Dec 21 (Reuters) – Strong Energy Inc (SLDP.O) stated on Wednesday it’ll provide some mental property rights associated to its solid-state batteries to BMW (BMWG.DE) and permit manufacturing of the battery cells on the automaker’s amenities in Germany.
Colorado-based Strong Energy will license the cell design and manufacturing processes to BMW, which can pay the corporate $20 million by June 2024, topic to sure situations.
As a part of the settlement, Strong Energy will retain the mental property rights associated to its electrolyte materials, which it’ll provide to BMW as soon as the carmaker’s battery manufacturing traces are up and operating.
BMW, an investor in Strong Energy, already has an settlement to obtain completed battery cells.
Strong Energy, which went public in December final yr, is amongst a gaggle of firms attempting to create next-generation batteries for electrical automobiles, aiming to resolve some points associated to lithium-ion batteries which are presently is use.
Strong-state batteries use a stable electrolyte, in contrast with a liquid one in lithium-ion batteries, and have a decrease danger of catching fireplace.
Reporting by Yuvraj Malik in Bengaluru; Modifying by Shounak Dasgupta
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