Australian Vanadium (ASX:AVL) said its unit, VSUN Energy, was progressing Project Lumina for the development of a scalable, turnkey, utility-scale battery energy storage system using vanadium flow battery technology, according to a Friday Australian bourse filing
Work on the project supports an improved levelized cost of storage of AU$214 per megawatt-hour for an eight-hour duration Project Lumina vanadium flow battery energy storage system.
VSUN Energy is actively pursuing utility-scale projects across five states. The project remains on track for detailed design by the third quarter.
Contractor involvement activities with Genus and Sedgman, and CellCube advanced the design and costing for the project.
Its shares rose 5% in recent trading on Friday.
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