Lithium Technology Corp., Plymouth Meeting, Pa., and Pacific Lithium Ltd., Auckland, New Zealand, signed a deal last week to merge and form a new corporation based in the United States.
“The new combined entity would have a unique position in the lithium polymer battery market, providing a propriety vertical integration capability that would range from ultra high grade lithium carbonate and lithiated manganese cathode materials to reinforced composite battery structures-with low cost, high yield, thin film manufacturing processes,” the companies said.
Portable electronic devices and hybrid electric automobiles are their target markets.
Among its endeavors in battery development, Pacific Lithium has an exclusive licensing agreement with the Massachusetts Institute of Technology to commercialize MIT’s proprietary electrode and electrolyte polymers.
Lithium Technology is in the late stages of developing and seeking to commercialize a new generation of high-performance, solid-state re-chargeable lithium ion polymer batteries for portable electronic devices and other applications. The company said its patented technology will provide batteries that will have longer run times and thinner, flatter and lighter-weight form factors.
Under terms of the agreement, Lithium Technology will first transfer its technology, assets and operations to Pacific Lithium, which then would re-incorporate in the United States as Ilion Technology Corp. Ilion intends to seek Nasdaq listing for a planned initial public offering.
Before Ilion goes public, the privately held Pacific Lithium will give the shareholders of Lithium Technology, which now trades over the counter, about 3 million of its PLL shares and warrants to purchase 1.5 million additional shares.
“The combination of PLL’s advanced lithium materials technologies and LTC’s proven cell manufacturing processes will give us a powerful technology and cost advantage in the marketplace,” said George Ferment, executive director of operations for Lithium Technology.
