Storion Energy Becomes New Safekeeper for Vanadium Units, Boosting Demand

TORONTO, Dec. 19, 2024 (GLOBE NEWSWIRE) -- Largo Physical Vanadium Corp. (LPV) is excited to announce a new partnership following the recent closing of a deal involving Largo Inc.’s (Largo) subsidiary, Largo Clean Energy Corp. (LCE). This deal will see Storion Energy, LLC (Storion), a collaborative venture with Stryten Energy LLC, take on the role of safekeeper for LPV's vanadium units that were previously managed by LCE.

Storion’s new role aligns with LPV's ambitious plans to strengthen its position in the expanding long-duration energy storage (LDES) market. This is particularly important for the deployment of vanadium flow batteries, which are becoming increasingly recognized for their efficiency and sustainability.

Storion Energy is designed to create a locally integrated supply chain for vanadium flow battery solutions. Through this partnership, LPV will benefit from a reliable source of high-quality vanadium through Largo and advanced battery manufacturing capabilities from Stryten. Additionally, Storion's inventive approach to producing cost-effective vanadium electrolyte will significantly enhance accessibility and reduce costs for vanadium flow battery producers across North America.

Francesco D’Alessio, CEO of LPV, expressed enthusiasm about the collaboration, stating, "LPV is thrilled to work with Storion Energy as the new safekeeper of our vanadium units. We anticipate that Storion will generate revenue for LPV by leasing out our vanadium as the demand for vanadium flow battery solutions increases. This collaboration is essential in advancing our goal of deploying vanadium-based LDES solutions in commercial and industrial sectors. With Storion's innovative leasing model, we can help reduce the initial costs for businesses looking to adopt these technologies, thus supporting renewable energy integration and enhancing grid stability."

Understanding Storion Energy's Objectives

Storion Energy aims to enhance energy reliability and security across the United States. Their goal is to address barriers for battery manufacturers and ensure access to competitively priced, domestically sourced electrolyte for vanadium redox flow batteries (VRFB). This initiative will support a streamlined production of electrolyte for utility-scale applications. The technology promises to strengthen energy stability and encouragement for renewable energy utilization.

About the Companies Involved

Stryten Energy specializes in a wide range of energy storage solutions, contributing to essential sectors such as transportation and government needs. Operating from Alpharetta, Georgia, Stryten collaborates with major companies to meet growing eco-friendly and dependable energy storage demands.

Largo Inc., based in Brazil, is a key player in the vanadium market, recognized for its high-grade vanadium and ilmenite products. Largo’s robust operational standards and commitment to sustainability enhance its reputation as a leading vanadium supplier globally.

LPV focuses on offering investment alternatives linked to physical vanadium. Their strategy prioritizes values such as sustainability and cost-effectiveness to support the integration of renewable energy through vanadium technologies. By managing and leasing vanadium, LPV aims to advance energy solutions, especially in long-duration storage applications.

This evolving partnership marks a crucial step toward bolstering the renewable energy sector and meeting the increasing demand for sustainable energy storage solutions.

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