LWP will acquire 50% ownership in the JV, which will own 3 patent applications, for an investment of $1.6 million cash and 30 million LWP shares.
Funds invested will be spent on developing battery prototypes for the first of three patents that have been lodged.
The JV intends to license the technology to battery manufacturers and industry participants.
Siegried Konig, chairman, commented: "We have secured a foothold in a patent pending innovation that could potentially change energy markets and the way the world commutes."
Patent Application #1
Invention: The invention relates to the sphere of electrical energy storage and notably to metal-air electrochemical cells.
Application: Aluminium-graphene-oxygen battery.
Patent Application #2
Invention: The invention belongs to the field of metallurgy and notably to productive metal-based conductive composite with improved mechanical and chemical properties. Particularly, the invention relates to a method for producing graphene-aluminium composite material.
Application: Aluminium-graphene composite.
Patent Application #3
Invention: The invention relates to the sphere of electrical energy storage and notably to metal-ion electrochemical cells.
Application: Aluminium-graphene-ion ultra fast rechargeable battery.
Patent #1 development program
Development is estimated to take 6 to 12 months and consist of:
- construction of first prototype battery;
- independent testing of prototype; and
- building of up to 5 batteries for evaluation by potential licensees.
Once the JV licenses Patent #1 it intends to commence proto-typing and commercialisation for patents #2 and #3.
The 50/50 JV partners, LWP and VVV Technologies Pty Ltd have formed GraphenEra Pty Ltd which will be the exclusive owner of the patents and technology rights.
GraphenEra intends to commercialise the graphene synthesis patents for battery technology by providing technology licenses to multiple manufacturers.
The inventor of the technology is an Australian based, Russian born scientist, Victor Volkov.
This transaction transitions LWP into a multifaceted energy technology company with two primary disruptive technologies in the global energy sector.
Creating a battery prototype will be the first step to commercialising the Aluminium-graphene-oxygen battery, which is the focus of the three pending patents.
LWP remains committed to its ceramic proppant oil and gas technology where it is progressing commercial negotiations.
Recently, LWP board members, staff and contractors accepted share based payments in lieu of cash payments.
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