Energy Fuels CEO: We Have the Only Vanadium Processing Plant in North America


Date: Feb 12, 2019

Energy Fuels‘ (TSX:EFR,NYSEMKT:UUUU) Mark Chalmers feels optimistic about the future prospects for both the uranium and vanadium markets. As the largest uranium producer in the US and the only primary producer of vanadium in the country, Energy Fuels is positioned to capitalize on the strategic interest of the US on these two critical materials.

Energy Fuels‘ (TSX:EFR,NYSEMKT:UUUU) Mark Chalmers feels optimistic about the future prospects for both the uranium and vanadium markets. As the largest uranium producer in the US and the only primary producer of vanadium in the country, Energy Fuels is positioned to capitalize on the strategic interest of the US on these two critical materials.

In the interview below, Chalmers describes the landscape for both the uranium and vanadium markets, particularly with regards to their role in the green economy. He also addresses what it means to be a US-based producer in a time where the country is focused on developing domestic production of critical materials.

Investing News Network: How is it that your company is positioned for growth in the green economy? What makes your properties key to supplying increasing demand in that sector?

Energy Fuels CEO Mark Chalmers: I think that the fact that we are producers of both uranium and vanadium really is a differentiator for the company. We’re the largest producer of uranium in the US, and the only primary producer of vanadium. That is a unique combination because you have baseload energy with uranium and vanadium is getting increasing attention for renewable energy storage, as well as its common use as a steel strengthener. I’m proud of how we are positioned in this space.

INN: Let’s talk about the growing demand for uranium. If we’re going to be moving to greener sources of power generation, we’re going to need uranium.

MC: Correct. I think that there’s a growing realization that you cannot get there with renewables alone. Nuclear power use is growing particularly in Asia, India and is pretty stable in the other parts of the world. You’re not going to get there without a clean baseload energy like nuclear.

INN: There’s a sense that nobody is building nuclear power generation plants any longer. That’s not true, is it?

MC: No it’s not true. Most of the growth is in China, India, and of course, there are a number of reactors that are being constructed today. There’s a few in the US and in Europe, but the growth is definitely in these developing countries.

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Shaanxi Steel Group Hancheng Steel Company Vanadium Nitrogen Bidding Price on 28 January, 2019


Date: Jan 30, 2019

ProductSpec.DatePrice (RMB/TON)Qty(ton)Basis
FerrovanadiumVN 1628 Jan.35400060Acceptance with tax

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Canada Battery Maker Says Flow Storage Costs to Tumble by Half


Date: Dec 25, 2018

CellCube Energy Storage Systems Inc., a Canada-listed maker of batteries that can last for as long as two decades, said the cost of its technology may halve within four years, potentially boosting its uptake over lithium-ion units.

Costs of its vanadium redox flow battery units, which can discharge power for four hours, will decline to $150 per kilowatt hour from $300, President Stefan Schauss said in a phone interview from Toronto this month. Batteries with eight hours of duration will slump to $100 from $200, he said.

Utilities and renewable energy suppliers are increasingly looking to store intermittent wind and sun-generated power to balance out power flows to grids and deploy the electricity when demand peaks. About $620 billion in investment will be required to meet the global energy storage needs that will surge to a cumulative 942 gigawatts by 2040, according to Bloomberg NEF.

“The stationary energy storage market is in an inflection point,” said Schauss, adding that users increasingly prefer storage with longer duration. Combined with falling costs of flow batteries, “lithium batteries may have a hard time to compete.”

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