Galaxy signs US battery deal
Galaxy Resources has announced a technology licensing deal with US-based lithium ion battery producer K2 energy Solutions.
K2 Energy will provide Galaxy with battery expertise, licensing and commercial support for the construction and operation of Galaxy’s proposed Jiangsu manufacturing plant in China.
“Ensuring that we will be able to complete construction and operation of the Jinagsu Lithium Carbonate plant in accordance with our revised timetable is our first priority, nonetheless this licence agreement is important preparatory work for our proposed pipeline battery project,” Galaxy managing director Iggy Tan stated in a statement.
Mr Tan stated under the deal, Galaxy would have unlimited use of K2’s lithium battery technologies.
“K2 Energy’s superior and proven lithium battery technology, coupled with Korean state-of-the-art automated plant equipment, will help Galaxy to leap frog research and development and produce world-class lithium ion batteries,” he said.
Galaxy’s stock gained almost 5 per cent today, to close trade at 74.5 cents.
source : www.wabusinessnews.com.au
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Submited at Wednesday, July 27th, 2011 at 10:00 pm on Business by admin
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