[Ferro-Alloys.com] Largo and Stryten Energy Finalize Formation of Storion Energy to Strengthen U.S. Energy Resilience and Address Long Duration Energy Storage Needs

Largo Inc. announces effective Friday, January 31, 2025, the successful closing of the previously announced transaction between its subsidiary, Largo Clean Energy Corp. (“ LCE ”), and Stryten Critical E-Storage, LLC (“ Stryten ”), an affiliate of Stryten Energy LLC, to establish a joint venture in Storion Energy LLC (“ Storion ”). Storion is a joint venture focused on removing the barriers to entry for battery manufacturers to domestically sourced, price-competitive components for the flow battery industry, including vanadium electrolyte. This partnership leverages access to Largo’s high-quality vanadium supply, Largo Physical Vanadium Corp.’s innovative electrolyte leasing model and Stryten’s U.S.-based manufacturing expertise to enhance grid stability and energy security while enabling the broader adoption of vanadium flow battery solutions.

Francesco D’Alessio, President of LCE, stated: “The closing of this transaction represents a transformational step for Largo as we advance our investment strategy of integrating into the fast-growing vanadium flow battery market. Storion Energy now provides a direct channel for Largo’s high-quality vanadium products into the long duration energy storage sector, reinforcing our position as a leading and reliable supplier of vanadium.”

He continued: “Through Storion, we are establishing a fully integrated vanadium electrolyte supply chain in North America, addressing a key challenge for vanadium flow battery adoption while unlocking new growth opportunities for Largo. Through the combination of Stryten’s battery manufacturing expertise, Largo’s vanadium expertise and LPV’s innovative electrolyte leasing model, Storion Energy is well-positioned to deliver innovative, cost-competitive solutions for long duration energy storage going forward.”

Overview of Transaction:

Strategic Collaboration: Largo’s high-quality vanadium and sector knowledge, LPV’s innovative electrolyte leasing model, and Stryten’s U.S. battery manufacturing expertise combine to provide solutions to strengthen energy resilience and grid reliability

Vertically Integrated Supply Chain: Storion establishes a domestic supply chain for vanadium electrolyte and key components in LDES

Support for Energy Security & Grid Stability: By enabling flow battery components for scalable LDES solutions, Storion will support U.S. energy independence and grid infrastructure resilience

Accelerating Vanadium Flow Battery Adoption: Storion will provide cost-effective vanadium electrolyte and components, removing key barriers to vanadium flow battery commercialization

Summary of Transaction Details:

Each of LCE and Stryten have contributed certain vanadium flow battery-related assets and liabilities to Storion Stryten has paid US$1 million in cash directly to Largo and will contribute US$6 million over time to fund Storion’s operations LCE and Stryten each hold a 50% equity interest in Storion, with customary pre-emption rights and anti-dilution protections Storion’s board composition will be generally proportional to ownership, with Stryten holding one additional seat Largo has amended its Safekeeping and Supply Agreements with LPV and assigned its Safekeeping Agreement to Storion; Largo and Storion have also entered into a separate supply agreement, granting Storion a right of first offer for vanadium products Required third party consents, which were closing conditions, were received

About Storion Energy--Storion Energy intends to bring energy resilience and security to the U.S. by removing the barrier to entry for battery manufacturers to domestically sourced, price-competitive electrolyte used in vanadium redox flow batteries (VRFB) for long-duration energy storage (LDES). Storion is a joint venture between a Stryten Energy affiliate and Largo Clean Energy Corp., a subsidiary of Largo Inc., one of the world’s largest and highest quality vanadium suppliers, that will support scalable domestic electrolyte production to establish a fully integrated vertical supply chain for utility-scale VRFB LDES solutions. VRFB technology is a safe and reliable option for Battery Energy Storage Systems (BESS) that need to provide energy storage of four or more hours. Storion has locations in Alpharetta, Georgia and Wilmington, Massachusetts. Learn more at www.storion.com.

About Stryten Energy--Stryten Energy helps solve the world’s most pressing energy challenges with a broad range of energy storage solutions across the Essential Power, Motive Power, Transportation, Military and Government sectors. Headquartered in Alpharetta, Georgia, Stryten Energy partners with some of the world’s most recognized companies to meet the growing demand for reliable and sustainable energy storage capacity. Stryten Energy powers everything from submarines to subcompacts, microgrids, warehouses, distribution centers, cars, trains and trucks. Its stored energy technologies include advanced lead, lithium and vanadium redox flow batteries, intelligent chargers and energy performance management software that keep people on the move and supply chains running. An industry leader backed by more than a century of expertise, Stryten has The Energy to Challenge the status quo and deliver top-performing energy solutions for today and tomorrow. Learn more at www.stryten.com.

About Largo Physical Vanadium Corp.--Largo Physical Vanadium (LPV) aims to provide a secure, convenient and exchange-traded investment alternative for investors interested in having direct exposure to physical vanadium, a metal essential to achieving a greener world in key industries such as steel, aerospace and energy storage. Vanadium is non-degrading and fully recyclable when used as electrolyte in vanadium flow batteries and offers carbon reducing attributes when used in steel alloying applications. LPV offers pure-play exposure to vanadium through its holdings of physical vanadium. LPV's strategy is not only to achieve appreciation through the acquisition of vanadium, but to own and actively supply vanadium to end users of vanadium flow batteries to advance to integration of renewable energy in long duration storage. This strategy is integral to LPV's business plan, as it necessarily defrays the costs to LPV associated with storage of vanadium, and demonstrates the benefits and utility of vanadium, therefore supporting vanadium's value. For more information, please visit www.lpvanadium.com.

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