The evolution of the redox flow battery over several decades has seen various chemistries being developed, commercialized, or even abandoned due to factors such as poor electrochemical reversibility and cross-contamination of active species.
The vanadium redox flow battery (VRFB) has prevailed as the most widely deployed and commercialized RFB chemistry over the last decade; despite this, the volume of their installations for stationary energy storage applications is still minimal compared to the incumbent Li-ion battery, with economic barriers inhibiting their market growth. However, as suggested in IDTechEx’s market report, “Redox Flow Batteries Market 2024-2034: Forecasts, Technologies, Markets”, a combination of factors including developments in vanadium markets, development of cheaper RFB chemistries, and future demand for long duration energy storage (LDES) technologies, could see increasing penetration of the redox flow battery in the stationary energy storage market over the coming years. These developments will aid in RFB market growth and IDTechEx forecasts that by 2034, this market will be valued at US$2.8B.
Ferro-Alloy Resources Ltd (LON:FAR) is developing the giant Balasausqandiq vanadium deposit in Kyzylordinskaya oblast of southern Kazakhstan. The ore at this deposit is unlike that of nearly all other primary vanadium deposits and is capable of being treated by a much lower cost process.
