100vw, 1920px\" \/><\/p>\n<p>According to S&amp;P Global, new stationary storage deployments may hit approximately 100 GWh\/year by 2027, while the World Bank had said vanadium was among the top five metals affected by the energy transition, with 189% of current vanadium production needed globally by 2050 to support the energy transition alone.<\/p>\n<p>There are 3 global leaders in primary production for vanadium: Largo Inc. (TSX: LGO) (NASDAQ: LGO) which has a mine in Brazil; Bushveld Minerals (LSE: BMN), which has mines in South Africa and mining giant Glencore (LSE: GLEN), also in South Africa.\u00a0 Largo Inc. owns the largest producing primary Vanadium mine in the world and is more of a pure play on Vanadium while Bushveld and Glencore have exposure to the metal but are more diversified.<\/p>\n<p>Primary production is where vanadium is produced as the primary product directly from processing vanadium bearing magnetite ores.\u00a0 Co-production is where vanadium-rich slag is produced during steelmaking or pig-iron production.<\/p>\n<p>Co-production at 73 percent is the most significant global source of supply. 70 percent of annual vanadium supply is produced via the method of co-production in China and Russia \u2013 which are largely influenced by steel and iron prices and not by the vanadium market.<\/p>\n<h2><strong>Market Share &amp; Production<\/strong><\/h2>\n<p>Two of these vanadium companies \u2013 Largo and Bushveld are involved in the manufacture of VRFBs.\u00a0 If one or both companies gain a combined 10% share of the stationary storage market, global vanadium production will increase by 50%.<\/p>\n<p>As an example, let\u2019s look at Bushveld Minerals production results.\u00a0 Bushveld Minerals owns two of the four world\u2019s operating primary vanadium processing facilities.\u00a0 They produced about 3,600 metric tonnes of vanadium in 2021, constituting about 3% of global vanadium production with plans to grow their production by 40% to 50% next year.\u00a0 If funding and the appropriate market conditions prevail, they will increase their output to up to 8,000 tonnes per year.<\/p>\n<p>Largo Inc. as a vanadium producer, is highly leveraged to vanadium spot prices and is well positioned in an environment with increasing demand for the green metal. According to its latest published NI 43-101 technical report, Largo has plans to increase its vanadium production from 11,500 tonnes to 15,900 tonnes by 2031, representing a 40% increase<a href=\"#_edn1\" name=\"_ednref1\">[i]<\/a>. This of course is subject to a multitude of variables but represents its ability to expand production to meet increasing demand \u2013 essentially making it one of the faster alternatives to new supply. For instance, Largo is the last primary vanadium operation to come online in the last 30 years.<\/p>\n<p>Largo is also one of the largest providers of the high purity vanadium used in the aerospace industry, which generates some of the highest margins of any vanadium product.<\/p>\n<p>For more details on Largo\u2019s growth plans please see our deep dive on the company and the overall vanadium market <a href=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/12\/Capital-10X-Deep-Dive-Largo-Inc.pdf\">HERE <\/a><\/p>\n<h2><strong>2023 is Shaping up to be a Compelling year for Vanadium <\/strong><\/h2>\n<p>Vanadium demand is being revolutionized before our eyes and early success of VRFB projects in China are driving a step change in demand for the battery metal.<\/p>\n<p>Recent Vanadium price increases signal that large battery storage projects are having an impact on the market. We think investors should watch the success of projects in China closely as they will likely spur further increases in vanadium prices in the months to come.<\/p>\n<p>The vanadium market is still very illiquid with big, multi-year contracts dominating. Small increases to demand have historically always led to spikes in price. This time isn\u2019t likely to be any different.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-25603\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/01\/2023-compelling-year-for-vanadium.jpg\" alt=\"\" width=\"1920\" height=\"1080\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/01\/2023-compelling-year-for-vanadium.jpg 1820w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/01\/2023-compelling-year-for-vanadium-300x169.jpg 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/01\/2023-compelling-year-for-vanadium-1024x576.jpg 1024w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/01\/2023-compelling-year-for-vanadium-768x432.jpg 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/01\/2023-compelling-year-for-vanadium-1536x864.jpg 1536w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/01\/2023-compelling-year-for-vanadium-696x392.jpg 696w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/01\/2023-compelling-year-for-vanadium-1392x783.jpg 1392w\" sizes=\"auto, (max-width: 1920px) 100vw, 1920px\" \/><\/p>\n<p><a href=\"#_ednref1\" name=\"_edn1\">[i]<\/a> Maracas Menchen Project, Bahia, Brazil, Independent Technical Report &#8211; An Updated Life Of Mine Plan (\u201cLOMP\u201d) For Campbell Pit and Pre-Feasibility Study for Gan And Nan Deposits. December 16th, 2021 (effective date October 10th, 2021). Read the full report <a href=\"https:\/\/s29.q4cdn.com\/562286712\/files\/doc_downloads\/technical_report\/marac%C3%A1s_menchen_mine\/TR_GE21_Largo_43101_16122021_Final-Version-Conformed-for-Filing.pdf\">here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>We examine the market potential of vanadium and Vanadium Redox Flow Batteries (\u201cVRFBs\u201d), Largo and Bushveld are the two companies that manufacture these batteries.<\/p>\n","protected":false},"author":7,"featured_media":24747,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2430,56],"tags":[1715,1894,1712,1714,2200,2201,1713,893,1935,1972],"class_list":{"0":"post-25589","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-energy-transition-metals","8":"category-featured","9":"tag-bushveld","10":"tag-largo-inc","11":"tag-largo-resources","12":"tag-lgo","13":"tag-lsebmn","14":"tag-lseglen","15":"tag-tselgo","16":"tag-vanadium","17":"tag-vanadium-redox-flow-batteries","18":"tag-vrfb"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Increasing Market Potential of Vanadium and Vanadium Flow Batteries | Capital 10X<\/title>\n<meta name=\"description\" content=\"We examine the market 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