Graphene Manufacturing Group Ltd (TSX-V:GMG, OTCQX:GMGMF) announced that the Australian patent for its graphene aluminium ion battery has been granted.
The patent is held by the University of Queensland (UQ), which has provided GMG with a worldwide exclusive commercialization license, the company said on Monday.
The company also signed a new Collaborative Research Agreement with UQ’s Australian Institute for Bioengineering and Nanotechnology (AIBN) to continue the joint development of the battery technology.
The partnership builds on an earlier collaboration under an Australian Research Council Linkage Project initiated in 2021.
Under the new agreement, GMG and UQ personnel will be able to work at each other’s facilities, with intellectual property rights and obligations clearly defined.
GMG will also have the exclusive first right to negotiate a license for any additional IP developed during the collaboration.
UQ has received A$880,000 in Australian Government grant funding to further support development of the Graphene Aluminium Ion Battery.
"GMG is very pleased to continue working with the world leading UQ AIBN team and collaborating with them to co-develop our next generation graphene aluminium ion battery,” GMG CEO Craig Nicol said.
Alan Rowan, AIBN executive director added: "We look forward to continuing our strong research and development relationship with the world leading clean technology company GMG and deepening our knowledge on the graphene aluminium ion battery technology."
Separately, GMG announced that it has entered into an equity distribution agreement with Cantor Fitzgerald Canada Corporation for an at-the-market equity offering of up to C$20 million.
Under the agreement, GMG may sell ordinary shares through the agent from time to time directly on the TSX Venture Exchange or other Canadian trading markets. The company will pay Cantor Fitzgerald a 3% commission on any sales made.
Proceeds from the offering will be used to support GMG’s ongoing operations, including commercial and product development, and working capital.
The ATM facility will remain in effect until the earlier of the full C$20 million being raised or April 2027, unless terminated earlier.
Canadian-listed shares of GMG increased over 8% on Monday morning at C$0.66.