Vanadium redox flow battery provider Invinity is offering customers the opportunity to rent its technology for their projects.
Invinity formed Vanadium Electrolyte Rental Limited (VERL) with vanadium mining company Bushveld Minerals to give Invinity’s customers the option to rent the vanadium electrolyte.
The Vanadium electrolyte solution is a key component in these types of stationary storage systems.
Customers rent the electrolyte over the life of a project instead of purchasing it upfront, offsetting a “significant portion” of their initial capital outlay.
VERL also concluded its first rental contract with Pivot Power, part of EDF Renewables.
Under the agreement VERL will rent the electrolyte for 10 years to the five megawatt-hour flow battery being supplied by Invinity as part of the Energy Superhub Oxford (ESO) pilot in the UK.
ESO is demonstrating an integrated approach to urban decarbonisation, combining energy storage with electric transport and heat to create a zero carbon city that can be replicated in other cities.
Vanadium electrolytes do not degrade with use, retaining their value almost indefinitely, Invinity said.
The material be reused or repurposed at the end of a project.
Invinity chief commercial officer Matt Harper said: “This is a major step forward for the energy storage industry, as this unique model allows our customers’ to deploy Invinity’s durable, high-throughput energy storage technology at significantly reduced initial cost.”
Pivot Power chief commercial officer Matthew Boulton said: “We are creating an innovative hybrid battery that will combine the advantages of lithium ion and flow technology to maximise performance and enable greater use of low carbon energy sources.
“We are delighted to be working with Invinity Energy Systems to deliver this project as part of Energy Superhub Oxford and demonstrate the potential for hybrid battery systems to support the UK’s net zero transition.”