AVESS Energy to Build Vanadium Flow Battery Plant in South Korea
Date: 01 Aug 2024 |
1 August 2024
Australian vanadium flow battery (VFB) company AVESS Energy has announced the signing of a non-binding agreement with Gyeongsangbuk-do Province, Pohang City, Unicoh Specialty Chemicals, and Unicoh ESS Co., Ltd to construct a VFB manufacturing plant in Pohang, South Korea.
Unicoh ESS Co., Ltd will invest AUD$10.2 million to establish a 500-tonne vanadium electrolyte sulfate manufacturing facility on a 24,235sqm site within South Korea’s Yeongil Port Industrial Complex Foreign Investment Zone. The project is anticipated to create over 60 direct jobs in Pohang City.
Additionally, AVESS Energy will invest AUD$4 million in Unicoh ESS Co., Ltd to support general working capital and reinforce its stance in the global VFB market. This strategic move aligns with AVESS’s goal to secure vanadium offtake opportunities with local developers, thereby strengthening Australia’s vanadium value chain.
AVESS Energy Managing Director Young Yu expressed enthusiasm about the partnership, stating, “The creation of Unicoh ESS and the signing of this vanadium electrolyte manufacturing MoU strengthens AVESS’ capabilities and positioning in the global vanadium electrolyte market, as we edge closer towards Australian-made vanadium batteries. Unicoh ESS comes at an exciting time as we synergise decades of complementary capabilities and expertise across the electrolyte space, while this MoU is another demonstration of our readiness to locally manufacture commercial-scale VFBs.”
This new venture underscores AVESS Energy’s commitment to innovation and expansion in the renewable energy sector, fostering closer collaboration between Australian and South Korean industries.