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Application Case
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NEWS
Industry giants are eyeing vanadium batteries, and energy storage "newcomers" are ushering in the dawn of commercialization
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Release time:
2024-03-13 17:55
Vanadium metal, with abundant valence states, is an ideal element for composing electrolytes in flow batteries. In addition to the steel market, vanadium is activating another incremental market - all vanadium flow batteries,
21st Century Business Herald reporter Fei Xinyi reports from Shanghai
Vanadium metal, with abundant valence states, is an ideal element for composing electrolytes in flow batteries. In addition to the steel market, vanadium is activating another incremental market - all vanadium flow batteries, a flow battery technology route closest to commercialization, which is becoming a "trendy newcomer" in the electrochemical energy storage family.
Currently, vanadium product leaders are deeply binding with downstream battery manufacturers.
On October 13th, CNNC Titanium White (002145. SZ) announced an investment of 510 million yuan to establish a subsidiary of Huili Vanadium Energy. In July of this year, the company also signed a strategic cooperation agreement with Weilide 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 between the two sides will reach the next level. Both parties agree to build an electrolyte production line in Panzhihua City within 2022, achieving a production capacity of 2000 cubic meters per year; From 2023 to 2024, based on the growth of the vanadium battery energy storage market, we will negotiate to invest in the construction 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 innovative business models of vanadium electrolyte, and promote the commercialization process of vanadium battery energy storage.
In the current global installed capacity of energy storage, pumped storage accounts for nearly 90%, while the market size of electrochemical energy storage is growing rapidly. In terms of technical routes, electrochemical energy storage mainly includes various secondary batteries, lead-acid/lead-carbon batteries, lithium-ion batteries, sodium sulfur batteries, and flow batteries. And lithium batteries are still mainstream, accounting for about 90%. However, only 1% of liquid flow batteries have also seen market opportunities moving towards greater space.
Deep binding of upstream and downstream
Compared to lithium resources, which account for only 7% of domestic resource reserves, China is a major vanadium reserve and largest producer, with both vanadium resources and vanadium ore reserves ranking first in the world.
In the past, the high technological proportion and low cost economy of flow batteries hindered 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 market 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 recyclability. Currently, the industry chain of all vanadium batteries is rapidly forming and costs are rapidly decreasing. Except for the incomplete vertical integration of upstream vanadium resources, there are basically no bottleneck 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 out in his speech at a vanadium battery development forum on September 28 that vanadium battery technology and cost have nearly met the requirements of commercial development, and have formed a relatively complete basic industrial chain; Vanadium resources are abundant enough to develop the vanadium battery energy storage industry.
However, Yan Chuanwei also pointed out that the current domestic vanadium market
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