The company’s founder, Matthew Ratsey, says it is designed from the ground up specifically for over the horizon autonomous operations and will allow increased efficiency whilst offering payload flexibility, and reducing risk and human error, especially in harsh or hard to reach environments.
Utilising a suite of world-class marine sensors, including the internationally reputed W-band Navtech Radar, which forms a key part of a combination of sensor data streams feeding into Marine AI’s GuardianAI autonomy software for real time processing and analysis, and ultimately COLREG compliant vessel control and navigation.
The build of the USVs is to be completed by Dorset-based Manor Marine, an OEG Group company, prior to electronics, sensors, and software installation. Manor Marine has an established reputation in aluminium vessel construction spanning more than 30 years.
Says Matthew Ratsey, who is the managing director of Zero USV: “We believe that we are in a unique position, with our company backgrounds and experience, to bring together the technologies required to offer clients an “off the shelf” autonomous vessel, whilst also being able to offer customisation where necessary for specific jobs or clients. There has long been a requirement for proper “over the horizon” capable USVs to fulfil a whole host of roles, but pulling the relevant technologies together has been extremely difficult for vessel operators. Zero USV solves that.
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]]>LONDON–(BUSINESS WIRE)–Quinbrook Infrastructure Partners (“Quinbrook”), a specialist global investment manager focused exclusively on the infrastructure needed for the energy transition, today announced a partnership with E.ON to construct a 230MW/460MWh Battery Energy Storage System in South Wales at Uskmouth. E.ON will acquire 50% of the project capacity and jointly invest in its construction.
Uskmouth is one of the largest battery storage projects currently under construction in the UK and directly supports the country’s energy transition. Quinbrook acquired the exclusive development rights for the project in June 2022 and since then has completed all major development milestones including planning approvals, grid import agreements with National Grid, project design and equipment procurement, and commenced construction works in November 2023. The project is expected to be operational in Q1 2025.
“E.ON shares our commitment to sustainable development goals and recognises the meaningful impact that large scale regeneration projects like Uskmouth, a former coal power station stockyard, can make to the delivery of the Government’s Levelling Up ambitions,” commented Keith Gains, Managing Director and UK Regional Lead for Quinbrook. “We are pleased to welcome E.ON as a partner and look forward to working together to complete construction of this milestone project, which will be a key contributor to achieving the UK’s net zero targets.”
“This is a massive investment for E.ON in the UK’s energy system and an important recognition of the enormous potential for battery solutions in the UK,” said Chris Norbury, E.ON UK Chief Executive. “Battery energy storage sites will play a significant role in the future of the nation’s power provision and specifically in supporting ever greater sources of renewable energy. Battery plants around the country can allow us to make best use of all renewable energy sources by harnessing the energy and having it ready for use whenever it’s needed – increasing the share of renewable energy on the grid, helping secure supplies on the grid and making energy more affordable for our customers.”
Quinbrook affiliate Private Energy Partners undertook the detailed design and project development phases, led equipment procurement and will manage construction for the project on behalf of the joint venture.
Quinbrook’s policy is to prioritise the use of local contractors and specialists to perform construction works where practicable and has engaged contractor Jones Brothers to complete construction of the project. The site was formerly a coal-fired power station, and the project uses existing infrastructure such as the grid connection, industrial water supplies and railway access to deliver materials, battery and PCS containers directly to the site. This is minimising local impacts from construction activities and is expected to reduce road transportation by c. 230,000 miles by the end of construction. The project supported approximately 130 jobs in 2023 in Wales and the wider UK regions and is expected to support 140 jobs over 2024.
The Uskmouth battery storage project represents a major anchoring project in the planned re-development and regeneration of the Uskmouth site into a Sustainable Energy Park that will support innovative future industry.
About Quinbrook
Quinbrook Infrastructure Partners (http://www.quinbrook.com) is a specialist investment manager focused exclusively on renewables, storage and grid support infrastructure needed to drive the energy transition in the US, UK and Australia. Quinbrook is led and managed by a senior team of power industry professionals who have collectively invested c.USD 8.2 billion of equity in energy infrastructure assets since the early 1990s, representing a total enterprise value of c.USD 28.7 billion or 19.5 GW of power supply capacity. Quinbrook has completed a diverse range of direct investments in both utility and distributed scale onshore wind and solar power, battery storage, reserve peaking capacity, biomass, fugitive methane recovery, hydro and flexible energy management solutions in the US, UK, and Australia. Quinbrook is currently developing and constructing some of the largest renewables and storage infrastructure projects undertaken in the US, UK, and Australia.
