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Bloomberg Article
By
Mark Bergen and
Gabrielle Coppola
January 10, 2023 at 3:00 AM PST
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If President Joe Biden gets his way, this year will kick off a bonanza of battery manufacturing across the US.
Dozens of companies have announced plans to open factories devoted to electric vehicle battery production, spurred by federal incentives and a growing market for cleaner cars. Under the Inflation Reduction Act, Biden’s signature climate policy, Uncle Sam will start giving new tax credits in January for making critical technologies in the country. That’s many extra carrots for carmakers already plotting ways to “onshore” more of their supply chain after being hobbled by the pandemic and the trade war with China.
It also means an entire domestic industry must develop, basically from scratch. “This much lithium-ion batteries are produced on US soil,” says Aaron Bent, chief executive officer of 6K Inc., holding his fingers in the sign for zero.
Bent’s business is one of those trying to change that. Based in Massachusetts, 6K makes materials for the cathode in lithium-ion batteries, the primary energy source for EVs. The company touts what it calls a unique approach that uses plasma machinery—Bent compares it to an 8-foot-long lightsaber—to forge the materials for a workable battery, dramatically reducing the water, waste and money required. “It’s clean. It’s green. And it’s lower-cost than Asia,” he says. “It sounds like magic.”
At a 100,000-square-foot facility in the Southeast, 6K plans to start performing this magic later in the year. (The company is still determining the location.) Several other battery upstarts with novel approaches, such as using recycled material or solid-state technology, have vowed to spend millions of dollars on plants in Arizona, Michigan, Tennessee and other states. Giant carmakers including Ford, Hyundai, Tesla and Toyota have made similar commitments alongside plans to produce millions more electric cars in the US.
Since 2009 there have been 882 battery manufacturing projects started or announced in the US, primarily aimed at electric vehicles, representing $108 billion in investment, according to data from BloombergNEF. About a quarter of the projects were unfurled in 2022.
State governments, including many whose congressional representatives voted against the Inflation Reduction Act, have been scrambling to attract projects. Georgia has announced 30 factories related to electric cars and batteries since 2020. “It’s just exploding,” says Joe Britton, executive director for the Zero Emission Transportation Association, an industry lobbying group.
Before breaking ground on factory sites, the auto industry is waiting to see how the government incentives shake out. In December the US Department of the Treasury issued its initial guidance for the coming electric vehicle credits, some of which will require automakers to use parts made in either the US or nations that have free-trade agreements with the US. But on some finer points—such as where critical minerals for EV batteries could come from—the Treasury postponed its decision until March. Building a new battery supply chain won’t be easy. Even with the expected boom in domestic manufacturing, most battery materials are processed in China with ingredients from other countries.
Bent says the 6K plant will produce 10 million kilograms (about 22 million pounds) of cathode material a year. He estimates that the US needs 50 times that amount to meet the vehicle demand by 2030. Battery makers are struggling to set up plants because of endless hiccups in supply chains and labor markets. Less than a tenth of the battery sites that BNEF is tracking are up and running so far.
And the auto industry is lobbying to shape the Treasury’s interpretation of the climate law. “All this stuff is super high-stakes for the sector,” Britton says.
The uncertainty isn’t slowing investment. For instance, 6K has raised $350 million. Redwood Materials, a startup making battery materials from recycled cells, has announced two separate $3.5 billion facilities in Nevada and South Carolina.
Ashwin Shashindranath, a partner with Energy Impact Partners, which invested in 6K, is on the lookout for businesses that can mine the critical materials for batteries, such as nickel and lithium, more sustainably and perhaps more cheaply. “We think that’s actually the real story in the next five years,” he says. His fund hasn’t found any companies to back yet.
