The partnership, first announced in May 2023, aims to propel the development of the batteries, with a focus on applications in the mining and minerals industry.
“We are happy with the progress to date with our joint development with Rio Tinto on the Graphene Aluminium-Ion battery and their applications,” CEO Nicol said in a statement.
GMG's cutting-edge graphene aluminium-ion batteries are geared towards heavy mobile equipment and grid energy storage in the mining and mineral sector.
The JDA builds upon the existing collaboration between GMG and Rio Tinto, initiated in May 2022, exploring the application of GMG's Energy Saving and Energy Storage solutions. The current venture specifically targets the co-development of GMG's Graphene Aluminium-Ion battery pouch cell into an initial battery pack/module proof of concept. Original Equipment Manufacturers, particularly heavy mobile equipment OEMs, will be engaged to ensure the battery pack aligns with end-use requirements.
As part of the agreement, Rio Tinto is set to invest A$6 million and contribute technical and operational performance criteria. In return, the company secures preferential access rights to the innovative battery technology.
The two companies have released a new video highlighting ongoing work on the batteries, which is available on Rio Tinto’s YouTube channel.
GMG will maintain ownership of the intellectual property associated with the GMG Graphene Aluminium Ion Battery Pouch Cell and Battery Pack. Upon the successful completion of the project, Rio Tinto will have the right to procure and utilize the batteries in their operations.
Nigel Steward, chief scientist at Rio Tinto, told investors that the mining giant is excited with the progress made with in the partnership to date.
“We both share a vision of a low-carbon future, and for Rio Tinto, it's a crucial time to partner with companies like GMG to accelerate battery technology and innovation."
Jack Perkowski, GMG's chairman, added: "I am very pleased with the progress made between GMG and Rio Tinto on battery development and look forward to seeing the next stages of the development program rollout. We are proud to be chosen as Rio Tinto's partner."
Read the original article on Proactive Investors.