Idemitsu Australia is investing in critical minerals and energy storage to support the global transition to cleaner energy. Key critical minerals such as vanadium, lithium and graphite are essential for powering electric vehicles, renewable energy technologies, and large-scale battery storage. Worldwide demand for critical minerals is expected to grow significantly to 2040, with vanadium production forecast to rise by up to 50 per cent by 2030.
Vanadium
Vanadium plays an important role in long-duration energy storage through vanadium flow batteries. These batteries have no fire risk, offer long service life, and enable high material re-use, with around 70% of inputs reusable and a further 2% recyclable. This makes them well suited to industrial, mining and renewable energy applications.
Idemitsu Australia is a major investor in Vecco Group, which is developing the Vecco Critical Minerals Project near Julia Creek in North West Queensland. The project supports Australia’s domestic vanadium production and processing capability, mining and refining high-purity vanadium on site, with vanadium electrolyte manufactured at Vecco’s Townsville facility.
We also hold a strategic interest in Critical Minerals Group (CMG) to support the development of the nearby Lindfield Project, to expand Australia’s domestic vanadium production and processing capacity.
From 2026, Idemitsu will install a 12.6 MWh vanadium flow battery at Boggabri Mine. The battery will store on-site solar energy and reduce reliance on grid power, supporting more efficient and sustainable operations.
