25 giga factories would consume the entire vanadium supply available today and leave zero for the steel market which is 90 percent of demand.
don't need to have lithium type comparisons it's a much bigger market, 2 to 3 VRB giga factory's swings the needle in the vanadium supply/demand dynamic massively . it Will happen sooner rather than later but imo it's a bit of the chicken before the egg type scenario. no one wants to commit to building a GWH scale production facility if there's not GWH scale electrolyte facility's to supply the batteries and vice versa.
patience required.
Big Batteries, page-4
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