Australian Vanadium Ltd's (ASX:AVL) managing director, Vincent Algar, has been appointed chair of Vanitec’s newly created Energy Storage Committee.
Algar commented on the appointment: “I am looking forward to taking on this role with the other experienced members.
"Together we are passionate about ensuring that the vanadium market maintains and increases its momentum.
"Energy storage has an important role to play, particularly as a result of the Paris climate change commitment.
"Whilst it’s important to maintain traditional vanadium markets, diversification at this time will ensure that the future for vanadium is economically bright.”
Australian Vanadium's strategy is to deliver vanadium products to end users that can be sourced and processed through the company's mine and plant.
The company already has key agreements with vanadium battery suppliers and solar energy installers to develop the local market
Australian Vanadium's Gabanintha deposit in Western Australia is currently one of the highest-grade vanadium projects being advanced globally with JORC 2012 measured, indicated and inferred resources of 91.4 million tonnes grading 0.82% V2O5.
Vanitec is a not-for-profit international organisation whose objective is to promote the use of vanadium bearing materials.
Its members include all the world’s major vanadium producers.
The Energy Storage Committee will report to the Vanitec Market Development Committee and will oversee developments in the energy industry market for vanadium.
Its focus will be on identifying the future global vanadium demand, the quality required and OH&S guidelines surrounding electrolyte production and distribution.
Vanitec was originally established in 1972. During most of its existence Vanitec has operated as a technical committee of vanadium producers.
Importance of Vanadium
Vanadium’s role in the growing energy storage is expected to increase dramatically over the coming years, and there is already large scale deployments of vanadium redox flow batteries across the globe, with many others being planned or under construction.
Ensuring a strong supply of vanadium will be key to the uptake of energy storage for large amounts of power over a long time duration.
This will supplement the traditional markets for vanadium as the requirements for high quality steel continue to increase.
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