Michelle T interview with Alt Energy Mag
https://www.altenergymag.com/story/2022/12/electric-vehicle-battery-innovation-predictions-2023/38776/
Quote Summary
Schwab Equity Rating®
As of 12/29/2022
Bid/Size
Ask/Size
Volume
10 Day Average Volume
Previous Close
Today's Open
Put/Call (30 Day)
INC
$0.0291/39,000
$0.06/10,000
83K
363K
$0.0341
$0.0449
https://stocktwits.com/SeaRus12/message/504360362
Wow, that's amazing. Martin never mentioned the piggy hologram.
Thanks Walrus,
My wife and I met Martin and Judy in Las Vegas for dinner at the Bellagio back in February 2010. We talked for several hours and walked around the Casino afterwards. They are good people. CSpace is Martin’s dream and I do believe it will soon be reality.
The presentation document is at the bottom of the page. If you read it carefully, it sounds like they have two prospects for glass. ZBLAN, which has prior research, and Tellurite (TZN)-the preferred glass which performs very well for what we want. The main problem presented is whether or not they can make Tellurite scalable.
PDF link: indico.cern.ch/event/ 113143..attachments/2514586/4322856/
AIPC2022_3D%20display%20submission.p dif
The presentation was submitted December 16, 2022 at 9 am
https://indico.cern.ch/event/1131431/contributions/5063179/attachments/2514586/4322856/AIPC2022_3D%20display%20submission.pdf
https://indico.cern.ch/event/1131431/contributions/5063179/
https://stocktwits.com/Habiscus_Limb/message/504072999
“The lead scientist of our research group at Adelaide authored a paper about Quantum Dots which was published April this year. This article involved IPAS, and the University of Adelaide Medical School. See the affiliates section for details.
"The University of Adelaide's Prof. Heike Ebendorff-Heidepriem, Deputy Director of the Institute for Photonics and Advanced Sensing (IPAS) and Director of the Optofab Adelaide Hub at the Australian National Fabrication Facility (ANFF) will lead the research."
https://stocktwits.com/Habiscus_Limb/message/504053097
It certainly seems like everything is falling into place for CRTG. The timing for the DOE funding applications, along with the results from CEA, Eindhoven, and soon from Adelaide all point to a very promising 2023.
Awesome research Walrus! This gets more exciting as each day goes by. I really believe it’s now just a matter of months before we witness the magnitude of this investment.
This was posted by BigDogJack on Stocktwits
"I don’t want to give away my background, but I know a lot about SBIRs.Glad to see they are pursuing a phase II SBIR. The big prize is getting to a Phase III SBIR , which could be the result of a successful phase II. A phase III can be sole sourced to the phase II recipient and that should be the goal of Coretec. “Phase III awards focus on the commercialization of work that derives from, extends, or completes an effort made in Phase I/II. A major feature of the SBIR/STTR programs, and incentive for small business participation, is that the agency receives a limited rights license in data developed under an SBIR/STTR award, which fosters a competitive advantage for the small business, as opposed to potential larger competitors, to achieve commercialization"
"A little SBIR effort can turn into so much more with the right innovation. Govt provides seed money and gets data rights to new tech and Coretec gets needed funding , the ability to have future sole source contracts with the govt with a goal of commercialization. Win-win for both sides. Not every SBIR is a winner but over the years, I’ve seen some small businesses hit home runs with an SBIR….add this to the stable of possibilities for Coretec"
Walrus,
Excellent find! I am confident CRTG will secure funding from the DOE SBIR/STTR opportunities.
Walrus,
I currently reside in Canyon Country, CA. It’s right near Santa Clarita, CA. I first bought shares of TDCP back in November 2006.
I agree, especially since there’s been no Form 4
Pegs1,
The shareholders meeting on December 14th was the most informative to date. We are expecting promising results from Adelaide University by the end of the month. Eindhoven University Dr Eric Bakkers reported that CHS had the lowest temp for deposition and also exhibited smooth flow. The Endurion test results are expected in early 2023, and the Battery lab that CRTG is involved with also includes Ford Motor Co, which CRTG recently had a Zoom meeting with. I wouldn’t wait too much longer. The stock is on clearance
Walrus,
Another individual on Stocktwits saw this on level 2 as well and was curious about it, so I copied and pasted your post on the Stocktwits forum.
