Ultracharge aims to take flight with lithium ion batteries for drones
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Lithium-ion tech developer Ultracharge is widening its focus to develop long-lasting batteries for drones.
Ultracharge (ASX:UTR) said today it had inked a deal to provide a Lithium Manganese Nickel Oxide prototype battery to Israeli manufacturer Aeronautics.
While there is no guarantee of a successful development, the two have agreed to pursue an on-going relationship if all goes to plan.
“The intention of this development is to achieve more endurance time in order to keep our technology leadership in the UAV [unmanned aerial vehicle] market while providing advanced solutions to our battery performance,” Aeronautics deputy chief Danny Eshchar said.
Investors weren’t immediately taken with the news. Ultracharge shares remained steady at 2.9c.
The company hope to tap into a $US18 billion market for drones, building on their existing concepts around fast-charging and high energy dense batteries for the electric car market.
Earlier this year Ultracharge joined forces with one of China’s biggest fluorine chemical producers in a bid to capitalise on the Chinese market for electric cars.
The news then sent the stock to a 3.9c high, but the stock has since slipped to as low as 2.7c.
For the last half Ultracharge reported negligble revenue and a 31 per cent narower loss of $1.5 million.
A key product for Israeli drone developer Aeronautics is its Pegasus 120 drone designed for use by special forces as well as routine defence missions.
In contrast with drones used for leisure purposes, the Pegasus 120 can carry up to 75 kilograms, allowing it to better assist in combat situations.