Vanadium. Made Here in America.
While Energy Fuels is mainly a leading U.S. uranium producer, we are also currently the only primary producer of vanadium in the U.S. We have considerable vanadium mining and vanadium production capabilities, large quantities of in-ground vanadium resources, and our White Mesa Mill is the only conventional vanadium mill in the U.S. In 2019, we invested in upgrading our vanadium production capabilities, and we are now producing commercial levels of highest purity vanadium in the history of our mill. We also have the flexibility to easily adjust production levels in response to price volatility and evolving market conditions.
Energy Fuels’ White Mesa Mill has a separate production circuit for the recovery of vanadium from our vanadium mines and other streams. Energy Fuels also owns several fully permitted and developed uranium/vanadium mines on standby that contain large quantities of high-grade vanadium resources, including our La Sal Complex and Whirlwind Mine.
Vanadium is a naturally occurring mineral found in many of our uranium mines. It is also on the U.S. Government’s list of “Critical Minerals.” Vanadium is primarily used in high-strength steel, titanium, aluminum and other alloys, along with certain applications in the chemical industry. High-purity vanadium is also seeing considerable interest in battery technologies, primarily as a catalyst used in high-capacity batteries used with renewable energy systems.
Lighter. Stronger. Better.
Due to its unique properties, vanadium is an important component used in high-strength, light metallic alloys. Considerable growth in vanadium consumption is forecast due to the increasing use of vanadium in high-strength steel in developing countries, along with the growing use of vanadium in other specialty alloys including those used in the aerospace industry. As a result, we expect vanadium demand to increase in the future to support production.
Vanadium Battery Opportunity
With the recent growth in renewable energy, there is considerable interest in batteries that can store energy produced from these sources. That is where vanadium comes in. Batteries using high-purity vanadium as a catalyst are being commercialized and deployed to store energy produced from intermittent sources such as wind power and solar panels. Vanadium redox and vanadium flow batteries have the ability to charge and discharge quickly and efficiently with no material degradation. Therefore, this technology is perfect for use with renewable energy systems.
There are very few companies that allow an investor to tap into this potentially growing vanadium market. As a proven current and past vanadium miner that owns the only conventional vanadium mill in the U.S. and considerable high-grade vanadium resources in our portfolio, Energy Fuels is a unique investment vehicle for this potential growth market.