POW (ASX) Where Are We At?

Sounds like things are finally moving in the battery space, not just with the joint venture agreement with Margaret Lake Diamonds but also in other areas.

Excuse google translate, it clearly has trouble translating KORID Energy, which appears as Corrid, Corridor, Corey, Cored, etc.

DST Co., Ltd. Announces Vanadium Flow Battery Without Fire Concerns
By Administrator Views 28 times Date 2020-02-21 09:56:32
Source: Dong-A Ilbo | Naver
http://naver.me/GDvg7TOp The

original photo taken by Harvard Club in New York after Corridor Energy and Canadian MLD signed a JVA agreement. Former New York Governor of the Pataki Cahill Group, George Pataki, and Kim Hong-chul, CEO of Corridor Energy, attended the event.

Vanadium redox flow batteries (VRFBs) with no risk of fire or explosion are expected to energize the ESS market, which has been stagnant for some time. The government has also opened the way for flow batteries to enter the market in order to foster renewable energy.

The Ministry of Trade, Industry and Energy announced on the 31st of last month that it will extend the flow batteries as well as the existing lithium secondary batteries within the scope of new renewable energy high efficiency certification through the 'Notification on Regulations for Promoting High Efficiency Energy Equipment Distribution'. Amid the controversy over lithium-ion battery fires, interest in flow batteries is drawing attention. The flow battery is regarded as a beneficiary of the revitalization of the ESS industry, as it has received full support through this revision.
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Corridor's vanadium flow cell module (50kW / 200kWh) with new technology and high energy efficiency 25KW stack of over 80%.
○ ESS without worrying about fire. More suitable for domestic environment A

flow battery is a principle of charging and discharging by using a redox reaction of a liquid vanadium electrolyte. Although the energy efficiency of charging and discharging is lower than that of lithium secondary batteries, there is an assessment that it is more suitable in the domestic renewable energy market where safety management problems are raised because there is no risk of fire or explosion.

Batteries that are subject to the Renewable Certificate (REC), the government's renewable energy support policy, have been limited to lithium secondary batteries. As a result, it has not been pointed out that the development and commercialization of secondary batteries including vanadium flow batteries in the domestic market will be reduced. In April last year, the government's discussion of regulatory sandboxes led to a rapid revision of the law.

The REC system is a kind of 'energy currency' system that provides the government with additional support to renewable energy providers in addition to the electricity sales price (SMP). In the meantime, as only lithium secondary batteries are supported, the diversity of the ESS business has declined, and as the ESS fire accidents followed in Korea, much attention has been paid to the flow battery.

Following the recent ESS fire, the government conducted two public-private joint investigations, sparking controversy over responsibility. The government's second announcement on June 6 revealed that four ESS fires, which are under investigation, are estimated to be related to battery cells.

An official of the industry said, "Aside from the battery cell controversy, domestic ESS use environment is continuously an issue, so a safe vanadium flow battery without a worry of fire may be an alternative."

The energy efficiency of vanadium flow battery is slightly lower than that of lithium secondary battery, but the battery performance gap has recently decreased sharply.

Kim Soo-hwan, a professor of industry-academic cooperation at Sungkyunkwan National University of Science and Technology, who participated in the demonstration project of MW-class high-capacity vanadium flow battery, which is the national project of the Korea Institute of Energy Technology Evaluation, said, Energy efficiency can be improved by far, and it will have a performance that does not lag much behind that of lithium secondary batteries. ”

○ High market for flow battery Settlement of Growth Orbit

Currently, ESS marketability of flow batteries is highly appreciated. In the world's largest Saemangeum project, the new demand for ESS batteries reaches about 4GWh. It is estimated that even if only some of them are converted to vanadium flow batteries, the market can be opened quickly.

In relation to the overall domestic ESS market size, NH Investment & Securities analyzed that domestic demand for ESS in 2022 will be about 2GWh and annual market size will be about 1 trillion won.

Domestic vanadium flow battery developers include DST, H2, HI Korea, and Standard Energy. These companies have had difficulties as the vanadium flow battery was excluded from the domestic renewable certification support system, but they are looking forward to the government's actions.

Companies that have emerged first in the overseas market are preparing to expand their domestic businesses. As a leading company, Corid Energy is preparing to build a 100MWh-scale vanadium battery plant in the United States, the largest market in the renewable energy ESS market, and is the fastest way to commercialize vanadium secondary batteries and secure overseas markets. Is showing.

According to the company, a joint venture agreement was signed with Margaret Lake Diamond (MLD), a publicly traded Canadian company, on May 13 to establish a 100MWh vanadium flow battery battery plant in New York State. The company's position is that it will strive to advance the technology, such as improving the energy efficiency of charging and discharging, and also to expand the domestic market.

Corey Energy's parent company, DST, was resilient to expanding its business after forming a strategic alliance with Patakikei Hill Group in the US last year to enter the vanadium ESS battery market. George Pataki, chairman of the Patakikei Hill Group, has served as a New York office for 12 years after he was elected the youngest Mayor of Pickkill at 36. He is so famous that he ran for the Republican presidential race in the US presidential election.

Kim Hong-cheol, CEO of Corrid Energy, which formed MLD and JVA in Canada, said, “For the past 10 years, DST and Corridor's vanadium battery research and development resulted in the joint venture agreement. "It's just a company's technological prowess without investing money in the Canadian market."

An industry official explained, "Exporting technology to domestic SMEs is very unusual and exciting in the industry."
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○ Promising SMEs are preparing to take a leap on the

flow battery market As such, the growth of related companies is also taking place with the expansion of the flow battery ESS market. The growth example of Corridor Energy mentioned above is representative.

KEPCO has concluded a supply contract with Doosan Heavy Industries & Construction to install a 100kW, 1MWh vanadium flow battery ESS as a demonstration project for vanadium flow battery ESS. Cored Energy, a developer in the stack sector, the core technology of the system, was signed with Doosan Heavy Industries & Construction in December last year, and is currently producing a stack for delivery to KEPCO.

To demonstrate the vanadium battery technology, Corid Energy has installed and operated 50kW vanadium ESS batteries in Seosan, Chungnam since 2013, and completed the demonstration of 100kWh vanadium flow battery ESS in Perth, Australia in June 2018. In 2018, the Korea Institute of Energy Research (KETEP) has been pursuing a budget of 9.5 billion won in the stack development field of 'low-cost VRFB-based MW-class ESS development and new renewable linkage demonstration including high power stack and electrolyte mass production technology'. The technical perfection of vanadium flow batteries is increasing.

Corey Energy's parent company, DST, said, “The ongoing efforts to demonstrate vanadium flow batteries and technology development efforts are paying off in earnest from this year.”