Techno-Economic Analysis of Material Costs for Emerging Flow Batteries

To ensure that the production cost of battery energy storage systems for the electric grid does not compromise the environmental benefits gained from the substitution of traditional fossil fuels, it is important to evaluate and manage the cost feasibility of the feedstock materials used in battery production. In this study, we present a techno-economic analysis to evaluate the cost of materials in three emerging redox flow battery products: vanadium pentoxide redox flow batteries (VRFB), zinc-bromine flow batteries (ZBFB), and all-iron flow batteries (IFB), with a focus on primary materials used in functional components. Furthermore, we performed sensitivity analysis for selected materials to explore the uncertainty due to dynamic variation in market prices. The normalized results indicate that the major cost contributors for each battery type vary significantly over time, and the historical variations in material prices could largely affect the battery system production cost. Thus, material costs should be considered as a key attribute in material selection and product design for installing flow battery technologies in the electric grid.

Automated summary

This study evaluates the material cost in emerging flow battery products and highlights the importance of considering material costs in material selection and product design for flow battery technologies.