Some thoughts on the LCE Division
Remember Ian Robertson?
In July 2021 when IR was appointed interim President of LCE and co-Chairman of Largo’s BoD, the following was announced by Arias: “With decades of exceptional leadership experience as a chief executive and board member, alongside deep institutional knowledge across the renewable energy sector….We are also extremely grateful to have Ian assume the position of President of our clean energy division as we commence the search for a permanent replacement. Ian’s strong business experience, including strategic contacts in the energy and utility industries, combined with his commitment to sustainable development are invaluable as we continue to strategically develop Largo Clean Energy”
Well, Ian Robertson left Largo / LCE after less than a full year of service.
Remember Stephen Prince?
In Jan 2022 when SP was appointed as President of LCE the following was announced: “Stephen is an accomplished energy sector executive with extensive experience in growing high-technology businesses, including those specific to long duration energy storage….Stephen brings significant technical knowledge and has a demonstrated history of building and growing high-performing teams, both of which will be vital for Largo as we advance our strategy and address the growing need for long duration energy storage. His experience at a number of leading organizations renowned for the advancement of technology and energy storage solutions are essential aspects to Largo’s business model as we position the Company for continued growth.”
Well SP left LCE after a short tenure of less than a full year.
Along with IR and SP a whole host of lower level executives / experts with connection / networking and technical knowledge in the industry of long duration energy storage / VRFB also quitted LCE. “Luckily” for us all, the only key executive who has decided to stay and hold the fort happens to be our famous Paul Vollant, VP Commercial of Largo / LCE who is well known for being a “nobody” in the field of long duration energy storage / VRFB.
So who actually had the technical knowledge / expertise to negotiate the manufacturing deal with Ansaldo? No wonder that the MOU extension expired on March 31 2023 after 8 months of negotiation with no agreement.
The Wilmington Facility: In the Q1-23 Earnings CC, Largo announced: “On the clean energy front, installation of our 6.1 megawatt hour vanadium battery in Spain continues during the first quarter of this year with final provisional acceptance scheduled for the third quarter of this year. We have also completed all improvements to our manufacturing facility in Wilmington, Massachusetts this quarter, and we have begun the process of restarting a stock production to reach a capacity of 12.5 megawatts per annum by the end of the year with the goal of reaching 100 megawatts per annum by the end of 2025”.
With no potential sales in sight Wilminton is an idle facility and a financial burden which requires much care and expenses while generating not a single penny of revenue.