Toronto-listed vanadium producer Largo Resources has launched a new clean energy company to provide vanadium redox flow battery (VRFB) systems for the fast-growing global renewable energy storage market.
Newly launched Largo Clean Energy has acquired VRFB technology previously owned by VionX Energy, a company that had been involved in the renewable energy storage market since 2002.
"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,” says president and CEO Paulo Misk.
Largo aims to drive new VRFB adoption worldwide and capture greater market share of the rapidly growing renewable energy storage sector. This approach, Misk says, provides new and existing investors with an opportunity to capture value from a vertically integrated renewable energy storage investment with a focus on reducing carbon emissions worldwide.
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, the group expects significant growth in the VRFB sector.
The launch of Largo Clean Energy provides Largo with additional flexibility to deploy more of its high purity vanadium production into energy storage products.