Novusterra Inc., a rapidly growing company focused on developing and commercializing high-value products and applications for graphene and carbon nanostructures, today announced that it has acquired the exclusive rights to patents for graphene and carbon nanostructure from American Resources Corporation in exchange for $16 million of Class A common Novusterra shares.
Andrew Weeraratne, CEO of Novusterra Inc. commented, "We are excited to complete this transaction to drive fundamental value for our shareholders and build a world class team to help navigate the growth of the company in the future. The technologies are a gamechanger when it comes to the graphene and carbon nanostructure industry given the low-cost feed stock (waste carbon) that is utilized in the manufacturing process. Not only are we able to clean up the environment but also produce some of the highest quality products and applications in the world for the sustainable infrastructure and electrification industry".
Pursuant to terms of the transaction:
– Dr. Gregory Jensen, PhD will be named Chief Executive Officer and Director of Novusterra and Dr. Gerardine (Gerri) Botte as the Chief Technical Officer;
– Mark LaVerghetta will be named Chairman of the Board, other board members will include: Dr. Byron Price, Eugene Nichols and Goran Antic;
– Novusterra will fund the sponsored research program at Texas Tech University to advance the preprocessing, carbon nanostructure and graphene technology to commercialization;
– Novusterra will work to list on a public exchange in an effort to fund the development and commercialization of the technology with a focus on infrastructure and battery storage applications;
– Novusterra will have rights to lease certain properties and facilities in Indiana, Kentucky and West Virginia from American Resources which will allow for synergistic opportunities for both companies as they work to develop a consistent and sustainable feedstock of carbon material;
– Novusterra and ReElement Technologies will collaborate and enter into a joint services agreement on electrolysis technology which is utilized in both companies' processes and will therefore generate additional synergies and cost saving technologies.
Graphene is an allotrope of carbon consisting of a single layer of atoms arranged in a two-dimensional honeycomb lattice nanostructure. The name is derived from graphite reflecting the fact that the graphite allotrope of carbon contains numerous double bonds. Graphene is extremely thin and extremely light yet harder than diamonds. Graphene has become a valuable and useful nanomaterial due to its exceptionally high tensile strength, electrical conductivity, transparency, and being the thinnest two-dimensional material in the world. The global market for graphene is rapidly expanding with most of the demand focused on development in semiconductor, electronics, electric batteries, and composites.
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