Contacts
Media:
Jennifer Pflieger
+1 (212) 446-1866
jpflieger@sloanepr.com
The Human Performance Optimization (HPO) contract is a multi-award IDIQ anticipated to be executed over a span of ten years, extending until March 2034, and was assembled as one of the U.S. Air Force’s newest programs to enhance human performance. In support of BSIT and the customer, KBR will provide resiliency and well-being services for military personnel throughout the country and abroad. The contract was specifically designed to optimize physical and cognitive performance, decrease occupational injury rates, accelerate return to duty, and ensure combat readiness across aircrew and warfighter communities.
“KBR has an exceptional team of brilliant physicians, athletic trainers, physical therapists, behavioral health professionals, and other human performance experts. Their expertise shines through, and this win is a testament to their dedication,” stated Byron Bright, President of KBR Government Solutions U.S. “We are thrilled to collaborate with Bering Straits Information Technologies and the U.S. Air Force on this crucial mission to elevate military readiness to unprecedented heights, building upon our past successes.”
The HPO contract expands upon KBR’s more than 50 years of commitment to the wider health and human performance market within NASA and the Department of Defense. This includes its two prime contracts managing the physical and mental readiness of NASA astronauts through the Health and Human Performance contract, as well as supporting the unique resilience and well-being needs of the U.S. Special Operations Forces under its Preservation of Force and Family (POTFF) contract.
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]]>e-NG can be transported and/or liquefied and then sold like natural gas, using existing infrastructure. It thus can be used by end customers without any adaptation to their facilities, making it a particularly interesting synthetic fuel to support their decarbonization efforts.
TotalEnergies and its partners – Engie, Mitsubishi Corporation, Osaka Gas, Sempra Infrastructure, TES, Tokyo Gas and Toho Gas – are pooling their expertise and efforts to establish the “e-NG Coalition”, whose purpose is to support e-NG development in a reliable, affordable and sustainable way.
The coalition aims to:
promote the use of e-NG and support the emergence of a global market;
foster adequate support by policymakers and harmonization of applicable regulation and standards;
and bolster collaboration between the various stakeholders, along the entire value chain and across all geographies.
TotalEnergies is currently studying the “Live Oak e-NG” project with Tree Energy Solutions (TES), to produce 100,000 to 200,000 tons of e-NG per year in the United States by 2030. The e-NG Coalition will therefore benefit from the expertise TotalEnergies acquires through this project, as well as its expertise in renewable power generation, large-scale project management, gas liquefaction, and green hydrogen project development.
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]]>
The campaign highlights Asian Americans who pursue an exciting life by infusing a taste of the outdoors into their daily lives as a way of expressing themselves. At the same time, it addresses the demands of Asian American consumers who value premium and sophisticated spaces for their lifestyles. While reflecting the characteristic traits of these Asian American consumers, the ads showcase not only the Santa Fe’s solid and rugged exterior that distinguishes it from competitors, but also the Santa Fe XRT model that cranks off-road adventures up a notch.
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]]>The MLB World Tour, organized by Major League Baseball, is a global tour featuring regular-season games played in various countries, with this year’s tour stopping in the Dominican Republic, Mexico, the United Kingdom and Korea. The Seoul Series games will be held at Gocheok Sky Dome, where the Los Angeles Dodgers and the San Diego Padres will face off on March 20 and 21.
As part of its commitment to the MLB World Tour Seoul Series, Hyundai Motor will roll out six Universe hydrogen fuel cell electric buses for team transportation, making it the first time MLB is using such vehicles. Additionally, the company will provide a fleet of passenger cars, including one Genesis GV80, one Genesis G80, three IONIQ 5s, three IONIQ 6s, three Staria seven-seaters and one Staria nine-seater, as the official vehicles of the series. These will ensure seamless transportation for players during their stay in Korea.
