Some further updates on the VRFB market in China:"On the evening of 25 May, Pangang Group Vanadium Titanium & Resources announced that the 2,000 cubic meters per year vanadium electrolyte production line built by the company's holding subsidiary Sichuan Vanadium Rong Energy Storage Technology Co., Ltd. in Panzhihua City was officially completed and started trial production. The electrolyte project is the first stage of cooperation between the company and Dalian Rongke. From 2023 to 2024, the two parties will invest in constructing a vanadium electrolyte production line with a capacity of 60,000 cubic meters per year in the second stage. It is understood that a production line of 60,000 cubic meters per year can meet the production needs of 1GWh vanadium batteries. Before this, Dalian Rongke won the bid for the 1GWh vanadium redox flow battery energy storage system project of Zhongnuo Huineng, and there are several vanadium redox flow battery energy storage projects with the order in hand. It is expected to strengthen further the cooperation with Pangang Group Vanadium Titanium & Resources.After the 2,000 m3/year vanadium electrolyte production line is completed and put into operation, a new production technology route will be adopted to reduce the production cost of vanadium electrolyte further. It is understood that large-scale vanadium battery energy storage projects under construction in China in 2023 mainly include 1GWH of China National Nuclear Corporation Huneng, 1GWH of China Energy Conservation Xinjiang, 500MWH of Hubei Xiangyang of State Power Investment Corporation, and 400MWH of Hunan Jishou Phase I project, etc., totalling more than 2.5GWH. According to the forecast of professional institutions, the installed capacity of vanadium batteries is expected to reach 8.6 to 12.9 GWh in 2025, requiring more than 100,000 tons of vanadium resources. The potential market demand has increased significantly, bringing huge room for growth in performance for the company. From the perspective of resources, China's vanadium reserves and output rank first in the world, unlike lithium batteries, which are highly dependent on foreign materials for lithium raw materials. The resources required for the development of vanadium batteries can be independently controlled, and the vanadium output of Pangang Group Vanadium Titanium & Resources accounts for More than 30% of the country's vanadium production. In 2023, Pangang Group Vanadium Titanium & Resources received 8,000 tons of orders for vanadium energy storage applications. According to the current development situation, the order volume in the field of energy storage is expected to increase further."Source: Financial Circle Beijing#VRFB#vanadium#BESS#ESS#energystorage
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