26 Oct 2022
Vecco Group

Idemitsu Australia invest in Vecco Group

Wattlestone is proud to announce Idemitsu Australia have joined Vecco Group as a strategic investor to further support the development of the integrated renewable energy platform and large scale batteries.

The investment by Idemitsu will continue the development of the Debella Critical Minerals project near Julia Creek in north west Queensland. The Debella Project will establish a critical mineral mine producing vanadium, rare earth elements and high purity alumina. This important project supports the Queensland Governments $62b Energy and Jobs Plan with Australia’s first commercial-scale vanadium battery manufacturing facility commencing production in June 2023.

Stage One of the battery manufacturing plant development will produce approximately 35MWh per annum of vanadium electrolyte with Stage Two increasing capacity to more than 350Mwh per annum. The plant has been specifically designed to produce a range of electrolyte products to meet the specifications of major global vanadium battery manufacturers.

Idemitsu Australia Chief Executive Officer Steve Kovac said, “Idemitsu continues to develop a low-carbon business as we respond to the global energy transition.”

“As global demand for critical minerals and rare earths grows we will continue to invest in opportunities with a focus on battery related minerals including lithium, vanadium and cobalt. Idemitsu’s investment in Vecco Group is another exciting move for the company.”

About Vecco Group

Vecco Group is developing the Debella Project which will produce vanadium, high purity alumina and rare earth elements for batteries and renewable energy infrastructure along with Australia’s first commercial scale Vanadium Electrolyte Production Facility to support the growing large domestic market for vanadium batteries.

Vecco are supporting the renewable energy and electrification revolution by ensuring the global supply of critical minerals remains available and affordable for energy storage applications.

About Idemitsu

Idemitsu with a 10 billion market cap and over 70 billion in annual sales and employing over 14,000 people was founded in 1911 by Sazo Idemitsu. The company operates across petroleum, chemicals, resources, agriculture, functional materials and power and renewable energy sectors.

The company has set ambitious climate targets which include reducing carbon emissions by 4Mt and generating 4GW of renewable energy by 2030, on a pathway to reaching carbon neutrality by 2050. Idemitsu is assessing renewable energy development and export opportunities through its subsidiary, Idemitsu Renewable Developments Australia (IRDA) and is assessing critical minerals opportunities through its subsidiary Idemitsu Minerals Australia. Idemitsu Australia established IRDA and Idemitsu Minerals to leverage our substantial local and global expertise, ensuring we continue to contribute to regional communities

Vecco Group and Wattlestone are honoured to have Idemitsu partner with us to create a significant and world leading renewables and energy platform in Australia.

For more information Vecco Group Idemitsu Australia