Technology Metals Australia Ltd (ASX:TMT) is set to commence a feasibility study for the production of vanadium electrolyte to support the growing market for longer-duration energy storage batteries in Australia.
A proposed vanadium electrolyte plant in Australia to support the production of vanadium redox flow batteries (VRFB) will utilise Technology Metals’ low-cost, high-purity vanadium feedstock from its Murchison Technology Metals Project (MTMP) in Western Australia.
The Australian vanadium developer will extend an existing MoU with technical support partner LE System Co Ltd to access the latter’s knowledge, expertise and experience in vanadium electrolyte production until June 30, 2023.
In addition, both companies are continuing discussions on the future licensing of electrolyte production technology and the supply of vanadium from the MTMP to LE System’s own electrolyte plant in Japan.
Technology Metals has established a wholly-owned subsidiary vLYTE Pty Ltd to work closely with LE System for the production, marketing and sales of the product in Australia.
LE System’s vanadium electrolyte plant in Namie, Fukushima.
“Growing market”
“As we move closer to a development decision on the MTMP vanadium project, we are increasing our focus on these downstream project enhancement initiatives,” Technology Metals managing director Ian Prentice said.
“With an increased need for optimisation of renewable energy generation, there is a growing market for longer duration battery storage technologies such as vanadium redox flow batteries.
“With Technology Metals on track to be the world’s next pure low-cost vanadium producer, the company is well placed to become the preferred supplier of vanadium for these batteries.”