The company’s share price increased by 11% on Thursday, closing at A$0.03.
This exclusive license agreement with Epsilor will boost research capacity and assist in accelerating UltraCharge’s current research programmes to develop a nanotube anode using titanium dioxide.
This is being developed as a replacement for graphite in lithium batteries.
UltraCharge’s research focus remains on the efficient production of nanotube material and increasing the density capacity of the materials, which determines the battery size.
The company will take up the sub-lease of Epsilor’s facilities at the Beit Shemesh Facility in Israel for a 12-month period, with two 12-month extension options, at a cost of US$113,000 per annum.
This cost includes the resourcing of the facility, including specialised equipment and a highly-experienced research team in the field of energy storage and commercialisation of such technologies.
Should UltraCharge decide not to acquire the IP technology outright, it will be required to pay Epsilor a future royalty of 2.5% on gross sales of the products based on this technology.
UltraCharge’s acquisition of this license agreement is expected to enable the company to take advantage of the growing global market for fast, reliable and safe energy storage options.