Richmond Vanadium Technology inks deal to establish grid-scale battery industry

Richmond Vanadium Technology (ASX:RVT) is partnering with two Chinese firms to work towards establishing a localised +1-gigawatt grid-scale vanadium redox flow battery (VRFB) manufacturing and assembly facility in Queensland.

The company has signed a collaboration agreement with Dalian Rongke Power Group Co and TS Hold Co, the Australian subsidiary of China-based TrinaSolar International System Business Unit.

The trio will work together to advance the development of RVT’s 1.8-billion-tonne Richmond-Julia Creek Vanadium Project in Queensland, where a Bankable Feasibility Study is currently in progress. 

The partnership includes investigating the potential for a renewable energy and vanadium battery storage power solution for mining and ore processing, as well as completing further metallurgical testwork and flow sheet design on a new lower cost processing pathway to convert vanadium concentrate directly to vanadium electrolyte. 

RVT, Dalian and TS Hold will work with government, industry and academic researchers to demonstrate the superiority of VRFBs for long duration (+4hrs) grid-scale stationary battery technology. 

VRFBs have advantages over lithium ion batteries – including longevity, scalability, recyclability and cost, which makes them better suited for energy storage. They are also non-flammable and safer than lithium ion batteries. 

Dalian is a major global supplier of vanadium electrolyte, while TrinaSolar is a provider of total solar energy solutions and has developed, financed, built and commissioned over 6GW of solar power plants globally.

RVT’s Richmond-Julia Creek Project would be the source of vanadium supply for the proposed VRFB manufacturing and assembly facility. The company wants to use green energy to power the project, as well as develop a full domestic supply chain from raw material to battery energy storage system. 

RVT Managing Director Jon Price says utility scale renewable energy and long duration energy storage will assist the world to achieve its energy transition targets. 

“Industry, academia, the banking and investment sector and governments must work collaboratively to meet this common goal for the benefit of future generations,” he says.  

“This collaboration is an opportunity to demonstrate the parties’ combined technology, cost competitiveness and reliability.”

According to the Long Duration Energy Storage Council, electricity providers are going to need to roll out 8 terrawatts of long duration energy storage by 2040 to meet the world’s net zero ambitions.

The market is expected to reach US$4 trillion ($6 trillion) over that time.   

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Images: Richmond Vanadium Technology
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Written By Angela East
Managing Editor Angela East is an experienced business journalist and editor with over 15 years spent covering the resources and construction sectors and more recently working as a communications specialist handling media relations for junior resources companies.