Key ASX vanadium stocks to knowThere are about 40 ASX stocks...

Key ASX vanadium stocks to know

There are about 40 ASX stocks with exposure to vanadium.

Here are the top four by market cap:

Syrah Resources (ASX:SYR)

Market cap: ~$1.1bn

Syrah is the largest player by market cap, but it is primarily a graphite producer.

The company, however, is investigating the possibility of also producing vanadium from its Balama operation in Mozambique which started production in late 2017.

According to Syrah, Balama “contains a significant vanadium by-product resource which presents a potential value-accretive opportunity” which the company will advance through pre-feasibility study (PFS).

Outlook for vanadium stock

Vanadium demand for VRFBs is growing at a rapid rate. The forecast compound annual growth rate for vanadium to be used in VRFBs is 60 per cent.

Current demand is about 100,000 tonnes per annum, but that is tipped to triple over the next five to six years.

Vanadium’s future in batteries

While the electric vehicle space is firmly dominated by lithium-ion for the moment, stationary storage is more diverse.

There are a couple of battery technologies vying for top spot, but the spotlight is largely on VRFBs.

Benchmark predicts that by 2028, 50 per cent of the burgeoning stationary storage market will be lithium-ion, and 25 per cent will be VRFBs.