Largo Resources has announced the launch of Largo Clean Energy Corp whose aim will be to provide safe, long-duration vanadium redox flow battery systems for the fast-growing global renewable energy storage market.
Largo Clean Energy has acquired superior VRFB technology that was previously owned by VionX Energy, a company that had been involved in the renewable energy storage market since 2002.
Paulo Misk, President and CEO for Largo, states:
“The acquisition of patented VRFB electrolyte processing technology along with the utilization of industry-leading flow battery stack design and supply of Largo’s reliable, high purity vanadium has culminated in the formation of a uniquely positioned renewable energy storage business.
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“We have also hired key team members previously employed by VionX Energy who we believe have developed one of the most advanced VRFB technologies in the world and when combined with Largo Resources’ proven operational and commercial capabilities, will result in immediate synergies and unparalleled competitive advantages.
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“We are pleased to welcome this new team into our organization and following the launch of Largo Clean Energy, we expect to drive new VRFB adoption worldwide and capture greater market share of the rapidly growing renewable energy storage sector.
“This forward-thinking approach also provides new and existing investors with a rare opportunity to capture value from a vertically integrated renewable energy storage investment with a focus on reducing carbon emissions worldwide.”
He continues:
“The patented VRFB technology and proprietary vanadium electrolyte processing system can deliver cost-competitive performance over a 20+ year life cycle with nominal degradation.
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“In general, the VRFB is intrinsically safe with no fire risk from thermal runaway. Additionally, the contained vanadium electrolyte can be recycled for reuse in other VRFB instalments at the end of the battery life.
“We are confident that these essential attributes make VRFB applications one of the safest and most sustainable options offered in the renewable energy storage market.”
He concludes:
‘Looking ahead, we are excited to begin working with this advanced VRFB technology to capitalize on new renewable energy storage opportunities around the world.
“Largo’s revenues will continue to be largely driven by sales in the global steel industry and high purity aerospace and chemical markets—but as vanadium demand from global VRFB deployments expands in the coming years, we expect significant growth in the VRFB sector.
“The launch of Largo Clean Energy also provides Largo with additional flexibility to deploy more of its high purity vanadium production into energy storage products.
“Our goal is to continue contributing to a lower carbon future through the supply of our exceptionally high-quality vanadium products and through the deployment of Largo Clean Energy’s VCHARGE± systems.”
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