In addition to the first use of hydrogen-powered buses by Major League Baseball, the MLB World Tour Seoul Series represents various other ‘firsts’ as well. Notably, it is the first time Hyundai Motor is sponsoring an MLB series and these will be the first MLB games held in Korea, making it the first time for many domestic baseball fans to attend an MLB game. It is also the first game in Korea for many renowned MLB players such as Ha-seong Kim, the first Asian-born infielder to win the Gold Glove award, returning to his former home in the Kiwoom Heroes stadium as a member of the Padres.
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]]>SAN FRANCISCO–(BUSINESS WIRE)–New ASEAN Energy (NAE) and ACTUAL have formed an agreement, leveraging ACTUAL’s AI-driven capital planning technology to develop a comprehensive net-zero emissions strategy for The Pengerang Energy Complex (PEC).
PEC is set to be one of the world’s largest and most competitive integrated condensate splitter and aromatics facilities. Having signed over $102B USD of off-take agreements with several blue-chip energy providers, including Equinor, Chevron, PTT, and Mitsui, PEC is anticipated to have higher margins and a materially lower environmental footprint than similar plants.
PEC’s outputs are strategically important for industries including textiles, bottling, housing, and pharmaceuticals. PEC is poised to set industry-leading benchmarks, achieving the lowest carbon footprint per ton of Paraxylene (PX) produced by any facility globally, thereby delivering best-in-class performance across many materials. The Agreement between NAE and ACTUAL focuses on building a scientifically and technologically credible transition plan leveraging ACTUAL’s AI-driven capital planning technology. The plan seeks to improve PEC’s environmental performance further to move it towards becoming one of the first net-zero facilities globally.
Decarbonizing complex plants like PEC requires a multi-layered approach. ACTUAL and NAE plan to iteratively investigate several strategies, such as the construction of green renewable power plants for facility operations; blue and green hydrogen production; native green feedstocks for the production of sustainable aviation fuel (SAF); carbon capture technologies such as the use of mineralization or algae; alternative sources for industrial heat such as geothermal, among many others.
“ACTUAL’s technology was designed for exactly this kind of important effort — decarbonizing industries critical to our economy and resilience,” said Karthik Balakrishnan, co-founder of ACTUAL. “We are excited to collaborate with NAE to build scientifically valid capital plans that could set PEC on the path towards net zero.”
“With our focus on investing in and operating high-margin, low-carbon facilities in Southeast Asia, engaging with new and innovative ways to improve our sustainability posture is critical,” said William I.Y. Byun, CEO of NAE. “This collaboration is exciting because of the potential to show a clear, articulate pathway towards net zero for one of the premier new facilities in the region.”
About New ASEAN Energy:
NAE focuses on the management and operations of low-carbon petrochemical plants in the ASEAN region. NAE is led by CEO William I.Y. Byun, a seasoned expert in infrastructure investing and renewable energy across the Asia climate sector, and CFO Mayank Vishnoi, who previously served as CEO of a listed holding company at SGX (Singapore) and worked on multiple fund-raising transactions in the infrastructure and renewable energy sectors across Southeast Asia. NAE’s board directors includes:
About ACTUAL:
Founded in 2018 by Rajesh Chandran, Karthik Balakrishnan, Ph.D., and Derek Lyons, Ph.D., ACTUAL builds the first-in-category AI-driven capital planning technology designed to help large enterprises globally build capital plans to meet their net-zero and UN-SDG aligned targets. ACTUAL’s platform enables leaders to build living capital plans that are always up to date, in compliance with evolving standards, and available for stakeholder inspection. ACTUAL’s platform has been recognized by Business Intelligence Group as a 2022 Sustainability Product of the Year, is a TIME Best Inventions 2022 winner and an honoree of Fast Company’s 2023 Innovation By Design Award. ACTUAL is backed by Energy Capital Ventures, Buckley Ventures, Hyper, Social Impact Capital, Wndrco, Sequoia Scout, Signalfire Scout, Craft Scout and Global Founders Capital. For more information, visit actualhq.com.
