Saint Jean Carbon Inc., Calgary, Alberta, Canada, (TSX-V: SJL) has closed the acquisition of Solid Ultrabattery Inc., (“SUB”), a private Ontario company involved in the research and development of solid state batteries. Saint Jean funded the Acquisition by issuing 22 million common shares in the capital of the Company at a price of $0.06 per Common Share for a deemed aggregate purchase price of CAD $1,320,000.
Dr. Zhongwei Chen, Canada Research Chair at the University of Waterloo, is a leading researcher in solid state battery technology. His company (SUB) has made prototypes of this battery and is currently validating the technology as he continues to advance his formulations to commercialization. The goal is to develop a state of the art battery design which exceeds the performance of existing technologies. Dr. Chen was appointed to the Board of Directors of Saint Jean on the closing of the Acquisition and will continue to lead the research and development (R&D) efforts at SUB. Saint Jean, in close collaboration with Dr. Chen, is currently planning to commission a prototype battery R&D facility near the Waterloo region. Further information on this development will be announced shortly.
About Saint Jean Carbon
Saint Jean Carbon is a publicly traded carbon science company, with specific interests in energy storage and green energy creation and green mining methods, with holdings in mining claims in the province of British Columbia in Canada.