How much does a VRFB cost?

To validate our model outputs, we compare our base case to other LCOS models of VRFBs in the open literature. Lazard's annual levelized cost of storage analysis is a useful source for costs of various energy storage systems, and, in 2018, reported levelized VRFB costs in the range of 293–467 $ MWh −1 (for mid-scale systems ~10 MWh) .

Can you lease a VRFB electrolyte?

Vertical Integration and Electrolyte Leasing: Up to 40-60% of VRFB costs can come from the vanadium electrolyte, and as vanadium prices fluctuate, VRFB manufacturers are looking at models to lease electrolytes to end users to shield them from the fluctuating costs and reduce initial upfront costs.

How long do VfB batteries last?

VFBs use vanadium, a metal produced around the world and used primarily to harden steel. Unlike lithium-ion batteries, VFBs are highly recyclable and do not degrade with use, lasting 25 years or more even with heavy daily use. Vanadium is readily available and can be either mined or recovered from industrial waste.

Are vfbs more expensive than lithium-ion batteries?

VFBs are currently more expensive than lithium-ion batteries. However, the cost of VFBs is expected to come down as the technology becomes more widely adopted. VFBs are way more larger and bulkier than lithium-ion batteries. They often come in common containers.

Can a VRFB be rebalanced?

In contrast, VRFBs can be rebalanced to restore lost capacity without additional capital expenditure. Thus, while VRFBs have significantly higher capacity fade rates than state-of-the art Li-ion batteries, the resilience of the VRFB electrolyte may lead to cost savings over the project lifetime.

How does a VRFB work?

A typical VRFB consists of two tanks filled with a liquid electrolyte solution containing vanadium ions. These tanks are separated by a proton exchange membrane. The flow of vanadium ions between these tanks during charging and discharging cycles produces electricity.