Business
Largo Resources Advances its Strategic Focus on Vanadium-Based Energy Storage Systems and Announces Solid Second Quarter 2021 Financial Results with Net Income of $8.4 million
TORONTO / Aug 10, 2021 / Business Wire / Largo Resources Ltd. ("Largo" or the "Company") (TSX: LGO) (NASDAQ: LGO) today announces its second quarter 2021 financ
About this update from Largo Inc.
[{"type":"text","content":"TORONTO / Aug 10, 2021 / Business Wire / Largo Resources Ltd. (\"Largo\" or the \"Company\") (TSX: LGO) (NASDAQ: LGO) today announces its second quarter 2021 financial results highlighted by revenues of $54.3 million and net income of $8.4 million. Strategic Updates During the second quarter, the Company hosted an investor-oriented virtual ‘Battery Day’ during which the Company discussed its transformational strategic shift to the production of vanadium based electrical energy storage systems. The Company believes that moving to vertically integrate its financially strong vanadium operations with its superior long duration energy storage technology will present a higher value market opportunity for the Company’s vanadium products in the future and will also create a unique competitive advantage for Largo in the rapidly growing long duration energy storage market. Aligned with its belief in the opportunities expected to arise in the transition to VRFB production, the Company announced the appointment of Mr. Ian Robertson as Co-Chair of the Board of Directors of the Company and as Interim President of LCE. During the quarter, the Company continued to augment its strategic, commercial, technical and manufacturing teams including the appointment of Mr. Salvatore Minopoli as VP of LCE Operations. During the quarter, LCE secured a facility in Massachusetts, U.S. for its global headquarters, including its product development and stack manufacturing centre, which is sufficiently sized to support a manufacturing capacity of energy systems representing up to 1.4 gigawatt hours of storage per year. The team moved into the office facility in May 2021 and building modifications are underway for the installation and commissioning of the stack manufacturing capacity and test equipment required to support the business plan. On July 20, 2021, the Company announced that LCE had entered into its first VCHARGE± VRFB sales contract with EGPE and has now received notice to proceed for this installation. Under the contract, LCE is obligated to deliver a five hour, 6.1 MWh VCHARGE± system for a project in Spain with expected commissioning in Q4 2022. With respect to continued VRFB deployments, LCE is focused on obtaining the required regulatory certification to support expected 2022 project sales, with certifications on track to be received by the end ...