Neometals Ltd (ASX: NMT) invested US$500,000 in a financing round for private US based battery start-up, Tyfast Energy Corp.
The investment is by way of a convertible note providing Neometals with the ability to obtain a minority equity stake in Tyfast.
Tyfast, a spin-out from the University of California San Diego, is focussed on developing a long life, fast-charging lithium battery that utilises a proprietary vanadium-based anode technology.
Tyfast, founded in early 2021 by CEO Dr. G.J. la O’, Chief Technology Officer Dr. Haodong Liu and Chief Science Officer Professor Ping Liu, is targeting the production of battery cells that reduce charging times by 20-fold (down to three minutes), extending battery life-cycle by 20-fold (up to 20,000 cycles) and maintaining the high energy density found in state-of-the-art lithium-ion batteries.
The start-up company has raised a total of US$1 million in this financing round. Proceeds will be utilised by Tyfast to scale up commercialisation activities for this breakthrough battery technology that uses vanadium to make its proprietary anode.
Further, the company is developing its vanadium technology to be a drop-in replacement for standard-graphite anodes in lithium-ion battery manufacturing to allow direct integration into existing manufacturing lines for rapid commercialisation.
We are delighted to have Neometals as a strategic investor. Tyfast is moving quickly, and the future source of high purity and ethically sourced vanadium will soon be critical path,” Tyfast’s CEO Dr. G.J. la O’, said.
“The potential production of high-purity vanadium compound at Neometals’ Vanadium Recovery Project located in Pori, Finland can be a raw material source for Tyfast’ s expansion in the European Union.
“The investment and potential raw material supply will ensure Tyfast can rapidly meet the market demands for the growing energy storage market”.
Neometals’ Managing Director Chris Reed said his company has made a number of strategic investments in the lithium battery supply chain to date.
“This opportunity will provide direct exposure to battery electrode materials with Tyfast’s vanadium-based anode technology. We are impressed by the Tyfast team and their technology and are pleased to be backing this exciting start-up.”
