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American Vanadium has produced vanadium pentoxide and vanadium electrolyte at a pilot plant at its Gibellini vanadium project in Nevada. "We will be using the resultant materials to pursue off takes with steel as well as partnerships and joint ventures with vanadium flow battery technology and manufacturing companies,” said Bill Radvak, President and CEO. American Vanadium expects to complete by the end of this year’s third quarter a feasibility study on the project that is slated to produce 14-million ppy of V2O5 at a unit cost of roughly $3 per lb starting in 2013. The cost of developing the Gibellini open pit mine is estimated at $94-million. Following its announcement concerning the pilot plant production, American Vanadium announced a private placement of up to $1-million. American Vanadium has indicated its desire to enter into a joint-venture agreement with a manufacturer of utility scale energy storage batteries that have been in the developmental stage for years but are just now gaining traction as a viable green technology. These batteries require large amounts of vanadium.