Australian vanadium flow battery (VFB) company AVESS Energy has signed a non-binding agreement with Gyeongsangbuk-do Province, Pohang City, Unicoh Specialty Chemicals and Unicoh ESS. Co., Ltd to build a VFB manufacturing plant in Pohang, South Korea.
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Unicoh ESS Co Ltd will invest AUD$10.2 million to build a 500-tonne vanadium electrolyte sulfate manufacturing plant on a 24,235sqm site in South Korea’s Yeongil Port Industrial Complex Foreign Investment Zone.
The manufacturing plant is expected to create more than 60 direct jobs in Pohang City. The company is expected to invest AUD$4 million in Unicoh ESS Co Ltd to provide general working capital while strengthening its positioning in the global VFB market.
AVESS is now expected to pursue vanadium offtake opportunities with local vanadium developers to enhance Australia’s vanadium value chain.
AVESS Energy managing director Young Yu said, “The creation of Unicoh ESS and the signing of this vanadium electrolyte manufacturing MoU strengthens AVESS’ capabilities and positioning in the global vanadium electrolyte market, as we edge closer towards Australian-made vanadium batteries.
“Unicoh ESS comes at an exciting time as we synergise decades of complementary capabilities and expertise across the electrolyte space, while this MoU is another demonstration of our readiness to locally manufacture commercial-scale VFBs.”
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The global vanadium electrolyte market size is projected to be worth US$126.3 million (2023) and is expected to reach US$537.8 million by 2030, growing at a CAGR of 23% between 2023 and 2030.