Copy, form 4. I should have checked before posting on Stocktwits
Do you think VK needed to buy a little more to increase his percentage of ownership?
Someone bought 435,800 shares at .0225 at 11:34 am PST. We'll see a form 5 on that soon if it was an insider buy.
https://stocktwits.com/737driver/message/502904256
Transcript posted on CRTG website
https://s27.q4cdn.com/151623411/files/doc_events/2022/12/CRTG_December_2022_Shareholder_Call_Transcript_FINAL.pdf
Global Lithium Silicon Battery Market size and Forecast
https://www.marketresearchintellect.com/product/global-lithiumsilicon-battery-market-size-and-forecast/?utm_source=Linkedin&utm_medium=027
GlobeNewswireDecember 16, 2022
The Coretec Group's development of its own unique chemical materials shows unicorn potential with their Endurion battery. Releasing an explainer video that shows that the battery has the potential to significantly increase longevity, speed of charge, and storage capacity of lithium batteries. This complementary technology could revolutionise the battery sector without the need for a complete overhaul of the industry.
The Coretec Group is aiming its resources at the Electric Vehicle (EV) market place and as a result is gaining the attention worldwide of major EV manufacturers.Heavy reliance on batteries for future sustainability is driving the global lithium silicon battery market, one that is estimated to grow from $10m USD in 2022 to $247m USD by 2030. This growth is why investment in complementary technology is a core objective of the Carlton James Diversified Alpha Fund strategy.
ROYAL WOOTTON BASSETT, United Kingdom, Dec. 16, 2022 (GLOBE NEWSWIRE) -- The Carlton James Group, an investment management group specialising in recession-resistant portfolios and venture debt, is excited to see its first-backed technology company, The Coretec Group, achieving yet another of its milestones with the successful progress of its Endurion lithium silicon battery program. To learn more about The Coretec Group, please watch this short informative video.
The Coretec (CRTG) journey with the Carlton James Group started in 2016, as The Coretec Group became the first major technology sector lending investment for Carlton James. From the very beginning, Carlton James Group saw the clear potential of the engineering expertise within The Coretec Group, and its potential for adding value to the EV and energy supply chain.
Since then, The Coretec Group has gone from strength to strength, with acquisitions, a reverse-merger, and a growing team of engineers, expanding the expertise of their unique chemical developments. This has enabled more research & development to be undertaken by The Coretec Group in this extremely high value sector.
The launch of its Endurion battery program in early 2022 saw a natural progression that has led to contact from some of the world's leading electric vehicle manufacturers, opening doors for The Coretec Group to become leaders in the field of EV lithium silicon battery technology. In the first quarter of 2023 it is expected that we should see this hard work on the battery lead to further validation in the industry and a strengthened patent portfolio, paving the way for the group to move forward with its partnerships in the EV marketplace.
"The Coretec Group shares our vision of the most effective way to bring new technologies into the market. By developing technology that can enhance existing products in the market you have accessible scalability across many sectors," said Bob Pain, Chairman of The Carlton James Group.
"It is important to us that any technology investment we make is easily adopted and complementary to the existing marketplace, therefore increasing the opportunity for a higher return on investment due to having more potential customers. This is what The Coretec Group is doing. You can see this from their overview video, which is a great way of learning what they do and understanding its market opportunity.''
https://finance.yahoo.com/news/carlton-james-group-first-backed-152100664.html
The webcast is available for viewing on the CRTG website:
[url][/url][tag]insert-text-here[/tag]https://events.q4inc.com/attendee/242293725/guest?hasPreRegistered=true
Meeting was very informative and will be uploaded on website:
This was one of several slides shown during the meeting.
