Critical Resources Ltd invests C$1.0 million in Canadian battery technology company Volt Carbon Technologies Inc
Critical Resources Ltd (ASX:CRR) has invested C$1 million in Canadian battery technology company, Volt Carbon Technologies Inc (VCT), which focuses on the development of high-performance, solid-state lithium-ion batteries and scalable air classification technologies for natural graphite beneficiation.
Critical Resources Non-Executive Chairman Robert Martin said, “The investment in Volt Carbon Technologies demonstrates a clear strategy to pursue downstream opportunities that leverage our asset base and expertise.
“We look forward to working with VCT to develop synergies that add value to both businesses.”
The resource company took the plunge through the placement of 8 million units at CA$0.125 per share, including a free warrant for 0.5 common shares – as an option – with a strike price of 0 .25 CAD, which expires on February 28, 2024.
Critical Resources will own 5.2% of VCT upon completion of the Offering.
Eco-friendly natural graphite prototyping
VCT has patent-pending technology in solid-state lithium batteries for major automotive, aerospace and consumer electronics applications.
The battery business completed construction of an Ontario-based battery prototyping facility in December 2021 and is advancing proprietary graphite air classification technology, which aims to provide more efficient natural graphite beneficiation and more environmentally friendly.
The investment provides Critical Resources with exposure to emerging technologies downstream of lithium batteries and graphite.
CRR continues to pursue opportunities with downstream battery material producers, battery manufacturing and associated technology participants.
New generation low carbon batteries
VCT, through its wholly owned subsidiary, Solid Ultrabattery Inc, is developing a solid-state battery that exceeds current battery performance in the key areas of energy density, charge rate, safety and cost.
The next-generation battery is designed to have a lower carbon footprint and better recyclability.
Solid Ultrabattery Inc was founded by Professor Zhongwei (Wei) Chen, a world expert in battery and fuel cell technology, who has published over 380 scientific papers and holds over 30 patents and provisional patents.
VCT has developed a proprietary air classification system to separate large flake graphite, taking advantage of the difference between the aerodynamic properties of flake graphite and the denser, more spherical surrounding material.
The result is an efficient, energy-efficient and mobile way to extract natural graphite after the initial primary crushing processes.
VCT also owns 100% of the Lochaber Graphite project in Quebec, Canada.
“We welcome the investment from Critical Resources, at a time when Volt Carbon is rapidly advancing its solid-state battery development and disruptive graphite processing technology,” said William Pfaffenberger, CEO and President of VCT.
“Given Critical Resources’ growing footprint in Canadian lithium, we believe there are further opportunities to explore in refining battery-grade materials for North American markets.