Assemblebay — which used to screw together furniture for confused IKEA shoppers — has confirmed a move into vanadium exploration.

Assemblebay today told investors that six of the nine exploration permits it was seeking at its Skåne project in southern Sweden had been granted.

The failed online furniture assembly platform business – which will change its name to ScandiVanadium — has reskinned itself a number of times over the years.

It was a biofuels business Agri Energy up until 2011 before it acquired oil and gas exploration assets and became Sirocco Energy.

That became Assemblebay (ASX:ASY) in 2016, before it threw in the towel in December 2017 and announced the business’s immediate closure. Its shares are now suspended.

AssembleBay is making a foray into the vanadium because it is the best performing battery metal of the year.

Vanadium is primarily used to produce high strength specialty steel alloys, with the steel industry accounting for about 90 per cent of current vanadium consumption.

However, big demand growth is expected from the energy storage market.