Settlement to Receive Assets and In depth IP Portfolio of Optodot Company
HALIFAX, NS / ACCESSWIRE / June 17, 2022 / Meta Elements Inc. (the “Company” or “META®”) (NASDAQ:MMAT, FSE:MMAT), a developer of large-efficiency functional products and nanocomposites, today introduced it has signed a definitive agreement to get significantly all of the assets and mental assets, including 67 issued and 22 pending patents, of Optodot Corporation (“Optodot”) for an mixture of $48.5 million, comprised of $3.5 million in income and $45 million of META shares of frequent stock. Optodot is a leading developer and licensor of nano-composite battery separators and infrared optical coating technologies, based mostly in Devens, Massachusetts. The acquisition is predicted to close in June, subject to customary closing problems and regulatory approvals.
The Optodot workforce is led by Dr. Steve Carlson, its President & CEO, who was a short while ago honored as the 2022 Inventor of the Calendar year by the New York Mental Assets Law Affiliation (NYIPLA) for revolutionary safer separators for rechargeable lithium-ion batteries. META’s Highly developed Supplies and Battery Merchandise team will continue joint progress, licensing, and production scale-up of Optodot’s technology in partnership with leading OEMs. Optodot items can be combined and coated with META’s PLASMAfusion™ technologies, and META options to broaden capability at its facility in Thurso, Quebec. META will reinforce its proprietary portfolio of battery resources with NPORE® nano-composite ceramic separators to enrich basic safety, functionality, and value in electrical motor vehicles. Supplemental possible applications for NANOPORE® nanoporous membrane technology include things like ultrafiltration and clinical metamaterial gadgets.
“The race to electrification and a new world in which electrical energy replaces gasoline and diesel is just having begun. Customers want EVs with greater selection and swift charging to get back on the street speedily. Batteries require to be responsible and secure, whilst minimizing price to push broader adoption,” explained George Palikaras, President and CEO. “Optodot has designed disruptive, large functionality ceramic nanomaterials in partnership with main battery and professional medical tools OEMs. As a result of this strategic acquisition, META expands its nanomaterials library and core experience to address crucial difficulties in battery security and other purposes, opening multi-billion-dollar markets. Alongside one another with Dr Carlson’s group we glimpse forward to supporting push the progress of safer and a lot more sustainable transportation.”
The international marketplace for Lithium-ion battery separators was an estimated $5.1 billion in 2021 and is projected to reach $9. billion in 2025 (Source: Yano Research Institute Ltd.). Separator shipments were about 5.5 billion sq. meters in 2021 and are projected to reach 15.9 billion square meters in 2025 (Source: SNE Investigate). About 15 million m2 are needed for every GWh of battery capacity (10-20 million m2, depending on the battery configuration).
“Optodot has been pioneering systems that make batteries safer for the last two decades in collaboration with main OEMs, impressive start-ups, and U.S. government agencies. We are energized for the future chapter of our development with META,” stated Dr. Steve Carlson President & CEO of Optodot. “Our complementary systems and partnerships will aid accelerate market adoption in electrical cars and other industries. We look ahead to leveraging the combined expertise and engineering of every company, and the added benefits of scale and visibility, which META will deliver to the Optodot system.”
Optodot licensed its 1st Generation boehmite ceramic battery patents to LG Chem in 2016 and Optodot is also a portfolio enterprise of LG Know-how Ventures. Optodot improvement jobs have been funded by the U.S. Division of Power and Defense Department, and it is currently a subcontractor on a U.S. Navy Period II SBIR task led by Imperia Batteries, a division of Bodily Sciences Inc. Optodot has collaborated with a variety of firms, like worldwide automotive OEMs and foremost battery companies. Enhancement perform is also executed at the Roll-to-Roll Fabrication and Processing core facility at the University of Massachusetts Amherst. In the subject of infrared optical coatings, Optodot safety marking technological know-how is certified by a global professional medical gear producer to avert the use of counterfeit consumables.
Battery Separator Technological innovation
A battery separator is a porous membrane positioned in between the electrodes of a battery. The principal functionality is to reduce call concerning the anode and cathode even though facilitating the transport of lithium ions. The problem in developing safe and sound battery separators is to enhance porosity and ion transportation, lower the bodyweight and thickness of inactive components, whilst preserving thermal and mechanical steadiness. 1st generation separators are typically made by coating a plastic substrate on 1 or the two sides with ceramic content. 2nd Era NPORE® nano-ceramic separators get rid of the use of plastic substrate and give best in class dimensional steadiness with <1% heat shrinkage to help prevent thermal runaway. Excellent electrolyte conductivity with uniform and narrow pore size distribution provides optimal electrochemical performance.
In March 2021, Optodot was issued U.S. Patent No. 10,950,837, titled “Methods of Producing Batteries Using Anode Metal Depositions Directly on Nanoporous Separators.” Third Generation NPORE® ECS Electrode Coated Separator technology, developed with funding by the DOE, aims to reduce the cost of manufacturing lithium-ion batteries and the inactive components cost by 20-40%, while improving battery safety, lifetime, and energy and power density. NPORE® ECS incorporates new inactive components of separator, current collectors, and termination materials, and utilizes a simpler and faster battery assembly process. With ECS, electrodes-for example, lithium metal anodes-are directly deposited onto the separator to form a separator/electrode stack.
Acquisition Transaction Summary
The acquisition consideration consists of $3.5 million in cash and $45 million in shares of META common stock (the “Meta Shares”), priced at the volume weighted average price (VWAP) for the twenty trading days ending on the day prior to closing (the “Closing Price”). In addition to restrictions imposed by applicable securities laws, $7.5 million of the Meta Shares will be subject to additional restrictions which both limit their ability to be transferred until the earlier of either a two-year vesting schedule or the achievement of certain revenue targets and ensure such shares may be a source of recovery for potential indemnity claims. The closing of the acquisition is subject to customary closing conditions and is expected to close in June.
Management of META has prepared a presentation covering the acquisition and plans for battery materials and other applications. The presentation will also be available on the Company’s investor website at: https://investors.metamaterial.com/presentations
Advisors and Counsel
Hamilton Clark acted as a financial advisor to META. Wilson Sonsini Goodrich & Rosati, P.C. is acting as legal counsel to META in connection with the acquisition. Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C and Amster, Rothstein & Ebenstein are acting as legal counsel to Optodot in connection with the acquisition.
About Meta Materials Inc.
META® delivers previously unachievable performance, across a range of applications, by inventing, designing, developing, and manufacturing sustainable, highly functional materials. Our extensive technology platform enables leading global brands to deliver breakthrough products to their customers in consumer electronics, 5G communications, health and wellness, aerospace, automotive, and clean energy. Our nano-optic technology provides anti-counterfeiting security features for government documents and currencies and authentication for brands. Our achievements have been widely recognized, including being named a Lux Research Innovator of the Year in 2021. Learn more at www.metamaterial.com.
Forward Looking Information
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Vice President, Corporate Development and Communications
Meta Materials Inc.
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