Technology Minerals PLC (LSE:TM1) chairman Robin Brundle talked with Proactive about the company's recent success with its LiBox technology. Technology Minerals has secured a significant contract with the Ministry of Defense (MoD), delivering the first order of their LiBox, a specialized storage unit designed to contain lithium-ion battery fires and explosions.
Proactive: You've announced a supply agreement with the Ministry of Defense, and you have, in fact, delivered the first order for your LiBox. So, a significant contract for the company?
Robin Brundle: Yes, it is. We're very proud to be doing our small part in looking after the forces, and we thank them for all they do on an everyday basis, of course, as the public. But to be able to supply the LiBox for them to safely store and transport their lithium-ion batteries, it's a very proud moment for us.
Proactive: And an endorsement of your technology and of the LiBox. Tell us more about the LiBox and what it does.
Robin Brundle: Yes, well, we've seen that people's understanding of, and companies' understanding of, the dangers of lithium-ion battery fires is very much now coming to the fore. Perhaps a year, 18 months ago, people would see a fire on the TV and say ‘poor them’ without really considering that it could happen to them as well.
So, we're seeing a lot more awareness now from all sorts of companies and ranges of batteries, that the LiBox is particularly good for. It has the highest safety rating you can get under the UN regulations, as well as something acronymed as ADR, which relates to transportation. The purpose of these boxes is that they are tested to contain explosions, fires, and molten projectiles while venting and not becoming pressure vessels.
They also ensure the external surfaces don't exceed 100 degrees, preventing further risks. It might be hard to imagine getting excited about a box, but a lot of R&D has gone into this one. Passing these tests at the highest level is a pretty special moment for us. We've been talking about LiBox for a while, but getting this endorsement from the Ministry of Defense, and being able to help them with storing and moving their lithium-ion batteries, is a special moment for us.
Proactive: Robin, following the MoD deal, are there any other deals in the pipeline?
Robin Brundle: Yes. We've mentioned before that we have two avenues for the boxes: sales and rental. The rental side is under some demand pressure now. We are fully utilized with the current number of boxes rented out, and we're looking at how we might grow our volume.
On the sales side, we have more pipeline opportunities coming. With government bodies, and the Ministry of Defense in particular, becoming an approved supplier requires significant due diligence. It's not the work of a moment. It requires a lot of evidence, certification, and accuracy in manufacturing. I’d like to thank our team for the diligence they’ve shown in making this deal happen.