Neometals Ltd (ASX:NMT, OTC:RDRUY, AIM:NMT) has invested $500,000 in Tyfast Energy Corp., a private US battery start-up, as part of future plans to supply vanadium to the company.
Tyfast was spun out from the University of California San Diego and is developing a long life, fast-charging battery that uses proprietary vanadium-based anode technology. It’s raised $1m in this funding round.
The battery being developed aims to cut charging times to three minutes and extend the life-cycle 20-fold, Neometals said on Monday.
Neometals, which owns the Barrambie titanium and vanadium project in Western Australia, floated on London's AIM last month, adding to listings in its native Australia and the US OTC market.
“To date, Neometals has made a number of strategic investments in the lithium battery supply chain,” said Managing Director Chris Reed.
“This opportunity will provide direct exposure to battery electrode materials with Tyfast’s vanadium-based anode technology.”