Johnson Matthey has bought the intellectual property and assets of fellow UK firm and lithium-sulfur pioneer Oxis Energy.
As well as acquiring the assets and intellectual property of Oxis Energy, Johnson Matthey will also take up the lease at its premises at Culham Science Park, Oxford, UK.
The deal was finalised on 28 July, just over two months after the appointment of administrators.
A Johnson Matthey spokesperson told BEST the company was not disclosing the financial details of the acquisition at this time.
They added: “With moderate additional investment in upgrades, this transaction will significantly accelerate the scale-up of JM’s growing Green Hydrogen business.
“The physical assets of Oxis Energy serve multiple purposes: the physical assets at the Culham Science Park location allows JM’s Green Hydrogen business to develop, test, and produce catalyst coated membranes; battery testing equipment provides additional testing and quality control capability for Battery Materials product development
“The Intellectual property relating to lithium-sulfur battery technologies – a disruptive next generation battery materials technology – presents opportunities for JM’s Battery Materials business to advance its development of future battery materials technologies.”
The sale of the assets and intellectual property of Oxis Energy deal was secured by BDO business restructuring partners Simon Girling and Chris Marsden, with a team comprising of senior manager Douglas Cecil and senior executive Mike Griffiths.
With premises in Abingdon, Oxfordshire and in South Wales, Oxis was a developer of lithium-sulfur batteries.
Girling said: "We are pleased to have secured the sale of assets and intellectual property of OXIS Energy. With the help of TLT Solicitors, Gordon Brothers, Marsh and PHD Property, we were able to preserve the asset base in challenging conditions. This will enable a significant distribution to be made to creditors.”
Oxis announced it was on the brink of collapse in June after failing to secure the funding it needed to continue its research.