IDTechEx Research: The Vanadium Flow Batteries as Energy Storage Devices

The low round-trip efficiency and the high cost of vanadium (directly affecting the cost of electrolyte) are two of the main VRFBs' drawbacks. The electrolyte only, accounts for 30% to 40% of the overall technology cost. To reduce the effect of vanadium's cost, an increasing number of companies started collaborations with vanadium mining companies. The aim of the collaborations is to improve the vanadium electrolyte performances by increasing the vanadium concentration (moles of Vanadium per liter of electrolyte). This would allow to reach higher energy density of the battery, and reducing the cost.

The low round-trip efficiency and the high cost of vanadium (directly affecting the cost of electrolyte) are two of the main VRFBs' drawbacks. The electrolyte only, accounts for 30% to 40% of the overall technology cost. To reduce the effect of vanadium's cost, an increasing number of companies started collaborations with vanadium mining companies. The aim of the collaborations is to improve the vanadium electrolyte performances by increasing the vanadium concentration (moles of Vanadium per liter of electrolyte). This would allow to reach higher energy density of the battery, and reducing the cost.

By the study conducted by IDTechEx, it was clear that some mining companies themselves are interested in the VRFB technology. It is the case of CellCube, previously known as Stina Resources, a Canadian mining company, which between 2018 and 2019 acquired several companies, and eventually rebranded under the name of "CellCube". Within different companies, CellCube acquired the complete know-how of Gildemeister AG, one of the main VRFB producers until 2018. South African mining company, Bushveld Minerals, has taken a similar approach to CellCube. Bushveld Minerals is in fact actively promoting the adoption of vanadium flow battery all over Africa. Outside Africa, Bushveld funded the merge between two VRFB manufacturers (the English redT and the American Avalon Battery), and in 2019 announced the acquisition of a considerable share of Enerox-CellCube, previously known as Gildemeister AG.

The IDTechEx report, "Redox Flow Battery 2020-2030: Forecast, Challenges, Opportunities", is an in-depth technological study providing an overview of the most studied flow batteries, together with a comprehensive market analysis and forecast of the flow battery market. For more information on this report please visit www.IDTechEx.com/Redox or for the full portfolio of energy storage research available from IDTechEx, please visit www.IDTechEx.com/research/ES.

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