UltraCharge eyes Chinese electric car market with super-powered batteries
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Ultracharge is poised to capitalise on the Chinese electric car market, announcing a partnership with one of the country’s biggest fluorine chemical producers.
News of the partnership between Ultracharge and Sinochem Lantian saw its stock (ASX:UTR) rocket 17 per cent on open at 2.7c, and surge as much as 21 per cent in morning trade.
Sinochem Lantian is a subsidiary of Sinochem group, a Chinese state-owned Fortune Flobal 500 company.
The agreement will allow for the future commercial production of UltraCharge’s low-cost, high-performing electrolyte solution, said to increase battery lifespan and performance.
Flourine has been touted for its ability to store energy, potentially as much as ten times that of lithium.
“We are now in a position to offer battery manufacturers a full or tailored solution to enhance performance of lithium ion batteries,” chief Kobi Ben-Shabat said of the announcement.
“For the end user or consumer this means a longer lifespan, higher voltage, low cost battery solution which is safe.”
The electrolyte IP shared in this agreement was acquired by the company in November, a move that saw their shares spike to 3c.
At the time the company spelt out just how the electrolyte solution would fit with their existing IP:
“Lithium ion batteries are rechargeable, and require an anode, cathode and electrolyte solution to operate. High purity electrolytes are a core component of lithium-ion batteries, as they play a key role in transporting ions between the cathode and anode.
The most commonly used electrolyte salt used is LiPF6, however it is a major factor in battery degradation. UltraCharge has acquired IP for a more superior electrolyte salt – LiFSI which can increase battery lifespan and performance at high and low temperatures (i.e more power on cold days and longer life in hot weather).”
Their new partner is one of the few companies in the world which has the capacity to produce this superior salt.
Shares in the company have traded between 1.9c and 4.9c in the past 52 weeks.
The Israel-based company has established a pilot facility and developing technologies across all components of lithium ion batteries in a bid to meet the growing global demand.