Largo Inc. announced the signing of a non-binding letter of intent with Stryten Energy LLC to establish a 50:50 joint venture that would combine the Company's wholly owned subsidiary, Largo Clean Energy Corp. with Stryten's vanadium redox flow battery business. This announcement comes in concert with Enel Green Power Espana and LCE's go-live of a 5.5-megawatt hour VRFB in Spain, the deployment of one of the largest utility scale vanadium system in Europe.

The combination of the parties' decades of VRFB technology expertise, access to raw vanadium supplies from friendly sources, and high-volume electrolyte production capabilities is expected to transform the long-duration energy storage ("LDES") sector in North America. The estimated market in North America for VRFB LDES solutions is hundreds of Gigawatts in size, requiring the creation of a vertically integrated vanadium supply chain to reliably meet this demand. It is expected that this joint venture would provide access to U.S.-produced vanadium electrolyte needed for VRFB manufacturers to accelerate the commercial deployment of vanadium battery solutions.