Hong Kong-based Lithium Energy (HK) Technology (LiET) said Monday it is close to finalising an agreement through which it would raise up to USD 20 million (EUR 18m) for its ongoing battery developments.
The company has been holding talks with an unnamed private equity group since February 2016. Now that the negotiations are coming to an end, LiET plans to make them public in the coming weeks, or even days, according to the press statement.
“It has certainly been a much shorter process than we expected, but with the sky high lithium prices and global demand for a new type of battery solution, our technology makes a compelling case and the group recognised the implications and applications our battery technology provides,” president and CEO, Henry Chan, said.
LiET claims that its new battery can overcome many of the problems of common lithium ion (Li-ion) batteries. The commercialisation of its technology is expected to significantly enhance the performance of portable electronic devices, electric vehicles and renewable energy storage systems.