Australian Vanadium (AVL) has received $2.63 million from the Federal Government’s Research and Development (R&D) Tax Incentive Scheme.
The boost is thanks to R&D work undertaken by AVL and Technology Metals Australia (TMT) in the past year.
AVL and TMT completed a merger in late 2023, since when work have been underway to consolidate the companies’ adjoining vanadium projects into one orebody.
Administered jointly by the Australian Taxation Office and the Department of Industry, Science, Energy and Resources, the self-assessment scheme encourages companies to engage in R&D benefiting Australia by providing a tax offset for eligible activities.
The total received comprises $1.79 million from the TMT submission and $0.84 million from the AVL submission, which was received during July.
AVL is aiming to revolutionise the energy storage landscape in Australia with the establishment of a comprehensive vanadium supply chain, playing a crucial role in supporting Australia’s sustainable energy transition.
Speaking at the Diggers & Dealers forum this month, AVL chief executive officer Graham Arvidson said the company’s vertically integrated supply chain is positioned to deliver its ‘pit-to-battery’ strategy.
“Vanadium’s value chain is a compelling opportunity for Australia, and we will be able to help bring the Australian Government’s Future Made in Australia plan to fruition through our ‘pit-to-battery’ strategy,” Arvidson said.
“Australia has significant vanadium resources and as only one key metal, vanadium, is required in vanadium flow batteries, a sovereign battery supply chain entirely based in Australia is within reach.
“AVL is already producing high-purity vanadium electrolyte at our vanadium electrolyte manufacturing facility in Perth and working with battery manufacturers to incorporate this local content into their installations.”
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