Valuation, page-34

Lithium is worn out and effectively not economic to recycle after 20 years of use, vanadium is not worn out and can easily be recycled. Effectively vanadium is infinite. 

Like lithium, vanadium is a relatively limited resource, however, the inability of lithium to be recycled will mean that supplies will be exhausted within 50 years if we go down the EV route. 

As for your concerns about set up costs, if you take the long term view, then you will realise that a single use, non recyclable technology is no competitor to an infinitely recyclable technology.

Dont fall for the lithium hype. The future is vanadium.