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Stryten Energy LLC, a U.S.-based provider of energy storage solutions, announced today that one of its affiliates, Stryten Critical E-Storage LLC, has signed an agreement with Largo Clean Energy Corp. (LCE), a subsidiary of Largo Inc., to form a new joint venture called Storion Energy, LLC. The goal of this partnership is to offer high-quality vanadium electrolyte, produced domestically and at a competitive price, through a leasing model to accelerate the use and commercialization of vanadium redox flow batteries (VRFBs). Mike Judd, CEO and President of Stryten Energy, said “We are excited to announce the formation of Storion Energy to bring a much-needed, cost-effective domestic supply chain for vanadium electrolyte and component parts that will enable the rapid adoption of VRFB technology for utility-scale BESS applications. VRFBs are safe and reliable long-duration energy storage solutions that provide energy resilience for commercial and industrial applications where access to continuous sources of power is critical to their operations.” Storion Energy aims to make it easier for battery manufacturers to access affordable, domestically produced components, including vanadium electrolyte. The company plans to use a secure and reliable supply of vanadium from the only operating vanadium mine in the Western Hemisphere and combine it with domestic electrolyte production to create a fully integrated supply chain for VRFBs. These batteries are primarily used in long-duration energy storage (LDES) systems. Storion will utilize a continuous manufacturing process and patented purification techniques to produce high-quality electrolyte, aligning with the U.S. Department of Energy’s goal of delivering reliable energy at a cost of $0.05 per kWh by 2030. Additionally, Storion will offer a unique vanadium electrolyte leasing model, in collaboration with Largo Physical Vanadium Corp., that allows vanadium to be stored in VRFBs. This innovative model helps reduce upfront costs, making VRFBs more competitive against lithium-ion battery energy storage systems. Vanadium electrolyte typically makes up a large part of the cost of a VRFB system, depending on the market price of vanadium. Storion’s leasing model provides a cost-effective way for customers to access this critical component, making VRFBs more affordable and accessible. VRFBs are an ideal solution for long-duration energy storage, offering safe, reliable, and scalable technology that supports grid stability and increases the use of renewable energy in the U.S. Francesco D’Alessio, President of LCE, also commented, “The finalization of our joint venture with Stryten Energy marks an important step forward in accelerating LPV’s vanadium electrolyte leasing offering to the North American long-duration energy storage market. Storion Energy’s competitive VRFB pricing model is expected to challenge the dominance of lithium for utility-scale deployments, increase the adoption of this technology and secure leadership for the U.S. in this key energy infrastructure application.” With proper maintenance, VRFBs can last for over 20 years without significant degradation of the electrolyte. This durability aligns well with the lifespan of wind and solar energy installations. The electrolyte used in VRFBs is fully recyclable, and the batteries themselves have nearly limitless cycle life. These systems are also scalable, offering substantial cost savings as discharge times increase, making VRFBs a preferred option for large-scale, sustainable energy storage. |
