LONDON, UK: Neometals Ltd (ASX: NMT) has invested $500,000 in a financing spherical for personal US based battery start-up, Tyfast Energy Corp.
Tyfast, a spin-out from the University of California San Diego, is focussed on developing a lengthy life, fast-charging lithium battery that utilises a proprietary vanadium-based anode technology. The investment is by way of a convertible note offering Neometals with the ability to acquire a minority fairness stake in Tyfast.
Tyfast, based in early 2021 by CEO Dr. G.J. la O’, Chief Technology Officer Dr. Haodong Liu and Chief Science Officer Professor Ping Liu, is targeting the manufacturing of battery cells that reduce charging times by 20-fold (down to three minutes), extending battery life-cycle by 20-fold (up to 20,000 cycles) and sustaining the excessive energy density present in state-of-the-art lithium-ion batteries.
Tyfast has raised a complete of US$1M on this financing round. Proceeds will be utilised by Tyfast to scale up commercialisation actions for this breakthrough battery technology that makes use of vanadium to make its proprietary anode. Further, the corporate is developing its vanadium technology to be a drop-in replacement for standard-graphite anodes in lithium-ion battery manufacturing to permit direct integration into existing manufacturing lines for rapid commercialisation.
Tyfast’s CEO Dr. G.J. la O’ commented: “We are delighted to have Neometals as a strategic investor. Tyfast is moving quickly, and the future supply of excessive purity and ethically sourced vanadium will quickly be critical path. The potential manufacturing of high-purity vanadium compound at Neometals’ Vanadium Recovery Project located in Pori, Finland can be a uncooked supplies supply for Tyfast’s expansion within the European Union. The funding and potential uncooked supplies present will guarantee Tyfast can quickly meet the market calls for for the rising energy storage market”.
Neometals’ Managing Director Chris Reed commented: “To date, Neometals has made a variety of strategic investments within the lithium battery present chain. This alternative will present direct publicity to battery electrode supplies with Tyfast’s vanadium-based anode technology. We are impressed by the Tyfast team and their technology and are happy to be backing this thrilling start-up.”
Neometals innovatively develops alternatives in minerals and superior supplies important for a sustainable future. The Company leverages its proprietary, inexperienced course of applied sciences to generate battery supplies projects with unparalleled publicity to commodities most impacted by the energy storage megatrend. www.neometals.com.au