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Be the first with the news that moves the market- Graphene Manufacturing Group (TSXV:GMG) has signed a battery joint development agreement with Rio Tinto
- The partnership aims to accelerate the development and application of GMG’s graphene aluminum-ion batteries in the mining and minerals industry
- The companies aim to bring faster charging and longer-life batteries to heavy mobile equipment and grid energy storage applications
- Rio Tinto will provide technical and operational performance criteria and A$6 million spread over a two-year period in exchange for preferential access rights
- Graphene Manufacturing Group is a clean technology company developing energy saving and energy storage solutions
- Graphene Manufacturing Group (GMG) last traded at $1.98 per share
Graphene Manufacturing Group (TSXV:GMG) has signed a battery joint development agreement with Rio Tinto.
Rio Tinto is a leading global mining and materials company active in 35 countries. It produces iron ore, copper, aluminium, critical minerals and other materials.
The partnership aims to accelerate the development and application of GMG’s graphene aluminum-ion batteries in the mining and minerals industry, specifically in heavy mobile equipment and grid energy storage applications.
The collaboration’s main focus is to co-develop GMG’s graphene aluminum-ion battery pouch cell into an initial battery pack/module proof of concept that offers faster charging and a longer working life.
Rio Tinto will provide technical and operational performance criteria and A$6 million in exchange for preferential access rights. The project will last for two years with payments spread over the term of the agreement.
Rio Tinto will seek to involve original equipment manufacturers to align battery pack development with end use requirements.
The agreement builds on the companies’ existing collaboration to explore uses for GMG’s energy saving and energy storage solutions announced in 2022.
“Significant customer feedback to GMG has reinforced the opportunity of the pouch cell battery format and this JDA with Rio Tinto is another example,” stated Guy Outen, GMG’s Chair. “We’ll now re-prioritize our energies to developing this form of battery, which should further support progress towards our aim of a commercial, large scale, highly competitive battery.”
Graphene Manufacturing Group is a clean technology company developing energy saving and energy storage solutions, including graphene-enhanced heating and proprietary graphene production.
Graphene Manufacturing Group (GMG) last traded at $1.98 per share.
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