Largo Resources targets 3% energy storage market by 2025

United States-based vanadium producer Largo Resources is aiming to capture 3% of the long-duration energy storage battery market by 2025, which equates to 1,400MWh, the company said on Wednesday June 9.

The company is undergoing a "transformational shift" towards vanadium redox flow batteries (VRFB), a type of rechargeable flow battery that employs a vanadium electrolyte liquid solution to store and release energy.
"The energy storage model is more lucrative than the mining business and it presents a potentially higher value opportunity over time for Largo's vanadium," Ernest Cleave, Largo's chief financial officer, said during the company's battery day online event.

Vanadium is mostly used in high-strength steel, which accounts for around...

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