May Monthly Vanadium News
Advancing Energy Storage with Vanadium Flow Batteries
This past month has seen an important flow of news for the vanadium industry, highlighting significant strides made in the energy storage sector. As the CEO of Largo Physical Vanadium, I am thrilled to share the latest developments that highlight our collective progress and the promising future of vanadium flow batteries (“VFBs”).
In the United States, Stryten Energy's was recently awarded the MAKE IT Prize funding for its SAVES Project. This project focuses on advancing VFB systems, enhancing the reliability and efficiency of energy storage solutions nationwide. The recognition from the MAKE IT Prize underscores the pivotal role VFBs will play in America's renewable energy future, driving innovation and supporting sustainable energy goals.
In China, a notable achievement is the recent connection of the Baowu Huanke Zhejiang Wenzhou VFB Energy Storage Power Station to the grid. This milestone represents a critical step towards integrating large-scale VFBs into energy infrastructure, showcasing the potential to enhance grid stability and support renewable energy sources. Similarly, the V-Liquid Energy Urumqi 200MW VFB project entering the trial operation stage exemplifies the growing adoption and practical implementation of VFB technology in key regions.
Invinity Energy Systems' raised $70 million for direct investment in UK long-duration energy storage projects further highlights the escalating global interest in VFBs. This funding will not only propel the development of its energy storage solutions but is expected to reinforce the UK's commitment to achieving its renewable energy targets.
Internationally, the G7 nations' ambitious goal to reach 1,500GW of global energy storage by 2030 sets a formidable target, and VFBs are expected to play a crucial role in this endeavor. VFB’s durability and efficiency make it an ideal candidate to meet these extensive storage needs, as emphasized by recent analyses demonstrating an outlasting to lithium batteries by up to 20 times.
Additionally, Richmond Vanadium and Trinasolar announced a collaboration to establish a new grid-scale vanadium battery industry in Australia. This partnership aims to capitalize on Australia's vast renewable energy potential, positioning VFBs as a cornerstone of the nation's energy strategy.
These ongoing developments are not merely isolated events; they are part of a larger narrative that illustrates the transformative impact of VFBs on the energy landscape. As this sector continues to innovate and expand, LPV remains committed to driving sustainable energy solutions and delivering long-term value to our investors.
Thank you for your continued support and belief in our mission.
Largo Physical Vanadium Update – May 2024¹
LPV’s (VAND:TSXV,VANAF:OTCQX) net assets are over 90% held in physical vanadium products. LPV’s net asset value (“NAV”) is now at C$1.55/share, implying that our closing share price as of May 31, 2024, was trading at a 32.9% discount.
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