Momemtum Gathering LCE has not been able to ride on the back of the VRFB momentum because we have a third rate management team who is new to manufacturing and selling VRFB. Although long duration energy storage is a fast growing space it is also very competitive with no room for a bunch of rookie players to survive. Since its inception 2 years ago there is nothing on the plate of LCE other than the sale of one tiny VRFB which has yet to be approved by the buyer. While it is a heavy financial burden to Largo the so-called Clean Energy pillar has yet to prove that its VRFB is a viable product. The current strategic review is the first step in the right direction.
Is there any expert in energy storage currently working at LCE?
1) Remember the Battery Day hosted by Largo in June 2021? The 2 experts who presented the Technological Overview and Deployment / Manufacturing Plan, namely Shazad Butt (VP of Engineering - LCE) and Salvatore Minopoli (VP of Operations - LCE), have long been gone and not replaced.
2) Remember Ian Robertson? Albert Arias, July 22, 2021: “With decades of exceptional leadership experience as a chief executive and board member, alongside deep institutional knowledge across the renewable energy sector, I am delighted that Ian has agreed to co-chair the Board of Largo Resources as we lead the Company through the transformational opportunity in the energy storage industry which we expect to be one of the key drivers of future growth and value creation for the Company.” He continued: “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. I am confident that in working together, Largo will be successful in executing its growth strategy going forward.”
After his fanfare hire Ian Robertson left Largo in less than a year.
3) Remember Stephen Prince? “Stephen is an accomplished energy sector executive with extensive experience in growing high-technology businesses, including those specific to long duration energy storage. He previously served on the board of Enerox CellCube, a pioneer in vanadium redox flow battery solutions headquartered in Austria and held the position of President of Centrica Business Solutions for North America where he led the deployment of distributed energy and power solutions across the United States and Canadian markets”.
Mr Prince was hired to replace Ian Robertson as President of LCE in Jan 2022. This fanfare hire left quietly in less than a year.
4) How about Francesco D'Alessio, the current President of LCE? According to his Linked profile Mr D’Alesso is an unknown amateur in the VRFB / Long Duration Energy Storage space.