28th Mar 2022 16:48
Neometals Ltd - London-based battery materials from upstream extraction and downstream processing - Will invest USD500,000 investment into vanadium-based lithium battery start up Tyfast, a spin-out company from the University of California San Diego.
Investment is through a convertible note allowing Neometals to obtain a minority stake in Tyfast, and is part of financing round which raised USD1 million in total.
Proceeds will go towards scaling up commercialisation activities for its battery technology.
"To date, Neometals has made a number of strategic investments in the lithium battery supply chain. 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," says Managing Director Chris Reed.
Also announces that joint venture with SMS Group GmbH, known as Primobus has opened its 10 tonnes per annum lithium ion battery recycling plant in Hilchenbach, Germany.
Once the JV has gained a federal emission operating permit from Germany authorities, operations are on track to start in the second quarter of 2022.
Current stock price: 96.96 pence
12-month change: up 35% since February 28
By Dayo Laniyan; [email protected]
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