UltraCharge Limited (ASX: UTR) has added a major boost to its cathode intellectual property (IP Assets) through an acquisition from Israeli company ETV Energy.
UltraCharge’s CEO Kobi Ben-Shabat said the IP Assets will add to its IP portfolio and provide a wider product offering that will open new market opportunities and revenue streams while enhancing the company’s existing anode solution.
Mr Ben-Shabat said ETV Energy has developed a lithium ion battery which contains a high voltage LiMnNO cathode that is half the cost of commercial cathodes.
He said its battery solution offers advantages in terms of the voltage, energy capacity and power capacity.
“We are very excited about the additional market opportunities made available to UltraCharge by the inclusion of this high voltage cathode to the company’s battery IP portfolio,”Mr Ben-Shabat said.
“The acquisition of the new IP Asset allows UltraCharge to add experienced battery engineers to our great team, which will further expedite the commercialisation of our patented anode technology with a full battery solution.”
Mr Ben-Shabat said UltraCharge anticipates greater market opportunities through the ability to license out the cathode IP, the full battery solution and/or combine the high voltage cathode with UTR’s fast charging, longer life span anode to produce a new and improved battery.
“ Immediate markets for the high voltage cathode include aviation, power bikes and defence, each valued between US$100 – 500 million. The Company anticipates revenues within 18 – 24 months.”
UltraCharge will acquire the IP Assets for US$200,000 and up to 90 million shares, which are dependent on the achievement of specified milestones.