Recently, the latest research report from Everbright Securities shows that multiple all vanadium flow battery projects have started bidding, such as the first phase 100MW/400MWh design, procurement, and construction general contracting (EPC) project of Yunnan Yongren all vanadium flow energy storage project, the 100MW/400MWh all vanadium flow battery energy storage project of China Nylon City Source Network, the design, procurement, and construction general contracting project of Lufeng 100MW/400MWh all vanadium flow energy storage project, and the EPC general contracting project of Hami Guotou Shichengzi 100MW/400MWh independent energy storage project.

According to incomplete statistics, the grid connected scale of vanadium flow batteries in 2024 is about 440MW/1742MWh, an increase of 700%/638% compared to 55MW/236MWh in 2023. In 2024, about 745MW/320MWh of vanadium flow battery energy storage power station projects are under construction, and about 2124.75MW/8886MWh of publicly announced and planned projects are expected. It is expected that the grid connected scale will continue to maintain high growth in 2025. In terms of steel, the national standard for ordinary hot-rolled threaded steel has been officially implemented from a recommended standard to a mandatory standard on September 25, 2024, and the demand for vanadium and nitrogen in the steel industry is expected to improve. With the gradual digestion of vanadium pentoxide inventory, it is expected that vanadium prices will gradually rise.