Redox Flow Battery Developers

The post “Brave Look at Future of Utility-Scale Battery” on June 9^th looked at redox flow battery technology and its promise for large-scale energy storage.  Allied Market Research, an industry research firm, estimates the redox flow battery market was valued at $130.4 million in 2018, and a torrid compound annual growth rate of 15% is expected to drive market value to $403.6 million over the next five years.  Since vanadium is the only energy material alternative to have reached commercial stage for this battery design, this is also the market prognosis for vanadium redox flow batteries. 

There have been a number of developers pursuing the opportunity.  Mergers and disappointments have thinned numbers over the past few years.

·        In 2018, privately-held Ashlawn Energy ended up in court with its first customer for its redox flow technology.  Ashlawn sued the City of Painesville, Ohio for breach of contract and reneging on promises made to Ashlawn to install one of Ashlawn’s VanCharg Energy Storage System at the city’s coal-fired power plant.  Painesville and Ashlawn had been awarded federal stimulus funds in 2010 to complete the project, but Painesville officials demonstrated incompetence in managing the project.  Ashlawn moved on to begin work with the New York City Transit Authority, but has never announced a project. 

·        CellCube Energy Storage Systems claims over 130 of its CELLCUBEs have been deployed worldwide.  The company’s business model is differentiated by the ownership of vanadium resource to supply its batteries.  In December 2019, the company sold 25% its interest in Enerox GmbH for $166,560.  Previously been known as Gildemeister Energy Storage, Enerox is a developer and manufacturer of vanadium redox flow batteries.  The CELLCUBE battery systems appear to be part of the deal.  The remaining 75% of Enerox interest was to be sold in February 2020, but the deal is apparently pending completion of an audit.

·        Dalian Rongke Power has had little to say in recent months, but continues to promote five vanadium redox flow battery models.  Rongke was an early success in its home market of China, installing over thirty projects by mid-2018.  A 200 megawatt hour vanadium flow battery for its home base in Dalian, China was originally scheduled for completion in 2020.  UniEnergy Techologies is Rongke’s partner in the project.

·        Spain is the headquarters for HydraRedox Iberia, S.L., a developer of a novel single cell design for vanadium redox flow batteries.  News on the company’s progress has been thin, but conference participation suggests its management and engineering teams have continued to advanced development.

·        Invinity Energy Systems Plc (IES:  LON) is the merger of Avalon Battery and redT Energy.  It is among the few in the redox flow battery sector with publicly traded shares.  redT had developed several flow battery designs and recently partnered with Statkraft to sell a solar-plus-storage solution with a financing option for U.K. customers.  Avalon Battery claimed over 160 installations in the U.S., Asia and Europe.   

·        Pinflow Energy Systems claims installation of 27 of its battery solutions.  Pinflow is based in Prague and it is assumed its installed base is nearby.

·        In 2015, Sumitomo Electric Industries (SMTOY:  OTC) installed one the first redox flow battery systems for an electric utility.  The 60 megawatt hour system Hokkaido Electric Power Co. uses Sumitomo’s novel aqueous solution of vanadium sulfate.  The company offers the system in either a plant format or in modular containers.  However, it is Sumitomo’s reputation and history of strong service that are likely also key competitive factors.

·        The most recent news from UniEnergy Technologies was the commissioning of the company’s first UET Reflex Module at the ENGIE Research Center Laborelec near Brussels.  The Reflex Modulex is the fourth generation of the company’s vanadium redox flow battery design.  The ENGIE center is getting a small, 30 kilowatt hour version to use for benchmarking the battery against other technologies.  

·        In March 2020, VanadiumCorp. Resources announced an order for a 40 kilowatt hour vanadium redox flow battery system from Ecosource N.V., which has signed on to jointly manufacture the system.  The first battery system will be used by Ecosource for demonstration and field testing of the VRFB system for green energy applications.  Not exactly an order and not really a sale, but the co-manufacturing arrangement with Ecosource suggests VanadiumCorp. is making progress with market penetration.

·        Vionx Energy Corp. has configured a storage system that can be easily financed by users, a key to faster market penetration.  The company also emphasizes the safety of its design, making it suitable to urban installations.  The company has two installed systems totaling 3,640 kilowatt hours.  Two more systems under construction in Spain and Canada, totaling 13,500 kilowatt hours capacity and with commissioning anticipated yet in 2020.

·        Based in Denmark VisBlue engineers spent most of last year attending a series of trade shows and energy industry exhibits.  VisBlue has made public two installations, one at a zero-net energy building in Denmark and an island community installation off Denmark’s shore.  Components of the VisBlue Battery Solution are uniquely recyclable and reusable.

·        Previously known as Pu Neng, VRB Energy is owned by High Power Exploration, a resource exploration company.  In January 2019, VRB Energy commissioned a 40 megawatt hour capacity utility-scale demonstration projected in Hubei, China.  The project uses locally sourced vanadium and is now the largest vanadium redox battery in China. 

 

SELECTED REDOX FLOW BATTERY DEVELOPERS
Ashlawn Energy LLC	Private	VanCharg System
CellCube Energy Storage Systems	CUBE:  CSE	CELLCUBE System, vanadium resources
Dalian Rongke Power	Private	RKP VBattery
Enerox GmbH	Private	CELLCUBE System deal pending
HydraRedox	Private	HR HydraRedox System
Invinity Energy Systems, plc	IES:  LON	Invinity VS3 for grid and industrial use
Pinflow Energy Storage	Private	Pinflow Energy Storage
Sumitomo Electric Industries, Ltd.	SMTOY:  OTC	SA RF System
UniEnergy Technologies	Private	UET Reflex Module
VanadiumCorp. Resource	APAFF:  OTC	VRFB System; vanadium resources
Vionx Energy Corp.	Private	VIONX Flow Energy Storage System
VisBlue	Private	VisBlueBattery Solution
VRB Energy	Private	VRB-ESS
Sources:  Corporate Websites

 

 

The very few stock symbols in the chart above makes it clear that the vanadium redox battery market is the playground of the private investor.  A market size of $400 million suggests that the baker’s dozen in our list will probably be winnowed down by half before Allied Market updates its redox flow industry value estimate.  Will the public companies survive?  So far there has been a trend in this group for the to head back to privacy.

 

Neither the author of the Small Cap Strategist web log, Crystal Equity Research nor its affiliates have a beneficial interest in the companies mentioned herein.