The Australian Securities Exchange (ASX) has forced battery anode maker AnteoTech (ASX:ADO) to reveal the name of the “leading European EV manufacturer” the company will supply its Ultranode product to.
The $64.7 million Brisbane-headquartered company has named German luxury carmaker Mercedes-Benz as the party it has secured its first commercial order of Ultranode battery anode with.
Shares were up nearly 27% to $0.033 immediately after the opening bell this morning (18 October).
Ultranode is AnteoTech’s proprietary ultra-high silicon anode design currently containing 70% silicon. It is constructed using commercially available low-cost silicon — replacing graphite — as the active material.
The anode is made with unrefined silicon, which AnteoTech says offers size, weight and cost advantages.
AnteoTech announced the deal on Tuesday (15 October), which is worth about $40,000 and relates to an initial quantity of Ultranode for testing and evaluation over the coming months.
Following the news, the company went into a trading halt after it received a query from the ASX over the anonymity of the buyer – known only as “EV1” in the original announcement.
“The ASX has advised the company that under Listing Rule 3.1 the counterparty referred to as EV1 must be identified,” AnteoTech says.
“The company says it has previously taken all efforts to protect the confidentiality of Mercedes Benz as ‘EV1’ due to the stage of commercial relationship and the confidential nature of the work being undertaken.”
Mercedes-Benz will shortly begin an evaluation program where the performance enhancing characteristics of the Ultranode will be assessed.
AnteoTech said at the time it announced the order that the company it was supplying its Ultranode product to was seeking a step change in silicon content for its next generation EV batteries.
AnteoTech is a revenue-stage company that provides solutions for the clean energy and life sciences markets using its proprietary applied materials technology.
The company says its lead product, Anteo X, has been proven to provide “significant improvement” in anode performance.
