Largo secures a production facility for batch production and a product development center with 1.4 GWh on the nameplate; Appoints Energy Executive as VP of Operations
Stack manufacturing facility and product development center in Massachusetts, USA secured with an expected production capacity of up to 1.4 gigawatt hours (“GWh”) per year
Approval for electrolyte, electrolyte tank and stacking container production center
Energy executive is focused on advancing her clean energy business, including commercializing and strategically rolling out her VCHARGE ± system
In 2021, investments of $ 4.4 million are expected in the company’s clean energy division
Largo Resources Ltd. (“Largo” or the “Company”) (TSX: LGO) (NASDAQ: LGO) is pleased to announce major developments in its clean energy division to increase the production capacity of its VCHARGE ± Vanadium Redox Flow Battery (” VRFB “) system to achieve the expected operational goals.
The company is also pleased to announce that Mr. Salvatore Minopoli has been appointed Vice President of Operations for Largo Clean Energy with overall responsibility for the commercial development and execution of the strategic business growth plan.
VCHARGE ± Development of a manufacturing strategy
In the first quarter of 2021, the company finalized the manufacturing strategy for its clean energy business and began building the supply chain required to meet target delivery schedules and cost structures. In April 2021, the company secured a location for its stack manufacturing and product development center in Massachusetts, USA, with an expected production capacity of 1.4 GWh per year. This facility will be the global headquarters of the clean energy division. The company also approved a location in New Hampshire, USA for electrolyte production and manufacturing of containerized VRFB systems for its clean energy division.
Paulo Misk, President and CEO of Largo, said, “We have continued to make significant strides in advancing our clean energy business to become a leader in long-term energy storage with our superior VRFB technology has secured its US-based stack manufacturing facility and product development center, which is expected to have an annual production capacity of 1.4 GWh. “
The story goes on
He continued, “Supported by robust industry demand and global carbon reduction targets, we continue to see the strategic growth opportunity associated with our Clean Energy Division as a strong source of value for the company. We’re planning Largo’s Battery Day to highlight our development. ”Strategy, presenting the technological differentiations of the VCHARGE ± system and describing the company’s significant growth opportunities in the long-term energy sector as we position ourselves towards a sustainable future. We will announce a date for this event shortly. “
The company is making progress in certifying its VCHARGE ± system to meet UL1973 and UL9540 requirements and expects to complete this process shortly. The recruitment of additional staff to support the Company’s anticipated objectives will continue.
Appointment of Mr. Salvatore Minopoli as VP of Operations
“The appointment of Mr. Minopoli’s energy industry professional further validates Largo’s proposed business proposal and the tremendous opportunity presented by our anticipated global deployment of our VCHARGE ± system,” said Paulo Misk, President and CEO of Largo. “Salvatore’s in-depth knowledge of the energy sector, combined with his extensive leadership experience in promoting new energy projects, will enable Largo to strategically advance the development of its clean energy business.”
Mr. Minopoli brings over 30 years of experience in the US energy industry to the Largo leadership team, including extensive development and execution of utility projects in both regulated and trading energy markets in the US and internationally. He has extensive experience in the successful development and execution of gas and renewable projects and has held executive positions with both major US utilities and energy technology providers. Most recently, Mr. Minopoli served as Vice President of Highview Power, where he led the deployment and business growth of its long-term energy storage technology in the United States. Minopoli holds a BS in chemical engineering from Catholic University, an MS in engineering management from George Washington University, and served as an officer in the United States Navy’s Naval Construction Battalion.
“Largo is a global leader in high-quality vanadium and has one of the most advanced and commercially available long-life energy storage technologies. This combination is designed to provide potential customers with unique value and security for their transition to clean energy,” commented Minopoli. ” I am excited to join Largo’s talented leadership team as we work to become a long-term energy storage supplier of choice and support global decarbonization efforts through the use of our VCHARGE ± system. ”
About Largo Resources
Largo Resources is an industry preferred vertically integrated vanadium company. It serves multiple vanadium market applications by supplying its unrivaled VPURE ™ and VPURE + ™ products from one of the world’s highest grade vanadium deposits at the company’s Maracás-Menchen mine in Brazil. Largo is also focused on advancing renewable energy storage solutions through its world-class VCHARGE ± vanadium redox flow battery technology. The company’s common stock is listed on the Toronto Stock Exchange and the Nasdaq Stock Market under the symbol “LGO”.
For more information on Largo and VPURE ™, please visit www.largoresources.com and www.largoVPURE.com.
More information about Largo Clean Energy can be found at www.largocleanenergy.com.
This press release contains forward-looking information under Canadian securities laws, some of which may constitute a “financial outlook” within the meaning of applicable Canadian securities laws (“forward-looking statements”). Forward-looking information in this press release includes, but is not limited to, statements regarding the timing and amount of estimated future production and sales; Costs of future activities and operations; the extent of capital and operating expenses; and the extent and overall impact of the COVID-19 pandemic in Brazil and worldwide. Forward-looking information in this press release includes, but is not limited to, statements relating to our ability to build, finance and operate a VRFB business, our ability to protect and develop our technology, our ability to protect our intellectual property, our ability to market and sell our VCHARGE ± battery system to specifications and at a competitive price; our ability to secure the necessary production resources to build our VCHARGE ± battery system; and the general acceptance of VFRB technology in the marketplace . Forward-looking statements can be identified through the use of forward-looking terminology such as “plans”, “expected” or “expected”, “is expected”, “budget”, “planned”, “estimates”, “projections”, “” intends “, “anticipates” or “does not expect” or “believes” or variations of such words and phrases or statements that “might”, “could”, “would”, “might” or “are taken”, ” occur “or” will be achieved. “All information contained in this press release, other than current and historical facts, is forward-looking information. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results The activities, performances or achievements of Largo or Largo Clean Energy differ materially from those expressed in such forward-looking statements t or implies any statements, including, but not limited to, the risks described in Largo’s annual disclosure form and in its public documents published from time to time on www.sedar.com and www.sec.gov. Forward-looking statements are based on the opinions and assessments of management at the time these statements were made. While Largo’s management has attempted to identify important factors that could cause actual results to differ materially from those contained in any forward-looking statements, other factors could cause results not to be in line with expectations, estimates or intentions. There can be no assurance that these statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements. Largo undertakes no obligation to update any forward-looking statements except in accordance with applicable securities laws. Readers should also read the Risks and Uncertainties sections of Largo’s annual and preliminary MD & As, also applicable.
Trademarks are owned by Largo Resources Ltd.
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