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2. Vanadium is a major component of VRB battery and a significant cost component of the battery. Vanadium metal is price sensitive and expensive. How do plan to negate the economic impact of the Vanadium metal price in the VRB? It is true that vanadium is a major cost component of VRB battery. Vanadium metal is a commodity and its price fluctuate. However, Vanadium is also one of the most abundant elements in the earth crust and current known reserve is enough to meet vanadium demand for more than 150 years4. There are enough references that suggest that VRFB projects are viable for investment when the vanadium price is below $10/lb. At $8/lb, the LCOS of vanadium battery is still significantly cheaper than Li-ion battery technology due to it unlimited cycle life. Vanadium prices has been historically lower than that of $6/lb, baring few occasions of short spikes caused due to modified supply and demand. Figure 4 shows a price trend of vanadium over the last 40years. The trend shows that the average price of vanadium metal has been quite stable with the median price below $6/lb. So, the threat from unstable vanadium price is relatively low for VRBs development in the long run. Fig 4: Vanadium metal price variation over four decades.5 Furthermore, the best part of VRB battery is that lifetime of vanadium electrolyte is infinite and 100% of vanadium is re-usable upon decommissioning of the system. This creates an unique opportunity for VRB developers to potentially remove Vanadium from the capital cost and negate the impact of vanadium metal. Bushveld minerals have already launched a vanadium leasing program where VRB developer pays a nominal upfront deposit for electrolyte and pay annual rental fee which can be clubbed as a part of annual O&M fees3. Figure 5 shows the electrolyte leasing model introduced by Bushveld. The vanadium leasing model has significant impact on the energy storage project economics. The project internal rate of return increases drastically while decreasing the direct capex burden on the project owner.PDF Image | Vanadium Redox Flow Batteries for Mass Scale Energy
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Salgenx Redox Flow Battery Technology: Salt water flow battery technology with low cost and great energy density that can be used for power storage and thermal storage. Let us de-risk your production using our license. Our aqueous flow battery is less cost than Tesla Megapack and available faster. Redox flow battery. No membrane needed like with Vanadium, or Bromine. Salgenx flow battery
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