Richmond Vanadium Technology And Partners To Establish Grid Scale Vanadium Battery Industry

Richmond Vanadium Technology Ltd (ASX: RVT) has signed a collaboration agreement to establish a new grid scale vanadium battery industry in Australia.

The agreement with Dalian Rongke Power (RKP) and Trinasolar International (Trina) is to establish a localised renewable energy and long duration energy storage solution in Australia.

Background

RVT is completing a Bankable Feasibility Study and statutory approvals for the development of its 100% owned 1.8Bt Richmond – Julia Creek Vanadium Project in Queensland.

RKP is a leading vanadium redox flow battery (VRFB) supplier and a major global supplier of vanadium electrolyte.

Trina serves as a leading provider of total solar energy solutions.

It has developed, financed, constructed, and commissioned in excess of 6GW of solar power plants worldwide.

Unique assets and technology

The purpose of the collaboration agreement is to work together utilising the companies’ unique assets and technology with a key focus on:

  • Development of RVT’s Richmond – Julia Creek Vanadium Project inclusive of a potential renewable energy and vanadium battery storage power solution for mining and ore processing.
  • Completing further metallurgical test work and flow sheet design on a new innovative processing pathway from vanadium concentrate directly to vanadium electrolyte that could deliver significant potential reductions in capital and operating costs.
  • Working with government, industry and academia to demonstrate the superiority of VRFBs for long duration (+4hrs) grid scale stationary battery technology.
  • Establishing a localised grid scale (+1GWh) VRFB manufacturing and assembly facility in Queensland utilising RKP’s world leading electrolyte and cell stack technology and RVT’s vanadium resource.

Energy transition goals

RVT Managing Director Jon Price said: “Utility scale renewable energy and long duration energy storage will assist the world to achieve its energy transition targets.

 “Industry, academia, the banking and investment sector and governments must work collaboratively to meet this common goal for the benefit of future generations.

 “This collaboration is an opportunity to demonstrate the parties’ combined technology, cost competitiveness and reliability.

 “We look forward to working with RKP and Trina to develop a complete localised supply chain from raw material to end product for Australia and world markets.”

 

 Disclaimer

JustStocks provides data and commentary that constitutes general information only. This does not constitute personal, financial or professional advice or assistance. The data and information compiled do not consider your investment objectives or your financial circumstances. JustStocks cannot guarantee this website’s accuracy, completeness, or timeliness. JustStocks accepts no responsibility regarding any inaccuracy, omission, or change in information or articles or the data provided. The information published on this site/page should not be relied upon as a substitute for personal financial or professional advice. The information provided may not be appropriate for your circumstances or needs. JustStocks recommends that you seek professional advice from a qualified advisor before you make any decisions.

Articles of Interest