To be fair to Vince and the rest of the AVL team, I think they are totally cognisant of the fact that our customers in the initial few years (indeed in all probability our financiers too) will be the steel market. This is the focus of the capital investment and mining decisions, PFS, DFS etc.
It is not the focus of the (potential) investment community. Steel is boring, and although the growth in vanadium consumption for steel is very appealing, most potential AVL investors don't care. Investors want something sexy with astronomical growth potential to get excited (and invested).
They are two very different marketing strategies for two very different markets.
Vanadium in 2019, page-92
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