Ultracharge is selling its electrolyte salt intellectual property that can increase the lifespan and performance of lithium-ion batteries, or “LIBs”, at both high and low temperatures to Singapore-based company SES Holdings for USD$700,000.
The technology, acquired from Coorstek Specialty Chemicals in 2017, can also potentially be produced at half the cost of commercially available electrolytes using its patented production technique.
The sale will provide the company with short-term funding whilst reducing its intellectual property maintenance and research and development costs.
Separately, Ultracharge has received commitments for a $550,000 placement of shares priced at 0.3 cents per share.
Proceeds from the placement will be utilised for working capital and to fund the delivery of LIBs to Israeli electric scooter manufacturer Blitz Electric Motors and three-wheel electric scooter manufacturer Roadix Urban Transportation.
The company is contracted to supply a test battery pack to Blitz that could lead to orders for up to 28,000 batteries over three years.
It is also in the process of supplying 100 battery packs to Roadix as the first order under their supply agreement, which could result in orders for up to 16,700 batteries.
Ultracharge still holds its unique “Lithium, Nickel, Manganese Oxide” or “LNMO” battery cathode technology that delivers more power and storage capacity whilst dispensing with the need for expensive cobalt in its construction.
This cobalt-free cathode could potentially cost half that of commercial cathodes.
It also has a lithium-ion battery anode technology first developed at the Nanyang Technological University in Singapore, that allows a lithium-ion battery to charge faster, hold its charge for longer and cycle up and down more times before it runs out of life.
This technology replaces the typical graphite anode found in most lithium-ion batteries, with a proprietary titanium dioxide nanotube gel anode that, according to the company, can charge up to 20 times faster than regular lithium-ion batteries.
