Largo Inc. (TSX: LGO) (NASDAQ: LGO) announced their clean energy business, Largo Clean Energy Corp. (LCE) has signed a non-binding memorandum of understanding (MOU) with Ansaldo Green Tech S.P.A. (AGT) to establish a collaboration between the parties for the purpose of the commercial deployment of Largo’s VCHARGE Vanadium Redox Flow Battery (VRFB) composed of the VRFB stack, the vanadium electrolyte, and the Balance of System (BoS), in the European, African, and Middle East markets through the formation of a joint venture (JV) between AGT and LCE in Italy.
The parties have agreed not to engage in discussion with third parties for the purpose of the development of commercialization of flow battery technologies in the Agreed Markets for a period of 150 days to allow for the negotiation of a definitive agreement.
The parties believe that, if successful, the potential JV could address identified needs in the European Energy sector. While the MOU sets out the anticipated terms of the JV, there can be no assurance that future negotiations will lead to the execution of a definitive agreement or other relationship between the parties.
AGT is a subsidiary of Ansaldo Energia S.p.A. which operates in the field of renewable energy with a view toward innovation and with the goal of developing, manufacturing, installing and servicing products for the energy transition from traditional sources of energy to renewable forms of energy.
AGT has an extensive knowledge of the European, North African, and Middle East markets in the field of the power generation. Ansaldo Energia is a leading international player in the power generation industry providing full-service solutions to its customers. Ansaldo Energia is headquartered in Genoa, Italy and has over 3,500 employees globally.
Largo has a long and successful history as one of the world’s preferred vanadium companies through the supply of its VPURE™ and VPURE+™ products, which are sourced from one of the world’s highest-grade vanadium deposits at the Company’s Maracás Menchen Mine in Brazil. Aiming to enhance value creation at Largo, the Company is in the process of implementing a titanium dioxide pigment plant using feedstock sourced from its existing operations in addition to advancing its U.S.-based clean energy division with its VCHARGE vanadium batteries.
Largo’s VCHARGE vanadium batteries contain a variety of innovations, enabling an efficient, safe and ESG-aligned long duration solution that is fully recyclable at the end of its 25+ year lifespan. Producing some of the world’s highest quality vanadium, Largo’s strategic business plan is based on two pillars: 1.) vanadium production from its operations in Brazil and 2.) energy storage business in the U.S. to support a low carbon future through its clean energy division.
Largo Inc. is a market awareness client of Capital 10X.
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