Global demand
As global demand for critical minerals and rare earths grow, Idemitsu Australia continues to pursue opportunities in energy-related critical minerals including lithium, vanadium, copper, cobalt and graphite.
We have made significant investments in lithium and vanadium businesses including Vecco Group, Critical Minerals Group, Delta Lithium and Graphinex.
The growing demand for critical minerals is accelerating the global energy transition to an electrification and decarbonisation phase.
We will continue to strategically invest in renewable and clean energy projects to create export opportunities for Australia and serve growing global demand for critical minerals, and we are currently exploring critical minerals opportunities Australia-wide along with solar, hydro, wind and battery alternatives across Queensland and New South Wales.
Vanadium Redox Flow Battery (VRFB) collaboration
Idemitsu Australia, together with Sumitomo Electric Industries and Vecco Group have signed a Collaboration Agreement to build a complete manufacturing supply chain – from mining to providing vanadium energy storage solutions to customers – and recognises the significant benefits vanadium flow battery technology will bring to Australia.
Under this non-exclusive agreement, Idemitsu plans to market, sell and provide vanadium flow batteries to Australian customers using Sumitomo Electric hardware and Vecco’s electrolyte made from vanadium mined in Queensland’s north west minerals province. It is anticipated that the complete manufacturing supply chain will be operational in 2026, with hardware and electrolyte using local vanadium.
Each company provides a unique aspect of the supply chain with:
- Idemitsu’s 40+ years of operational experience in Australia to provide battery supply to customers, project management and development of battery projects.
- Vecco Group mining and refining high purity vanadium and currently manufacturing vanadium electrolyte in Townsville with significant expansion plans.
- Sumitomo Electric’s world leading battery hardware manufacturing capabilities.