12:18 PM EST, 02/04/2025 (MT Newswires) -- (Updates shares.)

Largo (LGO.TO) on Tuesday it closed on a joint venture between its Largo Clean Energy unit and Stryten Critical E-Storage.

The joint venture, Storion Energy, is focused on removing the barriers to entry for battery manufacturers to domestically sourced, price-competitive components for the flow-battery industry, including vanadium electrolyte.

Largo said the partnership leverages access to company's high-quality vanadium supply, Largo Physical Vanadium ( VANAF ) 's innovative electrolyte leasing model, and Stryten's U.S.-based manufacturing expertise.

"The closing of this transaction represents a transformational step for Largo as we advance our investment strategy of integrating into the fast-growing vanadium flow battery market," said Francesco D'Alessio, president of Largo Clean Energy.

Under the terms, Stryten paid US$1 million in cash directly to Largo and will contribute US$6 million over time to fund Storion's operations.

"Storion Energy now provides a direct channel for Largo's high-quality vanadium products into the long duration energy storage sector, reinforcing our position as a leading and reliable supplier of vanadium," D'Alessio added.

The company's shares were last seen up $0.10 to $2.87 on the Toronto Stock Exchange.

Price: 2.87, Change: +0.10, Percent Change: +3.61