2337 GMT - A new long-duration energy storage target set by Australia's most populous state helps keep Shaw & Partners analysts bullish on battery metals miner Australian Vanadium. The New South Wales state government has introduced legislation to add an additional 12GWh of long-duration storage by 2034, on top of its existing 2030 target of 16GWh. With the last of the state's four coal-powered generators scheduled to close around 2034, the announcement adds to what the analysts call a battery bonanza. They add in a note to clients that mining giant Rio Tinto recently said that vanadium-flow batteries will be crucial to Australia's renewables sector. Shaw & Partners keep a buy rating and A$0.08 target price on the stock, which is flat at A$0.014. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
November 14, 2024 18:37 ET (23:37 GMT)
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