A memorandum of understanding will see the eventual semi-integration of US bipolar battery plate technology firm Integral Technologies into energy storage firm Ultimate Battery Co.
The details are fairly complicated, but involve Integral forming a subsidiary that will hold the rights to its Electriplast technology, before selling said subsidiary to US firm Ultimate.
Integral will also be the exclusive supplier of conductive plastic to Ultimate, and receive up to $50 million in licensing fees based on its revenues.
The MOU will also govern the basis for a definitive agreement, which will see Integral receive $4,000,000 and 20% of Ultimate’s outstanding shares on the sale of the nascent subsidiary.
A representative of Integral will be appointed to Ultimate’s board of directors as part of the deal.
“With the potential to ultimately double energy densities for all battery chemistries, this partnership will benefit both our companies, as well as the industry, the environment and consumers globally.
“We believe that Ultimate’s position within the industry and ability to deliver will lead to early adoption of the new technology,” says Doug Bathauer, CEO of Integral.
The partnership will work on power storage systems for applications ranging from electric wheelchairs, drones, airplanes and golf carts to and uninterruptable power supply.
“One of our primary interests is for automotive applications where this new technology will significantly increase travel ranges making electric vehicles a practical reality for more people” says Brian Stark, CFO, of Ultimate.
Both parties are working in good faith towards closing the MOU, which is subject to among other things definitive documentation and execution of agreed terms.