About Pengerang Energy Complex:
Pengerang Energy Complex (“PEC”) is set to be one of the largest and most competitive integrated condensate splitter and aromatics facilities in the world. PEC is located in the Pengerang Integrated Petroleum Complex (PIPC) in Johor, Malaysia, directly opposite Singapore. The resulting downstream products are used in a wide range of consumer products (textiles, bottles, housing, pharmaceuticals). The 6.5 million metric tonnes per annum (mmtpa) facility will in turn produce aromatics of 2.3 mmtpa, energy products output of 3.9 mmtpa and hydrogen output of 50,000 metric tonnes per annum (mtpa).The condensate splitter will produce heavy naphtha, a primary feedstock for the aromatics plant whereas the hydrogen produced is planned to be used to support development of downstream renewable fuels facilities in Johor.
The US$5 billion project is estimated to generate an annual export turnover of US$5 billion for Malaysia. Involving fully automated processes, the greenfield PEC has been designed to optimize energy efficiency, minimize equipment size, and significantly reduce greenhouse gas emissions in line with International Financial Corporation’s (IFC) performance standards. Offering the latest technological advances, the world-class PEC facility will be one of the largest and most energy efficient integrated condensate splitter and aromatics facilities globally, strategically located to serve the regional Asian markets and satisfy forecast long-term sustained regional growth. ChemOne Group, a leading energy and petrochemicals project developer based in Singapore, is the master developer for the project. ChemOne’s successful track record over the last 40 years includes developing similar projects in Southeast Asia.
Contacts
Natalie Bartels
VSC, on behalf of ACTUAL
actual@vsc.co
The main objective of the MOU is to evaluate the feasibility of the CCS value chain, including capture of CO₂ emitted from industries located in Japan, including JX’s affiliates, and transportation by ship from Japan to Chevron’s greenhouse gas storage portfolio in Australia. The collaboration will also explore the opportunity to develop suitable transboundary policies and the potential development of CO₂ storage sites in other countries in the Asia Pacific region.
“We look forward to building off our long-standing relationship with JX and ENEOS Group, the largest Japanese global petroleum and metals conglomerate, and hope that this joint study ultimately contributes to the further development of large-scale CCS hubs throughout the Asia Pacific region,” said Chris Powers, Vice President of Carbon Capture, Utilization, and Storage (CCUS) at Chevron. “We believe large-scale CCS value chain projects will play a key role in advancing Asia Pacific’s lower carbon aspirations, and that long-term collaborations are necessary to meet these aspirations.”
“This MOU is achieved thanks to the significant oil and liquefied natural gas (LNG) relationship with Chevron that we have had over seven decades, and further demonstrates the commitment and dedication of the companies in helping advance lower carbon solutions,” said Tetsuo Yamada, Executive Vice President of JX.
“JX has positioned CCS as an important initiative in its business strategy under its ‘Two-Pronged’ approach, in which, in addition to the conventional oil and natural gas development business, decarbonization initiatives centered on CCS/CCUS are another prong of the company’s operations such as the Petra Nova CCUS project in Texas, USA. JX will contribute to the realization of a carbon-neutral society by leveraging the knowledge we have accumulated through our various CCS/CCUS-related businesses,” Yamada added.
About Chevron
Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We aim to grow our oil and gas business, lower the carbon intensity of our operations and grow lower carbon businesses in renewable fuels, carbon capture and offsets, hydrogen and other emerging technologies. More information about Chevron is available at www.chevron.com.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements relating to Chevron’s operations and lower carbon strategy that are based on management’s current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “progress,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “aspires” and similar expressions, and variations or negatives of these words, are intended to identify such forward-looking statements, but not all forward-looking statements include such words. These statements are not guarantees of future performance and are subject to numerous risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics and epidemics, and any related government policies and actions; disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic, market and political conditions, including the military conflict between Russia and Ukraine, the war between Israel and Hamas and the global response to these hostilities; changing refining, marketing and chemicals margins; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; development of large carbon capture and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures related to greenhouse gas emissions and climate change; the potential liability resulting from pending or future litigation; the ability to successfully integrate the operations of the company and PDC Energy, Inc. and achieve the anticipated benefits from the transaction, including the expected incremental annual free cash flow; the risk that Hess Corporation (Hess) stockholders do not approve the potential transaction, and the risk that regulatory approvals are not obtained or are obtained subject to conditions that are not anticipated by the company and Hess; uncertainties as to whether the potential transaction will be consummated on the anticipated timing or at all, or if consummated, will achieve its anticipated economic benefits, including as a result of regulatory proceedings and risks associated with third party contracts containing material consent, anti-assignment, transfer or other provisions that may be related to the potential transaction that are not waived or otherwise satisfactorily resolved; the company’s ability to integrate Hess’ operations in a successful manner and in the expected time period; the possibility that any of the anticipated benefits and projected synergies of the potential transaction will not be realized or will not be realized within the expected time period; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; higher inflation and related impacts; material reductions in corporate liquidity and access to debt markets; changes to the company’s capital allocation strategies; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 20 through 26 of the company’s 2023 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.
