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Braille Energy Systems Inc. Announces Acquisition of 3iFirebulb Fire Detection & Suppression Technology
OTTAWA, ON / ACCESSWIRE / December 12, 2022 / Braille Energy Systems Inc. (formerly Mincom Capit...
About this update from Braille Energy Systems, Inc.
[{"type":"text","content":"Braille Energy Systems Inc. Announces Acquisition of 3iFirebulb Fire Detection & Suppression TechnologyOTTAWA, ON / ACCESSWIRE / December 12, 2022 / Braille Energy Systems Inc. (formerly Mincom Capital Inc.) (TSX-V:BES) (\"BESI\" or the \"Company\") continues to enhance the technology in its leading-edge, North American manufactured Energy Storage Solutions (ESS) with the addition of the \"3iFirebulb Passive Fire Detection and Suppression Technology\" to its Lithium battery modules.The Company is pleased to announce it signed a Letter of Intent (\"LOI\") dated December 7, 2022, with GH Innovation Ltd., a private corporation incorporated under the laws of the UK. The general terms and conditions of the proposed purchase grant exclusive rights for the Company to acquire the intellectual property related to 3iFirebulb (the \"Asset\"). The deal consists of a one (1) year commercialization agreement effective January 1st, 2023, followed by the purchase of the intellectual property, including its patent file, from GH Innovation Ltd. (the \"Transaction\").\"Lithium Battery fires are a common daily occurrence that can lead to devastation of property as well as severe injuries,\" said Lindsay Weatherdon, President and CEO of Braille Energy Systems Inc. \"Firebulb technology is an absolute game changer for the Lithium Battery Industry. The 3iFirebulb passive technology is a preemptive detection and suppression system that prevents fires caused by thermal runaway events in Lithium batteries.Braille Energy is now in the commercial launch phase of its UL9540 approved Residential Energy Back-up Power Systems, with initial deliveries scheduled for Q2 2023. Braille manufactures both the ESS system and its Lithium Battery Modules in North America. The addition of 3iFirebulb technology solidifies Braille as not only a high-performance product but also at the leading edge of safe design.\"Fire safety is an industry wide concern,\" said Ivan Gissing, Chief Technology Officer of Braille Energy Systems Inc. \"We intend to obtain independent testing attestation for 3iFirebulb as a thermal runaway detection device, meaning 3iFirebulb can be utilized by Lithium Battery Systems Manufacturers globally under license as part of their fire safety architecture\".Subject to the conditions set forth in the LOI, the Company will pay GH Innovation an annual consi...