This report examines the potential of circular business models for vanadium, focusing on the leasing model for Vanadium Redox Flow Batteries (VRFB). VRFBs are posited to become increasingly significant in the decarbonization of power systems due to their unique attributes as a grid-scale energy storage solution-characterized by long duration, modularity, and site independence. While the report does not delve into the technological advancements or energy-specific applications of VRFBs, it does underscore their economic and climate sustainability benefits. Additionally, the report discusses how innovative business models, particularly leasing, can overcome the challenge of high initial costs and promote broader adoption of VRFBs. The leasing model is presented as one of several feasible strategies to facilitate the deployment of VRFBs in the energy storage market.