AVL (ASX) Ann: Final Payment Received for Vanadium Flow Battery Grant

Originally posted by sabine: ↑

https://investingnews.com/final-payment-received-for-vanadium-flow-battery-grant/

Australian Vanadium Limited (ASX: AVL, “the Company” or “AVL” ) advises that it has successfully completed work relating to the Australian Government grant awarded in 2021 under the Modern Manufacturing Initiative – Manufacturing Translation (MMI-T) Stream of the Resources Technology and Critical Minerals Processing National Manufacturing Priority Roadmap.¹

The final payment of $922,049* of the total MMI-T grant value of $3.69 million* has now been received.

This grant is in addition to AVL’s grant of $49 million* under the Modern Manufacturing Initiative – Manufacturing Collaboration (MMI-C) Stream, which was awarded in 2022 and is ongoing.²

KEY POINTS
AVL has successfully completed work and received the final payment from the $3.69 million Australian Government Modern Manufacturing Initiative grant awarded in 2021.
The grant provided AVL with matched funding for initiatives including the:
Design and construction of AVL’s commercial vanadium electrolyte manufacturing facility to support the rollout of vanadium flow batteries in Australia.
Development of a high-purity processing flowsheet for a circuit to produce chemical and master-alloy grade vanadium pentoxide as part of the Australian Vanadium Project.
Design and manufacture of a prototype residential vanadium flow battery and stand-alone power system for the Australian energy market.

CEO, Graham Arvidson commented, “AVL is extremely grateful to have been supported by the Australian Government to build and bring our vanadium electrolyte manufacturing facility into operation, particularly at this pivotal time of transforming Australia into a renewable energy superpower. Having this production facility in Western Australia forms part of the Company’s ‘pit to battery’ strategy, which also comprises mining and processing of vanadium in the State and further downstream activities in the vanadium flow battery market. In addition, we have been able to produce ultra-high purity vanadium products and begin development of a residential vanadium flow battery prototype and stand-alone power system.”

The grant was awarded as matched funding, mainly to support the design and construction of the Company’s vanadium electrolyte manufacturing facility, which has successfully produced its first high purity vanadium electrolyte.³

Vanadium electrolyte is a key component of vanadium flow batteries (VFBs).
These batteries are well suited to large-scale energy storage applications, as required for electrical grids.
They offer a high capacity for energy storage and a long cycle life, having the ability to be charged and discharged repeatedly with minimal degradation over the extremely long battery life.

The electrolyte manufacturing facility was officially opened in January 2024 by the Federal Resources Minister, the Hon. Madeleine King MP.
The grant funding also provided for the inclusion of the design of an ultra-high purity processing circuit to produce chemical and master-alloy grade vanadium pentoxide as part of the development of the Australian Vanadium Project.

The Company recently announced the achievement of ultra-high purity 99.9% V2O5 through testwork undertaken with Australia’s Nuclear Science and Technology Organisation (ANSTO).⁴

Figure 1 – Residential VFB prototype pictured at the vanadium electrolyte manufacturing facility

The grant also part-funded the Company’s development of a prototype residential VFB and stand- alone power system based on a VFB, for the Australian energy market.
The prototype residential VFB has been designed with 5kW of power and 15kWh of stored energy capacity.
With the battery’s characteristics of flexibility, minimal degradation in performance over a 25-year lifespan and non- flammability, it has the potential to be a highly desirable product for homeowners looking for an alternative to a lithium-ion battery solution.
Development of the prototype continues and is expected to be installed at a residential property in due course for further testing by AVL’s 100% owned VFB- focused subsidiary VSUN Energy.

Click here for the full ASX Release

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i like this bit
The grant provided AVL with matched funding for initiatives including the:
o Design and construction of AVL’s commercial vanadium electrolyte manufacturing
facility to support the rollout of vanadium flow batteries in Australia.
o Development of a high-purity processing flowsheet for a circuit to produce
chemical and master-alloy grade vanadium pentoxide as part of the Australian
Vanadium Project.
o Design and manufacture of a prototype residential vanadium flow battery and
stand-alone power system for the Australian energy market.

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Last updated 15.59pm 03/06/2024 ?

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