The global demand in renewable energy market is currently valued at USD 1.21 trillion and is expected to reach USD 3.60 trillion by 2030. In recent years, there has been a significant increase in the capacity of renewable energy sources, particularly in the solar and wind energy sectors. This growth has led to a rise in long-duration energy storage. Vanadium flow batteries (VFBs) are designed for long-duration energy storage (10+ hours) and cater to a market segment that other technologies cannot economically serve. The rapid expansion of renewable energy generation has created a growing need for long-term energy storage solutions.
Vanadium Flow Batteries (VFBs) are being widely adopted globally as they offer unmatched extended energy storage capacity for renewable energy projects. They are commonly used for energy shifting, including the overnight storage of wind energy, supporting power plants, and stabilizing electrical grids.
In the last two years, three-quarters of the currently installed VFBs were put into operation. Manufacturers of Vanadium Flow batteries are now facing challenges in obtaining vanadium electrolyte at stable prices for VFB deployment. To serve this market VanadiumCorp is entering downstream electrolyte manufacturing during the initial lift-off phase of VFB deployments worldwide.
To ensure stable, long-term access to vanadium feedstocks for electrolyte manufacturing, VanadiumCorp is also developing new hydrometallurgical processes to extract vanadium from the titanomagnetite deposits at its wholly owned Lac Doré property near Chibougamau, Québec.