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Main Forum•Vanadium set for key energy storage role
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Vanadium set for key energy storage role - American vanadium Executive Chairman Ronald MacDonald
http://www.miningweekly.com/article/vanadium-set-for-key-energy-storage-role-american-vanadium-2012-01-25
Snippets:
“China has started a new industry and it’s in energy storage, and vanadium flow batteries are going to play a major role in providing that storage,” MacDonald forecasts.China’s “soft target” is for 10% of all its power to be held in storage facilities in the next eight years.
“We knew the numbers were high, but what we didn’t realise is that they’re not just talking storage for renewable energy, but for all the power that will be produced by 2020.
“This is an enormous move forward considering that globally right now you probably only have about 1 000 MW of storage capacity. You’re talking here about an exponential number,” MacDonald says.
The other interesting aspect is the level of investment that will be required to reach the target.
The global investment in a variety of storage solutions is expected to be a trillion dollars in the next seven years.
Vanadium occurs in multiple states in the vanadium flow battery, making it more like a capacitor or fuel cell.
The market for vanadium in steel is also poised to increase, as China’s changed building code requires the use of vanadium-containing rebar.
The chart below shows Australian companies with JORC resources of more than 1,000,000 tons of Vanadium Oxide (V2O5):Vanadium Resource - V2O5 (t)
U.S. Geological Survey, Mineral Commodity Summaries, January 2010 estimates the world's vandium resources to exceed 63 million tons or 224.9 million tons of V2O5.
Note: One tonne of V metal = 3.57 tonne of V2O5 / 1.016 FeV (80%V)
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