US flow battery maker Vionx Energy has entered into a nonbinding memorandum of understanding (MoU) with Canadian vanadium producer Largo Resources.
The MOU outlines the principal terms upon which Vionx will base a final deal in which it will use Largo’s vanadium electrolyte in its Vanadium Redox Battery (VRB) systems.
Initial terms also outline how both firms will partner to sell the systems in the utility grid market.
Both companies will work together in good faith during the next three months while the definitive agreement is completed. If completed, Vionx will use largo’s materials in its research and development of advanced VRBs.
If both companies seal a definite offtake agreement, Largo’s current offtake partner, Glencore, would have to give its consent.
“This is a historic first step in establishing the first partnership between a VRB company and a global vanadium producer,” said Mr. Mark A. Smith, president and chief executive officer of Largo.
