Storion Energy Launched to Establish a Domestic Supply of Flow Battery Components for Long-Duration Energy Storage

The Stryten Energy and Largo joint venture will deliver price-competitive vanadium electrolyte via a unique leasing model to drive rapid commercialization and adoption of Vanadium Redox Flow Batteries

ALPHARETTA, Ga.--(BUSINESS WIRE)-- Stryten Energy LLC, a U.S.-based energy storage solutions provider, today announced the signing of agreements by one of its affiliates, Stryten Critical E-Storage LLC, with a subsidiary of Largo Inc. (NASDAQ, TSX: LGO), Largo Clean Energy Corp. (LCE), to form the Storion Energy, LLC joint venture. Through this JV, the companies plan to bring high-quality domestically manufactured vanadium electrolyte at a competitive price through a leasing model to drive rapid commercialization and adoption of vanadium redox flow batteries.

Storion Energy’s mission is to remove the barriers to entry for battery manufacturers by enabling them to domestically source price-competitive components for flow batteries, including vanadium electrolyte. Storion combines access to high-quality vanadium supply from the only operating Western Hemisphere vanadium mine with domestic electrolyte production to establish a fully integrated vertical supply chain for utility-scale vanadium redox flow batteries (VRFB) used in long-duration energy storage (LDES) applications.

Storion will leverage its proprietary continuous manufacturing process and patented purification process to offer high-quality, domestically produced electrolyte to support the DOE’s goal to deliver reliable energy at $0.05/kWh by 2030. In addition, with exclusive access to Largo Physical Vanadium Corp., Storion offers a unique vanadium electrolyte leasing model that can help VRFB effectively compete with the up-front capital costs of lithium-ion battery energy storage systems (BESS).

“We are excited to announce the formation of Storion Energy to bring a much-needed, cost-effective domestic supply chain for vanadium electrolyte and component parts that will enable the rapid adoption of VRFB technology for utility-scale BESS applications,” said Mike Judd, CEO and President of Stryten Energy. “VRFBs are safe and reliable long-duration energy storage solutions that provide energy resilience for commercial and industrial applications where access to continuous sources of power is critical to their operations.”

Today, depending on the market price of vanadium, vanadium electrolyte typically constitutes a large portion of the overall VRFB system cost. Largo Physical Vanadium offers a unique vanadium leasing model, which provides a vehicle for investors to invest in physical vanadium assets while those non-degrading assets are stored in VRFBs. Storion will have exclusive rights to offer LPV-owned vanadium to the market in the form of leased vanadium electrolyte, providing its customers with access to an economical source for the electrolye used in VRFB solutions.

“The finalization of our joint venture with Stryten Energy marks an important step forward in accelerating LPV’s vanadium electrolyte leasing offering to the North American long-duration energy storage market,” said Francesco D’Alessio, President of LCE. “Storion Energy’s competitive VRFB pricing model is expected to challenge the dominance of lithium for utility-scale deployments, increase the adoption of this technology and secure leadership for the U.S. in this key energy infrastructure application.”

VRFB technology is a safe and reliable option to provide long-duration energy storage for greater than four hours to help ensure grid stability and facilitate increased utilization of renewables for businesses and consumers across the U.S. With proper maintenance, VRFBs can last more than 20 years without its electrolyte losing storage capacity. This longevity complements the lifespan of wind and solar installations. The electrolyte is infinitely recyclable, and the battery offers a near-limitless cycle life. These systems are also independently scalable in power and capacity. This scalability has the potential for substantial cost reduction when discharge time goes up, making VRFB the preferred option for sustainable large-scale energy storage.

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 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, we partner with some of the world’s most recognized companies to meet the growing demand for reliable and sustainable energy storage capacity. Stryten powers everything from submarines to subcompacts, microgrids, warehouses, distribution centers, cars, trains and trucks. Our 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 stryten.com.

About Largo Physical Vanadium Corp.

LPV (VAND:TSXV, VANAF:OTCQX) 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 redox flow batteries (VRFBs) 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 VRFBs 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.

About Largo

Largo is a globally recognized supplier of high-quality vanadium and ilmenite products, sourced from its world-class Maracás Menchen Mine in Brazil. As one of the world’s largest primary vanadium producers, Largo produces critical materials that empower global industries, including steel, aerospace, defense, chemical, and energy storage sectors. The Company is committed to operational excellence and sustainability, leveraging its vertical integration to ensure reliable supply and quality for its customers.

Largo is also strategically invested in the clean energy storage sector through its 50% ownership of Storion Energy, a joint venture with Stryten Energy focused on scalable domestic electrolyte production for utility-scale VRFB long-duration energy storage solutions in the U.S.

Largo’s common shares trade on the Nasdaq Stock Market and on the Toronto Stock Exchange under the symbol “LGO”. For more information on the Company, please visit www.largoinc.com.

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Melissa Floyd

Vice President, Corporate Communications & Digital Marketing

678.599.9887

melissa.floyd@stryten.com

Source: Stryten Energy LLC