Vanadium use to surge with battery growth
Energy storage has transformed the electricity industry with huge growth in the U.S., for example, of more than six times in the last few years. The demand is growing exponentially for the batteries used in portable devices, energy storage, and electric mobility. Both lithium and vanadium are reliable sources of energy storage.
Recently, the Biden administration announced it will spend more than $3 billion to support the domestic manufacturing of advanced batteries used in electric vehicles and energy storage.
Additionally, about $3.16 billion in grants will be made available to produce key battery metals such as lithium, cobalt, and nickel, according to the U.S. Energy Department’s Office of Manufacturing and Energy Supply Chains.
Currently, the largest source of lithium production is hard rock mining in Australia. However, most deposits are found in the salt flats of Bolivia, Argentina, and Chile. Recently, the demand has been surging for vanadium because of its potential use in the battery market; and whether lithium can be dethroned by this new challenger in the battery industry or not remains a very legitimate question that we will also try to answer in this article.
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