ChemX Materials (ASX:CMX) has signed a non-binding agreement with US-based battery technology company C4V.
C4V is a global leader in renewable battery technology that is involved in some of the world’s largest gigafactory developments, including Recharge Industries’ gigafactory in Geelong, Australia, as well as iM3NY’s gigafactory in the US.
The Memorandum of Understanding (MoU) is a significant step forwards for ChemX as the Company advances its vision to become a sustainable and reliable global supplier of high-purity battery materials. The agreement provides a framework to ensure ChemX’s battery materials meet the requirements of C4V’s technology and qualify for inclusion in C4V’s supply chain.
C4V has patented technologies and is in the business of enabling the creation of Joint Ventures with upstream supply chain partners for the production of lithium-ion battery cells.
ChemX’s HPM project is based on owning its own manganese ore mineral deposit and using the Company’s purification flowsheet to produce reliable, high-purity volumes of battery grade manganese in the Tier 1 jurisdiction of Australia. ChemX has successfully completed initial metallurgical test work based on its manganese ores and is optimising a flowsheet design for the HPM process. The Company is expecting to start work on a pre-feasibility study in the second half of this year.
ChemX Materials CEO Mark Tory commented; “The MoU with C4V is a powerful step forward in ChemX’s journey to enter the global lithium-ion battery supply chain. To attract the calibre of an industry leader like C4V confirms the potential of ChemX’s strategy to become a supplier of high-purity materials to the battery sector.”