Advances in vanadium redox battery technology are improving the performance and stability of these energy storage devices. But an engineer at the US Department of Energy’s Pacific Northwest National Laboratory says costs need to drop before the battery is commercially viable.
Vanadium used mainly for as an alloying agent for steel is getting more attention due to innovations in battery technology, namely vanadium redox flow batteries. Looking to get in while demand for the metal is surging mining juniors are aggressively seeking new deposits.
The growth of steel demand, which accounts for over 85 percent of vanadium’s use, has help raise the price. Nowhere near the $40 per pound price seen in 2008, vanadium has room to grow. Also, the use of vanadium in new battery technology gives a new dimension to the market and may increase the demand for the metal significantly.
Canada is moving up on the list when it comes to vanadium production, and therefore is well positioned to capitalize on the current green energy push.
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