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Is the vanadium redox flow battery industry poised for growth?

Image: VRB Energy. The vanadium redox flow battery (VRFB) industry is poised for significant growth in the coming years, equal to nearly 33GWh a year of deployments by 2030, according to new forecasting. Vanadium industry trade group Vanitec has commissioned Guidehouse Insights to undertake independent analysis of the VRFB energy storage sector.

What is a vanadium flow battery?

“That’s great news for vanadium flow batteries, because they are really great and efficient for long-duration. Unlike lithium-ion, in a vanadium flow battery, the energy component where you store the electricity in the electrolyte is distinct from the power unit.

Why are vanadium batteries more expensive than lithium-ion batteries?

As a result, vanadium batteries currently have a higher upfront cost than lithium-ion batteries with the same capacity. Since they're big, heavy and expensive to buy, the use of vanadium batteries may be limited to industrial and grid applications.

Who invented the vanadium redox flow battery?

Prof Skyllas-Kazacos with UNSW colleague Chris Menictas and Prof. Dr. Jens Tübke of Fraunhofer ICT, in 2018 at a 2MW / 20MWh VRFB site at Fraunhofer ICT in Germany. Andy Colthorpe speaks to Maria Skyllas-Kazacos, one of the original inventors of the vanadium redox flow battery, about the origins of the technology and its progression.

How much vanadium will be in demand by 2031?

Guidehouse Insights forecasts that the growth of VRFBs will be such that by 2031, between 127,500 and 173,800 tonnes of new vanadium demand will be created, equivalent to double the demand for the metal today.

How many primary vanadium producers are there in the world?

As we noted in an article last year for the journal PV Tech Power, there are however only three primary vanadium producers in the world, with the majority of vanadium coming from secondary sources as a byproduct of steel production.

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