COVER STORY: FLOW BATTERIES | VRFB FLOW BATTERIES Vanadium redox flow batteries may be state-of-the-art in terms of being technology-ready but the price of the electrolyte is still a sticky point. Kara Rodby details more of her research into the subject.
Keeping the price of vanadium down — and steady too
The current market price of vanadium translates to a total VRFB electrolyte cost of around $125/kWh. This is close to the price of some entire, state-of-the-art lithium ion battery pack.
Figure 1: Vanadium pentoxide and electrolyte prices in Europe from 1980 through 2021. Prices for ferrovanadium during this period follow nearly identical trends.
56 • Batteries International • Summer 2022
The cost of vanadium itself is a big contributor to the overall cost of any VRFB; the current market price of vanadium translates to a total VRFB electrolyte cost of around $125/kWh. This is close to the price of some entire, state-of-the-art lithium ion battery packs where volumes of mass manufacturing have driven prices down to new lows. The volatility of the price is cause for further concern. While historically the market price of vanadium, shown in Figure 1 as vanadium pentoxide (V2O5, a common vanadium product sold on the global market), has demonstrated notable volatility, the last five years have been particularly instable. While the current price is challenging for competitive grid storage, it also represents a relatively low point for the last five years and may spike even higher in the future. Such uncertainty makes investments in VRFBs less attractive. While new chemistries are being proposed that utilize lower-cost and higher-abundance materials, many of these efforts are at earlier stages of technology readiness, as compared to the VRFB, and while the issues they face may be known, solutions have yet to be fully developed which prevents near-term deployment. Recent studies show the costs to manufacture electrochemicalgrade, organic or organometallic active species can be substantial and have more complex decomposition processes that are difficult to remediate. Other research that uses stable, inorganic materials reveals chemistry-related issues such as competing parasitic reactions and, in the case of hybrid systems with deposition/dissolution reactions, difficulties preventing dendrite formation without severely limiting operating current densities. With growing demand for
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