5.3.2021

Novana – Permitting of a Vanadium Recovery Plant

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We are assisting Novana Oy with the permitting of a vanadium recovery plant planned in Pori, Finland.

Novana has reached an agreement with the highly specialised global steel company SSAB to recover the by-products of the steelmaking process into high-grade vanadium products. Novana has also concluded an agreement with Neometals, an innovative project development company. Neometals believes its proprietary process has the potential to place this vanadium recovery project within the lowest quartile of production costs globally.

The recovery of metals from by-products in an environmentally friendly manner is a high priority for Europe. Novana aims to use the by-products from SSAB’s steel production to recover high-purity vanadium for use in energy storage solutions, principally vanadium redox flow batteries, without the need to mine and process vanadium using traditional methods. The recovery process will be powered by renewable energy.

Approximately 75% of the global vanadium supply is produced in China and Russia. It is estimated that the Novana vanadium recovery plant once operational will create a significant opportunity to supply vanadium to the European vanadium market.

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