Largo and Stryten Energy Create Storion Energy to Boost U.S. Energy Resilience

TORONTO — Largo Inc. ("Largo") announces that as of January 31, 2025, it has completed a significant transaction with Stryten Critical E-Storage, an affiliate of Stryten Energy LLC, to form a joint venture named Storion Energy LLC ("Storion").

Storion is designed to help battery manufacturers obtain competitively priced components sourced domestically for the flow battery industry, particularly focusing on vanadium electrolyte. This new partnership will utilize Largo’s high-quality vanadium resources alongside Stryten’s expertise in U.S.-based manufacturing to improve energy security and promote wider use of vanadium flow batteries.

According to Francesco D'Alessio, President of Largo Clean Energy Corp. ("LCE"), "The closing of this transaction is a pivotal move for Largo. We are strengthening our foothold in the growing vanadium flow battery market and providing a direct supply chain for vanadium products related to long-duration energy storage.”

Storion aims to eliminate obstacles for battery makers by providing a domestic supply chain for vanadium electrolyte and essential components. This step is aligned with the goal of enhancing U.S. energy independence and grid stability.

Key Aspects of the Deal

The transaction includes:

• Strategic Partnership: Combining Largo’s vanadium resources, LPV’s unique electrolyte leasing model, and Stryten’s manufacturing know-how to strengthen energy resilience.
• Integrated Supply Chain: Creating a local supply chain for vanadium electrolyte and components crucial for long-duration energy storage.
• Energy Security: By facilitating the production of flow battery components, Storion will help ensure a dependable U.S. energy grid.
• Promoting Vanadium Adoption: Storion will offer cost-effective solutions to remove obstacles for vanadium flow battery implementation.

Transaction Overview

Key details of the agreement include:

• LCE and Stryten sharing specific assets and liabilities associated with vanadium flow batteries.
• Stryten has contributed $1 million in cash initially and will add another $6 million over time to support Storion's development.
• Both LCE and Stryten will possess equal equity stakes of 50% in Storion with specific rights and protections.
• Storion’s board will be structured in accordance with ownership, with one additional seat allocated to Stryten.
• Largo has renegotiated its supply agreements with LPV, allowing the assignment of certain obligations to Storion, while preserving the right for Storion to first access vanadium products.
• All necessary third-party approvals have been obtained.

Storion Energy is positioned to advance U.S. energy resilience by providing competitively sourced electrolyte necessary for vanadium redox flow batteries, which are crucial for long-duration energy storage solutions. The company operates from locations in Alpharetta, Georgia and Wilmington, Massachusetts.

About the Companies Involved

Storion Energy aims to tackle energy storage challenges by ensuring that battery manufacturers have affordable access to essential materials. With Largo Inc. being one of the largest vanadium producers globally and Stryten Energy specializing in various energy storage solutions, their joint efforts are expected to pay dividends in terms of scalability and production efficiency in the energy sector.

Largo is committed to quality and sustainability, leveraging resources from its Maracás Menchen Mine in Brazil, while Stryten focuses on various sectors, including transport and military applications. Both companies are working toward the broader adoption of effective energy storage technologies, particularly vanadium-based solutions.

energy, jointventure, supplychain, storage, vanadium