By Stephen Nakrosis
Largo on Monday said it was planning a joint venture with Stryten Energy to combine Largo's Largo Clean Energy subsidiary with Stryten's vanadium redox flow battery business.
The companies signed a nonbinding letter of intent for the 50-50 venture, they said.
The companies said the estimated market in North America for vanadium redox flow battery long-duration energy storage solutions is hundreds of gigawatts in size. The joint venture is expected to provide access to U.S.-produced vanadium electrolyte needed to accelerate the commercial deployment of vanadium battery solutions.
The proposed deal remains subject to several conditions, including negotiation of definitive agreements and board approvals, the companies said.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com