Idemitsu Australia invests in Vecco Group to develop vanadium project and electrolyte manufacturing plant
Idemitsu Australia Pty Ltd, through newly formed subsidiary Idemitsu Debella Pty Ltd, has become a major investor in Vecco Group, a private company developing the Debella Critical Minerals Project near Julia Creek, in the world class north west Queensland minerals province.
Supporting the renewable energy and electrification revolution, the Debella Project will establish a critical minerals mine, producing vanadium, rare earth elements and high purity alumina, and develop the first commercial-scale vanadium electrolyte manufacturing plant in Australia.
Vecco Group Managing Director Thomas Northcott said, “We are pleased to receive strong support from Idemitsu Australia as we work together to supply critical minerals the world requires to lower carbon emissions”
“Vecco’s production of Vanadium, Rare Earth Elements and High Purity Alumina will integrate with our vanadium battery manufacturing facility ultimately creating over 600 jobs as we lead the establishment of these new economy industries in regional Queensland.”
“We are ready to support the Queensland Government’s $62b Energy and Jobs Plan with Australia’s first commercial-scale vanadium battery manufacturing facility commencing production in June 2023.”
Targeting production in 2024, Vecco Group will primarily produce a high purity vanadium pentoxide product integrated with large scale vanadium battery electrolyte manufacturing, rare earth elements and high purity alumina.
Stage One of the battery manufacturing plant development will produce approximately 35MWh per annum of vanadium electrolyte with Stage Two increasing capacity to more than 350Mwh per annum. The plant has been specifically designed to produce a range of electrolyte products to meet the specifications of major global vanadium battery manufacturers.
Idemitsu Australia Chief Executive Officer Steve Kovac said, “Idemitsu continues to develop a low-carbon business as we respond to the global energy transition.”
“As global demand for critical minerals and rare earths grows we will continue to invest in opportunities with a focus on battery related minerals including lithium, vanadium and cobalt. Idemitsu’s investment in Vecco Group is another exciting move for the company.”