| Item | Description | Promise | Delivery | Note |
| 1 | 07/30/2021, first sale of five-hour 6.1 MWh VRFB system to Enel for a project in Spain | To be commissioned by the end of 2022 according to Stephen Prince. Then the goal post was moved up to the end of Q2-23. | First hot commission March 2024 | More than 1 year delay |
| 2 | Expectation for 2022 | Deployment of 40 MWH | Nil, nada, zero | Complete failure to deliver |
| 3 | Qualifications & Experience | Advanced team with decades of leadership & technological experience in Energy Storage | Where is the highly experienced tech team now? Shazad Butt, Michael Perry, Jef Moderno, Derek Weber, Greg Morehead? | Ian Robertson (joined July 2021) left after a year. CEO Stephen Prince (hired Jan 2022) left quietly after a brief stay. He was not even present at the Q2-22 CC. The key tech experts are also gone. Francesco D’Alesso, a subordinate of Vollant in Sales, was promoted to President of the LCE division in July 2023 |
| 4 | Expectation for 2025 | 1.4 GWh | Not a single sale contract on the horizon as at April 25 2024 | Considering the long process (~2yrs) it is unlikely to see a 1.4 Gwh deployment in 2025 |
| 5 | In-house stack manufacturing facility and product development center | 1.4GWH nameplate capacity facility and LCE head office in Wilmington, US | Done! However the facility is idle since completing a 6.1 MWh system for Enel. The only project to-date | An expensive white elephant. A capacity of 1.4 GWh = 1,400 MWh used to build only 6.1 MWh to-date |
| 6 | Value opportunity expectation | 1. Upfront revenue 2. NPV of lease payments 3. NPV of residual V value | Nothing to-date. No idea about the financial data of LCE’s first sale. | When will Largo report the revenue/margins/profit/loss related to its first VRFB sale? |
| 7 | Negotiation with Ansaldo Green Tech of Italy | JV for the commercial deployment of VRFB projects in Europe, North African, and Middle East | No agreement | Announced with fanfare on Aug 4 2022. A total failure after 8-9 months of negotiation. |
| 8 | Negotiation with Stryten Energy of USA | JV to combine LCE with Stryten’s VFB business to establish integrated supply chain for V and electrolyte manufacturing for the VFB sector in North America | In progress since the signing of a non-binding LoI on Mar 18 2024 | An agreement would be a very positive catalyst. |