ALPHARETTA, Ga.--(BUSINESS WIRE)--Dec 19, 2024--
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 Storion Energy, LLC. The new company’s mission is to remove the barriers to entry for battery manufacturers to domestically source price competitive electrolyte used in vanadium redox flow batteries (VRFB) for long-duration energy storage (LDES) applications in the U.S.
Storion utilizes the Earth to Energy™ model which combines access to high-quality vanadium supply from the only western hemisphere vanadium mine with domestic electrolyte production to establish a fully integrated vertical supply chain for utility-scale flow battery LDES solutions. Storion will leverage Stryten’s proprietary reactor design and Largo Physical Vanadium Corp.’s (VAND:TSXV, VANAF:OTCQX) unique vanadium electrolyte leasing capabilities to deliver vanadium electrolyte at less than $0.02 per kilowatt-hour (kWh). With this solution, the U.S. Department of Energy's (DOE) Long Duration Storage Shot goal to reduce the levelized cost of storage (LCOS) to $0.05/kWh by the end of the decade can be accomplished today. This cost-effective domestic supply chain for vanadium electrolyte will position the U.S. as a leader in this critical energy infrastructure area and provide the opportunity for rapid adoption of VRFB technology.
“This is the moment to capitalize on a new clean energy era not dominated by foreign sources,” said Mike Judd, President and CEO of Stryten Energy. “VRFB technology will completely replace lithium in the utility arena in the next five years given its ability to support the deployment of renewables that will provide energy for data centers, AI, green hydrogen production and other commercial-industrial applications. Storion will be able to serve this market opportunity with a competitively priced and domestically manufactured source for LDES solutions.”
Today, vanadium electrolyte typically constitutes a large portion of the overall VRFB system cost, depending on the market price of vanadium. Largo Physical Vanadium provides a unique vanadium leasing model, which provides a vehicle for investors to invest in physical vanadium assets while those assets are stored in VRFBs, with the goal of alleviating the cost of acquiring this critical mineral used in VRFB solutions and driving additional vanadium demand. Storion will have exclusive rights to offer LPV-owned vanadium to the market in the form of vanadium electrolyte.
“Utilizing LPV’s vanadium electrolyte leasing capabilities is expected to create a path for a competitive VRFB pricing model to challenge the dominance of lithium for utility-scale deployments of 10 MWhs and greater,” said Francesco D’Alessio, President of LCE. “Following the installation of the largest VRFB in Europe by the team at LCE, the establishment of Storion’s cost-effective domestic supply chain for vanadium electrolyte presents a transformational opportunity to rapidly grow adoption of this technology and secure leadership for the U.S. in this critical infrastructure application.”
VRFB technology is a safe and reliable option to provide long-duration energy storage 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 will be 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 to provide long-duration energy storage greater than four hours to help ensure grid stability and facilitate increased utilization of renewables for businesses and consumers. Storion will have locations in Wilmington, Massachusetts and Alpharetta, Georgia.
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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KEYWORD: GEORGIA UNITED STATES NORTH AMERICA
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SOURCE: Stryten Energy LLC
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PUB: 12/19/2024 07:00 AM/DISC: 12/19/2024 07:03 AM
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