Benzinga | Jul 20, 2021 06:06AM EDT

Largo Resources Reports Large Clean Energy Corp. Entered Its First VCHARGE Vanadium Redox Flow Battery System Sales Contract With Enel Green Power Espana, No Terms Disclosed

Largo Resources Ltd. ("Largo" or the "Company") (TSX:LGO) (NASDAQ:LGO) is pleased to announce that Largo Clean Energy Corp. ("LCE") has entered into its first VCHARGE? vanadium redox flow battery ("VRFB") system sales contract with Enel Green Power Espa?a ("EGPE"). Under the contract, LCE is obligated to deliver a 5 hour 6.1 MWh VCHARGE? system for a project in Spain with expected commissioning in Q4 2022, subject to receipt of notice to proceed from EGPE within the next 180 days.

Paulo Misk, President and Chief Executive Officer of Largo, stated "We are excited to have been selected by Enel Green Power Espa?a as the preferred energy storage solution partner on this project. Integrating Largo's leading high purity vanadium production with the disruptive capabilities of our VCHARGE? system, including superior performance, long life, optimal cost structure and proven durability, should position Largo as an emerging leader in the VRFB industry." He continued: "The world is in need of clean and safe long-duration energy storage and we believe our VCHARGE? system can be a significant part of this solution going forward. We look forward to the successful deployment of this system."

Ian Robertson, Chair of the Clean Energy Committee of the Board of Directors of Largo, added: "We are enthused that this sales contract with a world-class customer represents commercial validation of the LCE energy storage system and are confident that the technical and commercial competitiveness of the LCE proposition will continue to be proven through future sales."