Li-Metal Corp. LIM LIMFF, a developer of technologies for electric vehicle batteries, announced on Tuesday that it had entered into an exclusive agreement with Mustang Vacuum Systems, Inc (MVS) to advance its ascent into the production of batteries anodes.
“The Partnership supports Li-Metal’s growth strategy for its anode business, by securing an experienced machine building partner, thus improving (the) ability to serve its growing customer base,” the company said in the release.
The Details
Together, “the companies will collaborate exclusively in developing (Physical Vapor Deposition) PVD processes and equipment, and MVS will manufacture PVD equipment exclusively for Li-Metal and Li-Metal’s customers in the next-generation battery anode market.
MVP, a specialist in PVD equipment and technologies with nearly 20 years of experience across multiple sectors, will manufacture PVD equipment exclusively for Li-Metal, while protecting the latter’s intellectual property.
The two companies agreed to enter a definitive agreement within 28 days. After the definitive agreement is signed, Li-Metal will issue MVS 4,375,000 common shares of Li-Metal and 21,000,000 warrants to purchase common shares of Li-Metal at a price of $0.627.
Li-Metal CEO Maciej Jastrzebski told Benzinga, “This exclusive partnership with MVS is a key development for Li-Metal’s anode business and our broader vertically integrated growth strategy, as we position ourselves to be a leading battery materials supplier and innovator to the next-generation battery industry. Securing high-performance PVD machine building capability from a proven manufacturer is a big step forward for commercializing our anode technology.”
“Now, we can leverage large-scale advanced equipment development and manufacturing capabilities to further support current and perspective customers as a reliable, domestic supplier of advanced anode materials technology. Furthermore, we look forward to having MVS as a shareholder, which we believe further strengthens the alignment of this exclusive partnership, as together we work on producing high-performance anode materials to power better EVs and unlock the previously unimaginable in electric transport,” he added.
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