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lessor to third-party investors who can buy and trade vanadium – akin to markets for other physical holdings, like gold – though it is held and maintained by the lessor, who simultaneously rents it out as electrolyte to VRFB customers [92]. These markets are new, and little has been published regarding their logistics or early-stage utilization and efficacy, though a few academic studies have demonstrated the techno-economic potential for leasing [33,93]. 5. Conclusions RFBs are a promising solution for grid-scale storage, with the VRFB being the most studied and deployed RFB chemistry due to its remarkable performance attributes and unique chemistry design. Despite these benefits, the high and volatile price of vanadium has remained a major impediment to VRFB (and, more largely, RFB) deployment. In light of this, we explored the causes behind the high and volatile price of vanadium and evaluated the outlook for growth and stabilization of the supply chain. While vanadium is relatively abundant and found in many parts of the world, the difficulty lies in its economic extraction that currently prevents many low-grade vanadium precursors from being utilized. This issue has limited present-day supply mainly to co-/by-product production from duplex steel slag, where vanadium is extracted as a lesser-valued product along with iron for steel- making. Reliance on co-/by-product production presents inherent challenges due to a decoupling of supply and demand for vanadium, as supply is driven by demand for steel rather than demand for vanadium. What is more immediately concerning, however, is the concentration of this supply stream, as it comprises only ~10 mills (mainly in China and Russia), which together provide 75% of global production. Such concentration can create extreme volatility in supply that can lead to surges in price, such as the 10x price spike of 2018. Further, it creates geopolitical vulnerability to importing countries and thus hinders efforts toward energy independence. Other minimal vanadium supply arises from primary production (mining of vanadium directly for vanadium) and secondary production from residues and wastes used in the refinement of vanadium-containing petroleum products. We also sought to quantify market growth needed to achieve various cumulative VRFB deployment goals by 2030 and 2050. Metal supply chains rarely see CAGRs > 10%, and vanadium 83PDF Image | Bringing Redox Flow Batteries to the Grid
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