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Largo and Stryten Energy Finalize Formation of Storion Energy to Strengthen U.S. Energy Resilience and Address Long Duration Energy Storage Needs
TORONTO / Feb 04, 2025 / Business Wire / Largo Inc. ("Largo" or the "Company") (TSX: LGO) (NASDAQ: LGO) announces effective Friday, January 31, 2025, the succes
About this update from Largo Inc.
[{"type":"text","content":"TORONTO / Feb 04, 2025 / Business Wire / Largo Inc. (\"Largo\" or the \"Company\") (TSX: LGO) (NASDAQ: LGO) announces effective Friday, January 31, 2025, the successful closing of the previously announced transaction between its subsidiary, Largo Clean Energy Corp. (“LCE”), and Stryten Critical E-Storage, LLC (“Stryten”), an affiliate of Stryten Energy LLC, to establish a joint venture in Storion Energy LLC (“Storion”). Storion is a joint venture focused on removing the barriers to entry for battery manufacturers to domestically sourced, price-competitive components for the flow battery industry, including vanadium electrolyte. This partnership leverages access to Largo’s high-quality vanadium supply, Largo Physical Vanadium Corp.’s (“LPV”) (TSX.V: VAND) (OTCQX: VANAF) innovative electrolyte leasing model and Stryten’s U.S.-based manufacturing expertise to enhance grid stability and energy security while enabling the broader adoption of vanadium flow battery solutions. Francesco D’Alessio, President of LCE, stated: “The closing of this transaction represents a transformational step for Largo as we advance our investment strategy of integrating into the fast-growing vanadium flow battery market. Storion Energy now provides a direct channel for Largo’s high-quality vanadium products into the long duration energy storage sector, reinforcing our position as a leading and reliable supplier of vanadium.” He continued: “Through Storion, we are establishing a fully integrated vanadium electrolyte supply chain in North America, addressing a key challenge for vanadium flow battery adoption while unlocking new growth opportunities for Largo. Through the combination of Stryten’s battery manufacturing expertise, Largo’s vanadium expertise and LPV’s innovative electrolyte leasing model, Storion Energy is well-positioned to deliver innovative, cost-competitive solutions for long duration energy storage going forward.” Overview of Transaction: Strategic Collaboration: Largo’s high-quality vanadium and sector knowledge, LPV’s innovative electrolyte leasing model, and Stryten’s U.S. battery manufacturing expertise combine to provide solutions to strengthen energy resilience and grid reliability Vertically Integrated Supply Chain: Storion establishes a domestic supply chain for vanadium electrolyte and key components in LDES Support for Energy Sec...