Contacts
Chevron
Allison Cook
ACook@chevron.com
(228) 623-4616
JX Nippon Oil & Gas Exploration Corporation
+81-3-6257-6000
After taking into account all the conversion notices received from holders of its outstanding Series 17 Shares by the March 18, 2024 deadline for the conversion of the Series 17 Shares into Series 18 Shares, less than the 1,000,000 Series 17 Shares required to give effect to conversions into Series 18 Shares were tendered for conversion.
About Pembina
Pembina Pipeline Corporation is a leading energy transportation and midstream service provider that has served North America’s energy industry for 70 years. Pembina owns an integrated network of hydrocarbon liquids and natural gas pipelines, gas gathering and processing facilities, oil and natural gas liquids infrastructure and logistics services, and an export terminals business. Through our integrated value chain, we seek to provide safe and reliable energy solutions that connect producers and consumers across the world, support a more sustainable future and benefit our customers, investors, employees and communities. For more information, please visit www.pembina.com.
Purpose of Pembina: We deliver extraordinary energy solutions so the world can thrive.
Pembina is structured into three Divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division.
Pembina’s common shares trade on the Toronto and New York stock exchanges under PPL and PBA, respectively. For more information, visit www.pembina.com.
Contacts
Investor Relations
(403) 231-3156
1-855-880-7404
e-mail: investor-relations@pembina.com
www.pembina.com
TORONTO–(BUSINESS WIRE)–$LGO #cleanenergy–Largo Inc. (TSX: LGO) (NASDAQ: LGO) is pleased to announce the signing of a non-binding letter of intent with Stryten Energy LLC (“Stryten”) to establish a 50:50 joint venture that would combine the Company’s wholly owned subsidiary, Largo Clean Energy Corp. (“LCE”) with Stryten’s vanadium redox flow battery (“VRFB”) business (the “Proposed Transaction”). This announcement comes in concert with Enel Green Power España and LCE’s go-live of a 5.5-megawatt hour VRFB in Spain, the deployment of one of the largest utility scale vanadium system in Europe.
The combination of the parties’ decades of VRFB technology expertise, access to raw vanadium supplies from friendly sources, and high-volume electrolyte production capabilities is expected to transform the long-duration energy storage (“LDES”) sector in North America.
The estimated market in North America for VRFB LDES solutions is hundreds of Gigawatts in size, requiring the creation of a vertically integrated vanadium supply chain to reliably meet this demand. It is expected that this joint venture would provide access to U.S.-produced vanadium electrolyte needed for VRFB manufacturers to accelerate the commercial deployment of vanadium battery solutions.
“The agreement is a direct result of our review and evaluation of strategic alternatives to unlock and fully maximize the value of LCE,” said Daniel Tellechea, Director and Interim Chief Executive Officer of Largo. “The distinctive value proposition LCE presents for vanadium batteries and the long-duration energy storage sector, including its patented vanadium flow battery stack technology, electrolyte purification technology and access to vanadium through Largo Physical Vanadium Corp. (TSX.V:VAND, OTCQX:VANAF), were key determining factors in advancing our discussions with Stryten. Additionally, Stryten’s ability to produce electrolyte in large volumes will help reduce the overall cost for VRFB solutions, a critical factor in catalyzing the commercial adoption of the technology and meeting the DOE LCOS targets.”
The Proposed Transaction remains subject to, among other conditions, negotiation of definitive agreements, completion of due diligence by both parties and receipt of any required Board and regulatory approvals. There can be no assurance that the Proposed Transaction will be completed, nor can there be any assurance, if the Proposed Transaction is completed, that the potential benefits of the Proposed Transaction will be realized.
