Australian Vanadium Limited has advanced its Project Lumina, a significant development in battery energy storage solutions using vanadium flow battery technology. The company’s wholly owned subsidiary, VSUN Energy Pty Ltd, is designing a scalable, turnkey, utility-scale battery storage system aimed at serving Australian energy markets. The project has shown improvements in key technical indicators, notably reducing the levelised cost of storage (LCOS) to approximately A$214 per megawatt-hour for an 8‑hour duration, down from an earlier estimate of A$251 per megawatt-hour. Early contractor involvement with engineering and construction partners has played a vital role in refining the design and cost structure. The innovative design leverages modular 15‑megawatt arrays, offering flexibility in storage duration from four hours and beyond, and promises benefits such as quicker deployment, reduced capital and logistic expenses, increased local content, and modular expandability. Detailed engineering work has focused on configuring a design that allows for low capital intensity future expansions using off‑the‑shelf components and local sourcing. The technical framework also includes an integrated energy management system which underpins the cost estimates that assume stable vanadium pentoxide pricing at US$10 per pound. Looking forward, Australian Vanadium Limited is on track to complete a construction‐ready detailed design by Q3 2025. The next phase includes finalising a funding strategy that may combine debt, strategic equity, and potential government support, along with further discussions with energy offtake partners and land access arrangements across five states. These initiatives align with supportive government policies and Australia’s broader energy storage and domestic battery production agendas. Bullish sentiment arises from Project Lumina’s improved LCOS competitiveness compared to lithium-ion alternatives, along with the clear market shift towards long-duration energy storage systems. The company’s vertical integration strategy—from vanadium mining to battery manufacturing and energy storage deployment—reinforces its positioning to capture growing global and domestic demand. On the bearish side, some risks include typical development uncertainties of new energy technologies, reliance on vanadium pricing assumptions, and the challenges associated with securing mixed funding options. Additionally, forward-looking aspects of the project remain subject to market, technological, and financing risks that could impact expected outcomes. Overall, the progress on Project Lumina marks a significant stride for Australian Vanadium Limited as it seeks to become a competitive supplier in the expanding energy storage market.