{
  "units": {
    "currency": "constant 2026 rand unless stated",
    "usd_zar_model_rate": 18.0,
    "analytical_v2o5_price_usd_lb": 8.0
  },
  "endowment": {
    "south_africa_2025_t_v": 5000,
    "world_2025_t_v": 110000,
    "south_africa_reserves_kt_v": 520,
    "world_reserves_kt_v": 21000
  },
  "value_ladder": [
    {
      "stage": "V2O5 product",
      "gross_usd": 31481.973599999998,
      "local_share": 0.7,
      "local_value_usd": 22037.381519999995
    },
    {
      "stage": "Qualified electrolyte",
      "gross_usd": 57471.2643678161,
      "local_share": 0.55,
      "local_value_usd": 31609.195402298858
    },
    {
      "stage": "VRFB energy block",
      "gross_usd": 50574.71264367816,
      "local_share": 0.48,
      "local_value_usd": 24275.862068965518
    },
    {
      "stage": "Complete 10 h system",
      "gross_usd": 102528.7356321839,
      "local_share": 0.36,
      "local_value_usd": 36910.3448275862
    }
  ],
  "modules": [
    {
      "stage": "Vanadium mining",
      "scale": "5 kt V/y",
      "capex": 4.0,
      "sales": 2.8,
      "exports": 2.35,
      "value": 1.6,
      "jobs": 600,
      "energy": 400,
      "water": 0.8
    },
    {
      "stage": "V2O5 refining",
      "scale": "8 kt/y",
      "capex": 3.0,
      "sales": 2.5,
      "exports": 1.9,
      "value": 1.3,
      "jobs": 300,
      "energy": 250,
      "water": 0.5
    },
    {
      "stage": "Electrolyte",
      "scale": "8m L/y",
      "capex": 0.4,
      "sales": 0.55,
      "exports": 0.35,
      "value": 0.3,
      "jobs": 59,
      "energy": 20,
      "water": 0.05
    },
    {
      "stage": "Membranes",
      "scale": "250 MW/y",
      "capex": 1.2,
      "sales": 1.8,
      "exports": 1.1,
      "value": 0.55,
      "jobs": 160,
      "energy": 15,
      "water": 0.02
    },
    {
      "stage": "VRFB stacks",
      "scale": "100 MW/y",
      "capex": 1.8,
      "sales": 2.5,
      "exports": 1.5,
      "value": 0.8,
      "jobs": 250,
      "energy": 25,
      "water": 0.02
    },
    {
      "stage": "Pumps + BOS",
      "scale": "100 MW/y",
      "capex": 1.0,
      "sales": 1.8,
      "exports": 0.85,
      "value": 0.7,
      "jobs": 300,
      "energy": 15,
      "water": 0.02
    },
    {
      "stage": "Power electronics",
      "scale": "250 MW/y",
      "capex": 1.2,
      "sales": 2.7,
      "exports": 1.3,
      "value": 0.9,
      "jobs": 280,
      "energy": 20,
      "water": 0.01
    },
    {
      "stage": "Container systems",
      "scale": "100 MW / 1 GWh/y",
      "capex": 3.5,
      "sales": 8.0,
      "exports": 3.8,
      "value": 2.4,
      "jobs": 500,
      "energy": 50,
      "water": 0.03
    },
    {
      "stage": "Project integration",
      "scale": "100 MW / 1 GWh/y",
      "capex": 0.8,
      "sales": 1.5,
      "exports": 0.45,
      "value": 0.85,
      "jobs": 350,
      "energy": 5,
      "water": 0.01
    },
    {
      "stage": "Electrolyte recovery",
      "scale": "8m L/y service",
      "capex": 0.6,
      "sales": 0.5,
      "exports": 0.2,
      "value": 0.3,
      "jobs": 80,
      "energy": 10,
      "water": 0.04
    }
  ],
  "belco": {
    "design_litres_per_year": 8000000,
    "model_mwh_per_year": 160,
    "jobs": 59,
    "reported_investment_r_million": 400
  },
  "storage_costs": [
    {
      "duration_h": 4,
      "lfp_capex_usd_kwh": 497.5,
      "vrfb_capex_usd_kwh": 785.0,
      "lfp_lcos_r_kwh": 5.517814219051726,
      "vrfb_lcos_r_kwh": 8.067461114962555
    },
    {
      "duration_h": 8,
      "lfp_capex_usd_kwh": 398.75,
      "vrfb_capex_usd_kwh": 502.5,
      "lfp_lcos_r_kwh": 4.597710096056385,
      "vrfb_lcos_r_kwh": 5.454899820906199
    },
    {
      "duration_h": 10,
      "lfp_capex_usd_kwh": 379.0,
      "vrfb_capex_usd_kwh": 446.0,
      "lfp_lcos_r_kwh": 4.413689271457319,
      "vrfb_lcos_r_kwh": 4.932387562094928
    },
    {
      "duration_h": 12,
      "lfp_capex_usd_kwh": 365.8333333333333,
      "vrfb_capex_usd_kwh": 408.33333333333337,
      "lfp_lcos_r_kwh": 4.291008721724606,
      "vrfb_lcos_r_kwh": 4.584046056220748
    },
    {
      "duration_h": 16,
      "lfp_capex_usd_kwh": 349.375,
      "vrfb_capex_usd_kwh": 361.25,
      "lfp_lcos_r_kwh": 4.137658034558716,
      "vrfb_lcos_r_kwh": 4.1486191738780205
    },
    {
      "duration_h": 24,
      "lfp_capex_usd_kwh": 332.9166666666667,
      "vrfb_capex_usd_kwh": 314.1666666666667,
      "lfp_lcos_r_kwh": 3.984307347392826,
      "vrfb_lcos_r_kwh": 3.713192291535295
    }
  ],
  "central_project": {
    "power_mw": 100,
    "duration_h": 10,
    "energy_mwh": 1000,
    "lfp_capex_usd_m": 379,
    "vrfb_capex_usd_m": 446,
    "vrfb_capex_r_bn": 8.028,
    "electrolyte_litres_m": 50,
    "belco_years_output": 6.25
  },
  "notes": [
    "Scenarios are not forecasts or investment advice.",
    "Value-ladder endpoints are alternatives and must not be summed.",
    "Module scales are independent and not mass-balanced.",
    "LCOS is a model result sensitive to cycling, replacement, efficiency, finance and charging-energy assumptions."
  ]
}