Graphene Manufacturing Group Ltd. has provided an update regarding the patent status of the associated Graphene Aluminium-Ion Battery (“G+AI Battery“) technology.
GMG’s partner, UniQuest Pty Limited (“UniQuest“), has filed a global patent application for the G+AI Battery under the Patent Corporation Treaty following an initial filing on November 25, 2020. The patent application is an important step in securing the intellectual property and global commercialisation rights for the G+AI Battery technology that GMG has rights to develop and deploy.
As reported on April 22nd 2021, GMG is developing G+AI Battery technology with the University of Queensland (or “UQ“) and has entered into a licence agreement dated February 26, 2021 with UniQuest Pty Limited (“UniQuest“), an entity which commercialises research work done by the University of Queensland. The Licence Agreement has a term of 20 years or longer, should patents remain in place in certain countries. Under the terms of the Licence Agreement, GMG will pay for certain patent costs as they arise and will pay Uniquest a minimum royalty on sales of G+AI Batteries.
GMG CEO, Craig Nicol, commented: “This PCT application is another important milestone for GMG. Apart from securing the IP and global commercialisation rights, it also further cements our long-term partnership with the University of Queensland and Uniquest to develop the G+AI battery, which continues to progress well.”
As disclosed in GMG’s prospectus dated March 31, 2021, GMG and the University of Queensland entered into a research agreement dated February 26, 2021, pursuant to which both parties are working collaboratively with financial support from the Australian Government to progress research and development, and ultimately the commercialization of G+AI Batteries.