Australian Vanadium inks renewable MoU

26th May 2022 By: Esmarie Iannucci - Creamer Media Senior Deputy Editor: Australasia

PERTH (miningweekly.com) – ASX-listed Australian Vanadium has inked a memorandum of understanding (MoU) with renewable energy developer North Harbour Clean Energy (NHCE) for the potential development of energy storage projects.

Through its subsidiary VSUN Energy, Australian Vanadium help to facilitate development of vanadium redox flow batteries (VRFBs) into existing and future projects being developed by NHCE.

NHCE is interested in supply of vanadium electrolyte from Australian Vanadium, product selection and project development support from VSUN Energy and the ability to position Australia as a centre of excellence and key player in the global VRFB supply chain.

“In working together on VRFB projects, VSUN Energy and NHCE will have the opportunity to support the development of large projects through access to a company with strong funding capability. Jointly the companies aim to grow the Australian vanadium energy storage sector and do justice to this Australian invented technology,” said Australian Vanadium MD Vincent Algar.

The MoU provides a framework for the two companies to assess market opportunities for VRFB installations including potential for local manufacture or assembly of VRFBs and leasing facilities for vanadium electrolyte.

The MoU is non-exclusive and is valid for a period of two years and may be terminated by either party on giving notice of at least one month.

NHCE MD Tony Schultz commented said the company was looking forward to partnering with VSUN Energy to help accelerate the implementation of VRFBs at industrial scale into the Australian energy market, allowing the rapid uptake of renewable energy to continue.

“This technology is perfectly suited to long duration stationary energy storage, has a number of advantages over alternative technologies, and Australia has a unique opportunity given its invention of the technology in the 1980s, coupled with our large share of known vanadium resources,” he said.

NHCE is also part of a group of entities involved in the A$50-million investment from the Australian government to create a new business and research partnership through the Trailblazer programme. The University of New South Wales (UNSW) and the University of Newcastle will lead the partnership, working with 27 industry partners, which include NHCE. In addition, NHCE is also working with UNSW on the optimisation of VRFB cell design.