Idemitsu Australia Pty Ltd, through subsidiary Idemitsu Debella Pty Ltd, has increased its shareholding in Vecco Group Pty Ltd from 14.6 per cent to 51 per cent to develop its integrated critical minerals and vanadium electrolyte project, taking Idemitsu’s total investment in the Vecco Group to more than AUD$75 million.
Recently declared a coordinated project by the Queensland Coordinator-General, the $798 million Vecco Critical Minerals Project will establish an operation to mine and refine high purity vanadium in the Julia Creek region. Refined vanadium will then be transported to the company’s integrated vanadium electrolyte manufacturing facility in Townsville.
The project will generate almost 600 jobs in North West Queensland and construction is expected to commence in 2026, with the operational phase anticipated to begin in late 2027.
Idemitsu Australia Chief Executive Officer, Steve Kovac, said the major investment is in line with the Company’s strategy to prioritise renewable energy storage and sustainability through critical minerals projects, meeting the growing demand for energy storage due to wind and solar energy generation and the global take-up of electric vehicles.
“We are delighted to extend our strategic partnership with Vecco Group and support a significant project that has potential to deliver large scale, long duration energy storage solutions, while creating new jobs and industries here in Queensland.”
“Fundamental to the energy transition and one of the most strategically important critical minerals due to its applications in energy storage, steelmaking, and clean energy technologies, vanadium will catalyse the world’s development of sustainable energy technologies. The growing demand for vanadium flow batteries highlights its importance in enabling long duration, large-scale energy storage and advancing lightweight, high-strength materials that drive the technologies of the future,” he said.
Vecco Group Managing Director, Thomas Northcott, welcomed Idemitsu’s ongoing significant investment and said ever-growing global demand for vanadium flow batteries was good news for Queensland’s burgeoning critical minerals mining and battery industry.
“We are proud to deliver Vecco’s Critical Minerals Project and commercial-scale vanadium electrolyte manufacturing plant, establishing an end-to-end vanadium battery supply chain from mining to energy storage. With the support of our partners, Vecco is uniquely positioned to integrate mining and manufacturing, leveraging our expertise in critical minerals to strengthen the downstream supply chain in Queensland.”
“The transformative Vecco Critical Minerals Project will create hundreds of regional jobs and positions the nation as a leader in meeting the world’s rapidly growing energy storage demands,” Mr Northcott said.
As part of the investment, Idemitsu will expand its presence on the company’s Board of Directors.
