Meta Materials Inc., a developer of high-performance functional materials and nanocomposites, signed a definitive agreement to acquire substantially all of the assets and intellectual property, including 67 issued and 22 pending patents, of Optodot Corporation for an aggregate of $48.5 million, comprising $3.5 million in cash and $45 million of META shares of common stock.
Optodot is a developer and licensor of nano-composite battery separators and infrared optical coating technologies, based in Devens, Massachusetts. The acquisition is expected to close in June, subject to customary closing conditions and regulatory approvals.
META’s Advanced Materials and Battery Products group will continue joint development, licensing, and manufacturing scale-up of Optodot’s technology in partnership with leading OEMs. Optodot products can be combined and coated with META’s PLASMAfusion technology, and META plans to expand capacity at its facility in Thurso, Québec.
META will strengthen its proprietary portfolio of battery materials with NPORE nano-composite ceramic separators to enhance safety, performance, and cost in electric vehicles. Additional potential applications for NANOPORE nanoporous membrane technology include ultrafiltration and medical metamaterial devices.
George Palikaras, President and CEO META, states: “The race to electrification and a new world in which electricity replaces gasoline and diesel is just getting started. Consumers want EVs with increased range and rapid charging to get back on the road quickly. Batteries need to be reliable and safe, while reducing cost to drive wider adoption. Optodot has developed disruptive, high-performance ceramic nanomaterials in partnership with leading battery and medical equipment OEMs. Through this strategic acquisition, META expands its nanomaterials library and core expertise to address key challenges in battery safety and other applications, opening multi-billion-dollar markets.”