$13.20 Valuation, page-446

AJ...to me the situation in vanadium is somewhat similar to the situation in cobalt a year or two years ago, insofar as you have a very useful battery metal that is somewhat constrained on the production side and is
needed for an explosive demand-side situation.

The main difference is that the VRB technology is applicable in the grid battery storage application, but not in EV vehicle batteries. The grid storage demand is going vertical right now, so vanadium is very timely if anyone can get to market with it.

In grid storage Li-Ni-Co formulations are dominant but with good supply, I believe VRB could take a could piece of the business. There are other formats as well; but I think the only other format which could gain traction in the next five years or so is zinc-air. BYD has another but it is basically almost proprietary;
and other promising technologies IMO are more than five years out before they could have an impact on market share.

The key is that solar is going off the charts right now, and Li-NCM, vanadium, and zinc storage are proven formats, right now.

Another "tell" is that most of the companies going after vanadium solutions are private. It is hard to find early stage investments on the technological side. The miners, as we know, are very risky; and it is extremely chancy chasing after miners who have small trace elements in their deposits. Its tough enough finding guys with viable nickel, cobalt, and manganese deposits, let alone vanadium.

As with cobalt, it is my opinion that speed to production is very important; and as with cobalt, my opinion is that Clean Teq will be first to market with quantity in the goods needed.