Vanadium-powered batteries will have a big role to play in homes of the future, Multicom's Chief Executive Officer Shaun McCarthy told an MineX industry breakfast on Thursday.
Vanadium is used as a steel strengthener but Multicom have plans for solar battery storage.
Mr McCarthy said Multicom were a small unlisted company with big plans as they are developing a vanadium prospect outside Julia Creek called St Elmo's Project.
"We've got a world class vanadium deposit at Julia Creek," Mr McCarthy said.
"Now vanadium is not a product typically associated with this region - it has been known about by those in the industry for some time but never developed."
Mr McCarthy said the industry was also developed in South Africa and South America but most of the supply comes out of China as a by-product of steel magnetite.
He said it was quite abundant, typically in lower-grade deposits and Multicom were making good progress with their feasibility work.
Unlike other similar vanadium deposits in the region there is no oil shale associated with the St Elmo's prospect.
"We've been working on our feasibility for the best part of two years now on how we are going to extract the vanadium and that's going exceptionally well, our pre-feasibility study will be out in the next month or two," Mr McCarthy said.
"We've gone global in the off-take for this product, we know China consume most of the world's vanadium but we are seeing a lot of interest from US, Europe and Japan."
Multicom is working with New York-based StorEn for product use in their fridge-sized Vanadium Flow Batteries which has residential applications that would be cheaper and longer lasting than lithium based batteries.
"Unlike lithium, vanadium can theoretically run in an infinite number of cycles," Mr McCarthy said.
The project would produce 10,000 tonnes a year of Vanadium pentoxide. Multicom is targetting the first production in 2021 and is working with EPIC Environmental on the approvals process.
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