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Lithium versus vanadium
Lithium batteries are now common place in your phone or notebook. They are self-contained, storing their energy in cells that get hot. Vanadium flow batteries on the other hand, store their energy in tanks. Doubling the size of a lithium system doubles the price, according to Renewable Energy World, while with vanadium you just build a bigger tank and the cost per kilowatt hour goes down. Vanadium Redox batteries can be charged and discharged 35,000 times and could have a 35 year lifetime, while lithium batteries last around three to five years.
IG’s Jeremy Naylor spoke to three battery metals resource companies recently, two extracting lithium and one vanadium.