Canada-headquartered vanadium supplier Largo subsidiary Largo Clean Energy has signed a memorandum of understanding (MoU) with renewable energy company Ansaldo Green Tech (AGT) to assess opportunities for working together on manufacturing and deploying vanadium redox flow batteries (VRFBs).
The companies may form a joint venture (JV) to commercially deploy Largo’s “VCHARGE” VRFBs in the European, African and Middle Eastern power generation markets.
The MoU determines that the parties will not engage third parties for the purpose of developing or commercialising flow battery technologies in the agreed markets for 150 days to allow for the negotiation of a definitive agreement.
The parties believe that, if successful, the 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, subsidiary of Italian power engineering company Ansaldo Energia, has extensive knowledge of the European, North African and Middle East power generation markets.