LCE/Ansaldo MOU Every MOU has an expiration date (it can be valid for any period e.g. 6 months, 1 year, 2 years, etc.) and can be renewed. The original LCE/Ansaldo MOU (announced on Aug 4 2022) was valid for a period of 150 days.
On Jan 24 2023 Largo announced that the non-binding MOU was extended to March 31, 2023 to allow for the completion of ongoing negotiations.
In the Q1-23 Earnings call of May 11 2023, the name Ansaldo was not even mentioned. So if there was another extension then what is the new expiration date?
Aug 4 2022 - 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 non-binding memorandum of understanding (“MOU”) with Ansaldo Green Tech S.P.A. (“AGT”) to establish a collaboration between the parties for the purpose of the commercial deployment of the Company’s VCHARGE Vanadium Redox Flow Battery (“VRFB”) composed of the VRFB stack, the vanadium electrolyte, and the Balance of System (“BoS”), in the European, African, and Middle East markets through the formation of a joint venture (“JV”) between AGT and LCE in Italy. The parties have agreed not to engage in discussion with third parties for the purpose of the development or commercialization of flow battery technologies in the Agreed Markets for a period of 150 days to allow for the negotiation of a definitive agreement. The parties believe that, if successful, the potential JV could address identified needs in the European Energy sector. While the MOU sets out the anticipated terms of the JV, there can be no assurance that future negotiations will lead to the execution of a definitive agreement or other relationship between the parties.
Jan 24 2023 - Largo Clean Energy (“LCE”) and Ansaldo Green Tech (“Ansaldo”) continued their negotiations to form a joint venture for the manufacture and commercial deployment of vanadium redox flow batteries (“VRFB”) in the European, African and Middle East power generation markets; The exclusivity agreement between LCE and Ansaldo in accordance with the previously announced non-binding MOU has been extended to March 31, 2023 to allow for the completion of ongoing negotiations