M2i Global Inc (OTC:MTWO) and partners Volato Group Inc and Next-Gen Energy Technology said on Tuesday they have made progress under a long-term collaboration and offtake agreement to develop lithium nickel cobalt aluminum (Li-NCA) cathode materials, as the US and Australia move to bolster supply chains for critical minerals.
Under the agreement signed in late 2024, Next-Gen Energy Technology plans to build a Li-NCA cathode materials plant in Australia, which the companies say would be the first such facility outside China.
A pilot facility is targeted for commissioning in the second quarter of 2027, with full-scale capacity of about 10,000 tonnes per year by 2028, they said.
The partners said the project aligns with a critical minerals framework announced last month by US President Donald Trump and Australian Prime Minister Anthony Albanese, aimed at reducing reliance on China for battery metals and rare earths. China currently dominates global refining capacity for many of those materials.
M2i said the project combines Next-Gen’s cathode technology with its own supply-chain platform focused on transparency, policy engagement and offtake agreements.
The companies aim to replicate the model in Australia and the US, with a longer-term goal of expanding capacity over the next decade.
M2i CEO Alberto Rosende said the offtake agreement positions the company within a “secure, transparent supply chain for critical minerals” used in electric vehicles, defence applications and renewable energy storage.