ASX-listed battery minerals company Neometals is to invest $US500,000 in a US-based battery start up that is looking at developing an ultra fast charging technology featuring both vanadium and lithium.
Perth-based Neometals is involved in the processing and recovery of both minerals, and owns the Barrambie Titanium and Vanadium Project – one of the world’s highest-grade hard-rock titanium-vanadium deposits.
It has invested in Tyfast, a start-up spun out from the University of California San Diego and which is focused on developing a long-life, fast-charging lithium battery that utilises a proprietary vanadium-based anode technology.
Tyfast, which was founded in early 2021, is targeting the production of battery cells that reduce charging times by 20-fold, down to 3 minutes, extending battery lifecycle by 20-fold, up to 20,000 cycles, and maintaining the high energy density already found in state-of-the-art lithium-ion batteries.
On top of that, Tyfast is developing its vanadium technology to be a drop-in replacement for standard graphite anodes in existing lithium-ion battery manufacturing to allow direct and immediate integration into existing manufacturing lines, which should lead to a speedy commercialisation.
“Tyfast is moving quickly, and the future source of high purity and ethically sourced vanadium will soon be critical path,” said Dr. G.J. la O’, Tyfast’s CEO and founder.
“The potential production of high-purity vanadium compound at Neometals’ Vanadium Recovery Project located in Pori, Finland can be a raw material source for Tyfast’ s expansion in the European Union.
“The investment and potential raw material supply will ensure Tyfast can rapidly meet the market demands for the growing energy storage market.”
Neometals investment is being made in the form of a convertible note which will provide Neometals with the ability to obtain a minority equity stake down the track.
“This opportunity will provide direct exposure to battery electrode materials with Tyfast’s vanadium-based anode technology,” said Chris Reed, Neometals’ managing director. “We are impressed by the Tyfast team and their technology and are pleased to be backing this exciting start-up.”
