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:
https://noco-noco.com/
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