About Stryten Energy
Stryten Energy helps solve the world’s most pressing energy challenges with a broad range of energy storage solutions across the Essential Power, Motive Power, Transportation, Military and Government sectors. Headquartered in Alpharetta, Georgia, Stryten Energy partners with some of the world’s most recognized companies to meet the growing demand for reliable and sustainable energy storage capacity. Stryten Energy powers everything from submarines to subcompacts, microgrids, warehouses, distribution centers, cars, trains and trucks. Its stored energy technologies include advanced lead, lithium and vanadium redox flow batteries, intelligent chargers and energy performance management software that keep people on the move and supply chains running. An industry leader backed by more than a century of expertise, Stryten has The Energy to Challenge the status quo and deliver top-performing energy solutions for today and tomorrow. Learn more at www.stryten.com.
About Largo Physical Vanadium Corp.
LPV aims to provide a secure, convenient and exchange-traded investment alternative for investors interested in having direct exposure to physical vanadium, a metal essential to achieving a greener world in key industries such as steel, aerospace and energy storage. Vanadium is non-degrading and fully recyclable when used as electrolyte in vanadium redox flow batteries (VRFBs) and offers carbon reducing attributes when used in steel alloying applications. LPV offers pure-play exposure to vanadium through its holdings of physical vanadium. LPV’s strategy is not only to achieve appreciation through the acquisition of vanadium, but to own and actively supply vanadium to end users of VRFBs to advance to integration of renewable energy in long duration storage. This strategy is integral to LPV’s business plan, as it necessarily defrays the costs to LPV associated with storage of vanadium, and demonstrates the benefits and utility of vanadium, therefore supporting vanadium’s value. For more information, please visit www.lpvanadium.com.
About Largo
Largo is a globally recognized vanadium company known for its high-quality VPURE and VPURE+ products, sourced from its Maracás Menchen Mine in Brazil. The Company is currently focused on ramping up production of its ilmenite concentrate plant and is undertaking a strategic evaluation of its U.S.-based clean energy business, including its advanced VCHARGE vanadium battery technology to maximize the value of the organization. Largo’s strategic business plan centers on maintaining its position as a leading vanadium supplier with a growth strategy to support a low-carbon future.
Largo’s common shares trade on the Nasdaq Stock Market and on the Toronto Stock Exchange under the symbol “LGO”. For more information on the Company, please visit www.largoinc.com.
Cautionary Statement Regarding Forward-looking Information:
This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian and United States securities legislation. Forward‐looking information in this press release includes, but is not limited to, statements with respect to the Proposed Transaction, the entering into of a definitive agreements, the conditions to Closing, including receipt of all necessary regulatory approvals.
The following are some of the assumptions upon which forward-looking information is based: receipt of regulatory and governmental approvals and permits in connection with the Proposed Transaction in a timely manner; that the Parties will be able to work collaboratively as parties to a joint venture; that due diligence in connection with the Proposed Transaction will be completed and the results thereof being acceptable to the parties; and the ability of management of the joint venture to execute strategic goals.
Forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. All information contained in this news release, other than statements of current and historical fact, is forward looking information. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Largo to be materially different from those expressed or implied by such forward-looking statements, including but not limited: to those risks described in the annual information form of Largo and in its public documents filed on www.sedarplus.ca and available on www.sec.gov from time to time; the risk that the Proposed Transaction may not be completed in a timely manner or at all; the failure to satisfy the conditions to the consummation of the Proposed Transaction, including receiving the necessary regulatory approvals; failure to realize the anticipated benefits of the Proposed Transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the letter of intent prior to a definitive agreement being reached; the inability to implement business plans, forecasts, and other expectations after the completion of the Proposed Transaction; and any inability to raise additional funds to meet capital requirements and pursue the growth strategy of the joint venture when and in the amounts needed. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Largo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties sections of Largo’s annual and interim MD&A which also apply.
Trademarks are owned by Largo Inc.
Contacts
For further information:
Investor Relations
Alex Guthrie
Senior Manager, External Relations
+1.416.861.9778
aguthrie@largoinc.com