[Ferro-Alloys.com] Largo Clean Energy Signs Non-Binding MOU with Ansaldo Green Tech to Negotiate the Formation of a Joint Venture for the Manufacturing and Commercial Deployment of Vanadium Redox Flow Batteries (VRFBs) in the European, African, and Middle East Power Generation Markets
- Ansaldo Green Tech, a subsidiary of Ansaldo Energia, is active in the field of renewable energy transition and storage developments
- Non-binding Memorandum of Understanding (“MOU”) signed to negotiate a Joint Venture (“JV”) for the commercial deployment of Vanadium Redox Flow Battery (“VRFB”) projects in the European, North African, and Middle East markets (the “Agreed Markets”)
Largo Inc. ("Largo" or the "Company") (TSX: LGO) (NASDAQ: LGO) is pleased to announce that the Company’s 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 the Company’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 or 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. (“Ansaldo Energia”), 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.