RE: Looking Ahead Positively to 201928 Dec 2018 10:36
Europe’s Renewable Energy and EV Future Needs Homegrown Cobalt Supply
Investing News Network - December 27th, 2018
Taken from above;
Furthering the shift to renewable energy, European utilities are increasingly investing in large-scale energy storage systems, says a new report by Wood Mackenzie Power & Renewables. In Spain, Siemens Gamesa recently tested a vanadium redox flow energy storage system to store energy generated from wind, solar and other renewable energy sources. “With the Redox-Flow technology commissioned at our La Plana test site, we are now active in all relevant storage technologies including Power-to-Heat and also battery storage systems,” says Antonio de la Torre, Siemens Gamesa’s chief technology officer. “Due to its scalable energy capacity the Vanadium redox battery is a highly promising option to support our advanced technology offers for isolated and grid-connected systems.”
Vanadium redox flow batteries (VRFB) can hold extensive amounts of energy, can be re-charged thousands of times without losing capacity and can allow large renewable energy projects to be integrated into electrical grids without the challenge of intermittent power. Although VRFB technology may be limited to the utility and manufacturing sectors, the massive scale of these global sectors could mean a significant increase in demand for vanadium. Roskill estimates that vanadium demand for VRFB markets could rise to 31,000 tons by 2025, up 3,100 percent from 2015 demand levels.
In recognition of their importance to making this new green economy possible, the EU recently named energy metals such as cobalt, graphite, rare earths and vanadium to its list of critical raw materials. Cobalt, primarily mined as a by-product of nickel and copper ores, is especially critical to cathode chemistry in the lithium-ion battery. EV battery manufacturers are increasingly looking for ways to secure solid supply chains outside of the DRC and closer to their own facilities to cut down on transport and logistical costs, as well as to heed to call of consumer demand for more ethically sourced materials.