But the key to QuantumScape’s solid-state breakthrough is the flexible ceramic separator that sits between the cathode and the anode. This is the material that puts the “solid” in solid-state. Like the liquid electrolyte that sits between the electrodes in a conventional cell, its main function is to ferry lithium ions from one terminal to the other when the battery charges and discharges. The difference is that the solid separator also acts as a barrier that keeps lithium dendrites—metallic tendrils that form on lithium metal anodes during charge cycles—from snaking between the electrodes and causing a short circuit.
On November 23, 2020 (“Effective Date”), Applied Minerals, Inc. (“AMI”) and a Korea-domiciled manufacturer of specialty industrial equipment (the “Purchaser”) entered into an Exclusivity and Collaboration Agreement (“Agreement”).
Per the Agreement AMI sold to the Purchaser halloysite clay in situ (Dragon Mine, Eureka, Utah) for total proceeds of USD five hundred thousand ($500,000.00) and AMI will sell to the Purchaser additional halloysite clay in situ for total proceeds of USD five hundred thousand ($500,000.00). This aggregate volume of halloysite clay purchased is defined as the Initial Halloysite Clay Purchase.
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