[Ferro-Alloys.com] Richmond Vanadium Technology Ltd (ASX:RVT) has signed a collaboration agreement to establish a complete renewable energy and long-duration energy storage solution in Australia incorporating its Richmond-Julia Creek Vanadium Project in Queensland. This non-binding agreement has been executed with Dalian Rongke Power Group Co., Ltd (RKP) and TS Hold Co Pty Ltd, which is Trinasolar International System Business Unit’s  Australian company (Trina).

Collaboration participants:RVT is completing a bankable feasibility study and statutory approvals for the development of its 1.8 billion tonnes project to support the global energy transition and be recognised as a trusted global leader in the vanadium market and a long-term stable supplier of high-quality vanadium. RKP is a world-leading vanadium redox flow battery (VRFB) supplier and a major global supplier of vanadium electrolyte while Trina serves as a world-leading provider of total solar energy solutions, having developed, financed, constructed and commissioned in excess of 6GW of solar power plants worldwide.

The purpose of the agreement is to work together utilising the unique assets and technology of the partners.

Localised supply chain:RVT managing director Jon Price said, “Utility-scale renewable energy and long-duration energy storage will assist the world to achieve its energy transition targets. Industry, academia, the banking and investment sector and governments must work collaboratively to meet this common goal for the benefit of future generations. "This collaboration is an opportunity to demonstrate the parties’ combined technology, cost competitiveness and reliability. "We look forward to working with RKP and Trina to develop a complete localised supply chain from raw material to end product for Australia and world markets.”

Focal points:RVT is interested in collaborating with Trina and RKP on supplying electricity to its proposed Richmond-Julia Creek Project using green energy and vanadium flow battery storage technology and developing a full supply chain from raw material to battery energy storage system in Australia.

The collaboration will focus on: Development of RVT’s Richmond-Julia Creek Vanadium Project inclusive of a potential renewable energy and vanadium battery storage power solution for mining and ore processing.

Completing further metallurgical test work and flow sheet design on a new innovative processing pathway from vanadium concentrate directly to vanadium electrolyte that could deliver significant potential reductions in capital and operating costs. Working with government, industry and academia to demonstrate the superiority of VRFBs for long duration (+4 hours) grid-scale stationary battery technology in terms of safety, longevity, scalability, recyclability and levelised cost of storage. Establishing a localised grid-scale (+1GWh) VRFB manufacturing and assembly facility in Queensland utilising RKP’s world-leading electrolyte and cell stack technology and RVT’s vanadium resource.

Working together to provide a complete renewable energy and battery storage cooperative in Australia for domestic and overseas markets.Promoting and developing localised primary, secondary and tertiary industries for installation, operation, maintenance and support of new projects. Working with government to maximise regional economic benefits to contribute to achieving our energy transition targets and aim to lower power costs for consumers.

Potential new industry:Intermittent storage for renewable energy and grid stabilisation is a priority for supportive State and Federal governments and RVT said this partnership could unlock substantial opportunities to incubate a new industry for the region. Australia hosts one of the largest vanadium reserves in the world and companies in this sector are advancing these projects towards production to meet growing global demand and establish Australia as a significant player in the world vanadium market.“The collaboration with RVT and Trina showcases our collective commitment to advancing renewable energy solutions," RKP senior vice president Philip Krause said.

"By integrating the strengths of both parties with our leading VRFB technology, we are ready to demonstrate the unparalleled benefits of VRFBs in safety, longevity and recyclability. "RKP is proud to partner with world leaders in this groundbreaking initiative to support Australia's energy transition and aim to reduce power costs for consumers.”

Growing market:The energy storage market is forecast to grow to US$4 trillion by 2040 as the world works to decarbonise and meet its energy transition targets deploying up to 8TW. Grid-scale energy storage is moving rapidly to +4 hours of capacity and the vanadium redox flow battery (VRFB) is a leading technology to meet this demand. Australia has some of the largest solar and wind resources in the world and has set aggressive energy transition targets. Trinasolar ISBU Australia country manager John Zhong said, “Embarking on the journey towards a sustainable energy future demands innovative solutions and strategic partnerships.

"Trina, as a pioneering force in renewable energy, has always brought forth a legacy of excellence and innovation. This collaboration serves as a testament to the fusion of cutting-edge technologies, cost efficiency and unwavering reliability. "Together, Trina and its esteemed partners will strive to illuminate the path towards a better tomorrow, poised to join the charge as global frontrunners in finding sustainable energy solutions.”

• [Editor:tianyawei]