Southern Gold Ltd (ASX:SAU) acquisition target Iondrive Technologies Pty Ltd (IDT) has formally exercised its right to exclusively license three next-generation battery material technologies from the University of Adelaide.
The licences provide worldwide exclusive rights to the underlying patent portfolio for the term of the underlying patents.
In a move to strengthen management, Dr JC Tan has been appointed general manager of IDT and will begin commercialisation activities immediately following the completion of SAU’s proposed acquisition.
Previously the commercial manager at the University of Adelaide, Dr Tan brings strong technology commercialisation experience and industry contacts, and further strengthens collaboration with the university.
With the execution of these exclusive licence agreements and the appointment of a general manager, IDT is now well-positioned to pursue engagement with battery manufacturers and battery precursor material manufacturers, with the aim of trialling IDT’s proprietary technology.
What is the tech?
The three next-generation battery material technologies include water-based batteries, safe lithium metal batteries and a deep eutectic solvent for battery recycling.
These technologies comprise:
- an enhanced performance non-flammable lithium-ion based battery;
- a low-cost, environmentally sustainable method for recycling lithium batteries, and
- a low-cost, high-cycle life water-based battery.
IDT’s right to exclusively license the technologies arises under three separate funding agreements with the university.
Under the agreements, IDT is providing total funding of $1.5 million over the next 12 months, for the university to progress research into optimising performance of the technologies at a larger scale.
The exclusive licences include four international patent applications and/or Provisional Patent Applications held by the University of Adelaide.
Additional patent applications are expected as the technologies are developed further in collaboration with the university.
Each licence is subject to IDT providing the agreed funding to the university over the next 12 months. The licences extend over the life of the underlying patents and are otherwise on terms usual for technology licences.