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GMG Announces Battery Joint Development Agreement with Rio Tinto
Brisbane, Queensland, Australia--(Newsfile Corp. - May 17, 2023) - Graphene Manufacturing Group L...
About this update from Graphene Manufacturing Group Ltd
[{"type":"text","content":"GMG Announces Battery Joint Development Agreement with Rio TintoBrisbane, Queensland, Australia--(Newsfile Corp. - May 17, 2023) - Graphene Manufacturing Group Ltd. (TSXV: GMG) (\"GMG\" or the \"Company\") is pleased to announce that GMG and Rio Tinto have signed a binding Joint Development Agreement (\"JDA\") with the goal of accelerating the development and application of GMG's Graphene Aluminium-Ion batteries in the mining and minerals industry. Rio Tinto will contribute technical and operational performance criteria and A$6 million, in exchange for preferential access rights.Rio Tinto has put the net zero transition at the heart of its business strategy: combining investments in commodities that enable the energy transition with actions to decarbonise their operations and value chains. The JDA seeks to support the accelerated development of GMG's Graphene Aluminium-Ion Batteries for use in heavy mobile equipment and grid energy storage applications in the mining and mineral industry. The JDA builds on the existing collaboration for Rio Tinto to explore the use of GMG's Energy Saving and Energy Storage solutions (see Company announcement on 18 May 2022). This JDA is effective immediately and is expected to last 2 years with payments spread over the term of the agreement. The JDA aims to co-develop GMG's Graphene Aluminium-Ion battery pouch cell into an initial battery pack/module proof of concept.Rio Tinto will seek to involve Original Equipment Manufacturers (OEM), including Heavy Mobile Equipment OEMs, to work with GMG and Rio Tinto to align the battery pack development with end use requirements. Success could see performance enhancements for Rio Tinto, including faster charging and longer-life batteries for heavy mobile equipment and grid energy storage, as well as supporting Rio Tinto's decarbonisation ambitions.GMG will retain ownership of the intellectual property of the GMG Graphene Aluminium Ion Battery Pouch Cell and Battery Pack. On successful completion of the joint project, Rio Tinto would have the right to procure and use the batteries in their operations.Rio Tinto Chief Scientist, Nigel Steward, said, \"We are excited to expand and deepen our partnership with GMG. We both share a vision of a low-carbon future and for Rio Tinto it's a crucial time to partner with companies like GMG to accelerate battery technolog...