“• Extensive labwork has resulted in active anode material for testing
•Our preferred battery testing partners are testing our active anode material during Dec and Jan
• Our team will be working at The Battery Lab, a commercial resource established in partnership with the UofM, MEDC, and Ford Motor”
CRTG PR with new video
I asked about any pending feedback from Eric Bakkers at Eindhoven U
I was able to register for the webcast event on Wednesday December 14th and received the email below:
You have successfully registered for the The Coretec Group Shareholder Call - Q3 2022
This event will take place on December 14, 2022 10:00 AM - 11:00 AM (GMT-05:00) - Eastern Time (US and Canada)
If you have a Q4 Login account OR opted in to receive emails, you will receive a reminder on the day of the event, and can access the webcast up to 15 minutes before the start time. Find access details below:
Webcast Link: https://events.q4inc.com/attendee/242293725
Email:
Review our Technical Requirement Guide to make sure your device meets the minimum requirements to view this webcast.
The Coretec Group Website Investors drop down menu gives you access to register for the webcast scheduled for Wednesday December 14th
Pure speculation, but maybe the December 14th shareholders conference date was set after the advanced automotive battery conference dates intentionally
Pegs1
The Carlton James Group mentioned the half cell tests began in late October for the Endurion battery. Also, Nathan Downes mentioned the silicon nano powder that they have developed to enhance faster charging and power density in EV batteries by controlling the material that is used to coat the anode of the EV battery. I believe CRTG will have some new developments to discuss in the meeting
The Coretec Group To Host a Shareholder Call on December 14 To Highlight 2022 Milestones and Outline 2023 Goals
12:16 pm ET December 2, 2022 (BusinessWire)
https://invest.ameritrade.com/grid/p/site#r=jPage/https://research.ameritrade.com/grid/wwws/research/stocks/news/article?c_name=invest_VENDOR&docKey=100-336b2265-1
Advanced Battery Technologies Will Help Transform Our Energy Economy
https://www.electronicdesign.com/power-management/whitepaper/21254547/electronic-design-advanced-battery-technologies-will-help-transform-our-energy-economy
New video on the CRTG team
Walrus,
As always, excellent research and DD. I just get the impression that we will soon be richly rewarded for investing in CRTG.
Walrus,
Good information, thanks for sharing. Hopefully we get some feedback from Eindhoven U and CRTG soon.
Pegs1
I believe MK has 10 million shares with options to buy more:
He did move on as CEO in the company he joined.
I think there will be a shareholder update in mid December, since that will be 4 months since the meeting in August.
https://sec.report/CIK/0001320109/Insider-Trades
Top Shareholders
Top 8 shareholders own 66.67% of the company
Victor Keen
35.9%
Carlton James Ltd
9.07%
Armistice Capital LLC
8.78%
Mollitium Investment Management
8.74%
Simon Calton
2.16%
Ronald Dombrowski
1.36%
Matthew Kappers
0.45%
Douglas Freitag
0.21%
Pegs1
I haven’t seen any updates on CHS samples going out to customers. The company appears to be focused on getting the Endurion project done and licensed out to customers with battery production capabilities in place. The 100 day timeline is in reference to half cell testing for charge-discharge cycle testing and does not necessarily encompass other variables like power density and range. Hopefully we get another conference call in December, since that would match the time span for the two previous calls.
Not certain how many variables are involved with Li Ion half cell testing, however the following is a rough estimate on the timeline for half cell testing regarding charge-discharge cycle testing.
Pegs1
I believe the most recent time line prediction for the Endurion project is January 2023. The Carlton James Group made reference to a nine month timeframe as well back around April 2022. I am looking forward to hearing from Eric Bakkers on the CHS samples they are testing for a significant improvement in the semiconductor technology. Hopefully, the “soon” reference that MT made mention of equates to months, because CRTG’s current cash runaway is only about a year at this point.
“Stable Cash Runway: CRTG has sufficient cash runway for more than a year based on its current free cash flow.
Forecast Cash Runway: CRTG has sufficient cash runway for 1.5 years if free cash flow continues to reduce at historical rates of 16.5% each year.”