- Australian Vanadium (AVL) secures a $49 million grant to support its Australian Vanadium project in Western Australia
- AVL and the Commonwealth of Australia struck a grant agreement as part of the Modern Manufacturing Initiative – Manufacturing Collaboration Stream in a bid to create an Australian vanadium battery industry
- The agreement has been backdated to begin as of May 29, spanning until July 31 2026, and will be paid out progressively
- An initial payment of $9.8 million will be received by the company in June 2023
- Australian Vanadium climbs 11.4 per cent, trading at 3.9 cents at 11:45 am AEST
Australian Vanadium (AVL) has secured a $49 million grant to support its Australian Vanadium project in Western Australia.
AVL and the Commonwealth of Australia, represented by the Department of Industry, Science and Resources, executed a grant agreement as part of the Modern Manufacturing Initiative – Manufacturing Collaboration Stream.
The contract will see Australian Vanadium pocket funds to support its project in a bid to create an Australian vanadium battery industry.
The agreement has been backdated to begin as of May 29, spanning until July 31 2026, and will be paid out progressively.
Specifically, the funds will go towards the construction and commissioning of a concentrator and high-purity vanadium processing facility capable of using green hydrogen as part of the extraction process for the project.
The critical mineral extraction process is considered a key precursor for vanadium electrolyte manufacturing.
Under the grant, AVL has agreed to team up with Bryah Resources (BYH) to explore options to extract cobalt, nickel, copper, and gold economically from the project.
AVL also announced that broader activities, including the development of the mine and supporting infrastructure, would be funded from sources outside the grant.
An initial payment of $9.8 million is scheduled to be received by the company in June 2023.
AVL climbed 11.4 per cent, trading at 3.9 cents at 11:45 am AEST.