The company’s plans to add value to its vanadium in Australia will benefit from the government assistance if it is successful in its application.
Australian Vanadium Ltd (ASX:AVL) has submitted an application for a matched funding grant under the Australian Government’s Resources Technology and Critical Minerals Processing National Manufacturing Priority roadmap.
The roadmap sets out plans for the government support of manufacturing in Australia, with six key areas of focus and downstream processing of critical minerals such as vanadium is one of the opportunities being encouraged through this grant funding.
Plans for value addition
AVL managing director Vincent Algar said “AVL has submitted a robust application to the Federal Government.
“Our experienced technical team, ably assisted by one of the ‘big four’ accounting companies, helped meet the tight deadline.
“The company’s existing plans to add value to its vanadium in Australia, including vanadium electrolyte production and battery manufacture, will benefit from government assistance if AVL is successful in its application.
“Plans for value addition, with the associated jobs that will be created, form part of the company’s strategy as it brings the Australian Vanadium Project into production.”
High-purity vanadium pentoxide processing circuit
The total cost of the project is $7.9 million, and AVL has applied for a matched funding of $3.95 million.
The funding will support AVL’s plan to:
Include a high-purity vanadium pentoxide processing circuit to produce battery, chemical and master-alloy grade from the Australian Vanadium Project;
Build and operate a commercial vanadium electrolyte plant based in WA, to support the rollout of vanadium redox flow batteries (VRFBs) in Australia; and
Assemble and manufacture prototype/demonstration residential and Stand-Alone Power Systems (SPS) based on VRFB technology for distribution in Australian energy markets.
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