Singapore, Oct. 16, 2024 (GLOBE NEWSWIRE) -- In line with the "restart plan” announced on September 19, noco-noco has made a major advancement by securing a contract to acquire manufacturing equipment featuring the revolutionary X-SEPA™ technology from 3DOM Alliance and noco-tech.
As an industry leader in high-performance lithium-ion battery (LIB) development, noco-noco's adoption of X-SEPA™ technology promises to extend battery lifespans by up to five times. This cutting-edge technology significantly boosts durability in high-temperature conditions by preventing dendrite formation-one of the key factors in battery degradation-using high-viscosity electrolytes.
The X-SEPA™ technology enables uniform current distribution through its three-layer membrane structure, dramatically enhancing both reliability and longevity. It can also adjust to different types of battery cells by modifying thickness, porosity, and strength. Furthermore, it delivers superior performance under rapid charging / discharging cycles and extreme temperatures.
Under the terms of the contract signed on October 11, manufacturing equipment for the X-SEPA™ separator valued at roughly $9M will be transferred to noco noco pty ltd (or its designated subsidiary) in return for approximately 90 million new shares issued and transferred from noco-noco Inc., at a reference price of 10 cents per share, to 3DOM Alliance (100% owned parent company of noco-tech). This collaboration will enable noco-noco to produce up to 35MWh worth of separators, expediting sample deliveries to customers and accelerating the execution of its energy storage system (ESS) projects.
Noco-noco expects the production from the manufacturing equipment to contribute profit with an annual revenue of up to $3 million USD, initially through paid sample provisions that have been requested by 40 companies in the past, and then through the commencement of small-scale ESS projects. This will allow Noco-noco to build a track record and the know-how required for the operation of larger scale production facilities and grid-scale ESS projects, and build the foundations to gain market share in the APAC separator market, which is expected to grow from ~6B to ~30B USD over the next 10 years (Precedence Research).
Finally, In addition to bolstering operational and commercial capabilities, this asset transfer will be a significant step in improving noco-noco's shareholders' equity position, placing the company well for future financing pipelines.
About noco-noco:
noco-noco Inc. (Nasdaq NCNC) is a technology solutions provider working to accelerate the global transformation to a decarbonized economy. Building its business on X-SEPA™ - the revolutionary battery separator technology developed in Japan and designed for long-lasting and high heat-resistant performance- noco-noco addresses the need for clean, affordable, and sustainable energy storage solutions.
Read more about noco-noco:
Safe Harbor Statement:
This press release contains forward-looking statements within the meaning of section 27A of the U.S. Securities Act of 1933, as amended (the "Securities Act”), and section 21E of the U.S. Securities Exchange Act of 1934 ("Exchange Act”) that are based on beliefs and assumptions and information currently available to noco-noco. In some cases, you can identify forward-looking statements by the following words: "may,” "will,” "could,” "would,” "should,” "expect,” "intend,” "plan,” "anticipate,” "believe,” "estimate,” "predict,” "project,” "potential,” "continue,” "ongoing,” "target,” "seek” or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, although not all forward-looking statements contain these words. Any statements that refer to expectations, projections, or other characterizations of future events or circumstances, the markets in which noco-noco operates as well as any information concerning possible or assumed future results of operations of noco-noco, are also forward-looking statements. These statements involve risks, uncertainties, and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by these forward-looking statements. Although noco-noco believes that it has a reasonable basis for each forward-looking statement contained in this communication, noco-noco cautions you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. noco-noco cannot assure you that the forward-looking statements in this communication will prove to be accurate. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, the impact of the global pandemic like COVID-19, the outcome of any potential litigation, government or regulatory proceedings, and other risks and uncertainties. There may be additional risks that noco-noco presently does not know or that noco-noco currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by noco-noco and its respective directors, officers or employees or any other person that noco-noco will achieve their objectives and plans in any specified time frame, or at all. The forward-looking statements in this press release represent the views of noco-noco as of the date of this communication. Subsequent events and developments may cause those views to change. However, while noco-noco may update these forward-looking statements in the future, there is no current intention to do so, except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing the views of noco-noco as of any date subsequent to the date of this communication.
CONTACT: [email protected]
