PRESS RELEASE

AUGUST 4, 2022

Largo Clean Energy signs a non-binding memorandum of understanding with Ansaldo Green Tech to negotiate the formation of a joint venture for the manufacturing and commercial deployment of Vanadium Redox Flow Batteries (VRFB) in power generation markets in Europe, Africa and the Middle East

  • Ansaldo Green Tech, a subsidiary of Ansaldo Energia, is active in the field of renewable energy transition and storage developments

  • Signing of a Non-Binding Memorandum of Understanding (“MOU”) to negotiate a Joint Venture (“JV”) for the commercial deployment of Vanadium Redox Flow Battery (“VRFB”) projects in the European, North African markets and the Middle East (the “Authorized Markets”)

TORONTO – Largo Inc. (“Largo” or the “Company”) (TSX: LGO) (NASDAQ: LGO) is pleased to announce that the Company’s clean energy business, Largo Clean Energy Corp. (“LCE”) has signed a Disclaimer Agreement – Binding Memorandum of Understanding (“MOU”) with Ansaldo Green Tech SPA (“AGT”) to establish collaboration between the parties for the purposes of commercial deployment of the VCHARGE Battery The Company’s Vanadium Redox Flow (“VRFB”) consisting of the VRFB battery, the vanadium electrolyte and the balance of the system (“BoS”), in the European, African and Middle Eastern markets through the formation of joint venture (“JV”) between AGT and LCE in Italy. The parties have agreed not to enter into any discussions with third parties for the purpose of developing or commercializing flow battery technologies in the Approved Markets for a period of 150 days to allow negotiation of a definitive agreement. The parties believe that if successful, the potential joint venture could meet identified needs in the European energy sector. Although the Memorandum of Understanding sets out the anticipated terms of the joint venture, there can be no assurance that future negotiations will lead to the signing of a definitive agreement or other relationship between the parties.

AGT is a subsidiary of Ansaldo Energia SpA (“Ansaldo Energia”), which operates in the field of renewable energies with a view to innovation and with the aim of developing, manufacturing, installing and maintaining products for the energy transition from from traditional energy sources to renewable energies. AGT has in-depth knowledge of the European, North African and Middle Eastern markets in the area of ​​power generation. Ansaldo Energia is a leading international player in the power generation industry that provides complete solutions to its customers. Ansaldo Energia is headquartered in Genoa, Italy, and has over 3,500 employees worldwide.

About Largo

Largo has a long and successful history as one of the world’s favorite vanadium companies through the supply of its VPUREMT and VPURE+MT products, which come from one of the richest vanadium deposits in the world at the company’s Maracás Menchen mine in Brazil. In an effort to improve value creation at Largo, the company is setting up a titanium dioxide pigment plant using raw materials from its existing operations in addition to advancing its clean energy division. based in the United States with its VCHARGE vanadium batteries. Largo’s VCHARGE vanadium batteries contain a variety of innovations, enabling an efficient, safe and ESG-aligned long-lasting solution that is fully recyclable at the end of its 25+ year lifespan. Producing some of the highest quality vanadium in the world, Largo’s strategic business plan is based on two pillars: 1.) vanadium production from its operations in Brazil and 2.) a storage business of energy in the United States to support a low-carbon future through its clean energy division. .

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

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For more information, please contact:

Investor Relations
Alex Guthrie
Senior Manager, External Relations
+1.416.861.9778
[email protected]

Caution Regarding Forward-Looking Information:

This press release contains forward-looking information under applicable securities laws (“forward-looking information”). Forward-looking information can be identified by the use of forward-looking terminology such as “anticipates”, “expects” or “does not expect”, “is planned”, “budget”, “expected”, “estimates”, “anticipates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of these words and expressions or statements that certain actions, events or results “could”, “could”, “would”, “could” or “will be taken”, “will occur” or “will be carried out”. All information contained in this press release, other than statements of current and historical facts, is forward-looking information. Forward-looking information in this press release includes, but is not limited to, statements regarding the likelihood and ability of the parties to negotiate and enter into a definitive agreement or other relationship on mutually acceptable terms and potential market and other opportunities presented by a JV between the parties.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements to differ materially from those expressed or implied. – as understood by this forward-looking information, including, but not limited to the ability of the parties to negotiate acceptable terms for any definitive agreement or relationship between the parties, market conditions generally and in the industries in which the parties operate or seek to operate, and the risks described in Largo’s Annual Information Form and Form 40-F Annual Report and in its public filings at www.sedar.com and www.sec.gov, respectively, from time to time. Forward-looking information is based on the opinions and estimates of management as of the date such statements are made. Although Largo’s management has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be those anticipated, estimated or foreseen. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Largo does not undertake to update forward-looking information except in accordance with applicable securities laws. Readers should also consult the risk and uncertainties sections of Largo’s annual and interim MD&As and other reports that are also applicable.

Trademarks are the property of Largo Inc.

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