This agreement follows the Company’s previous announcement that it had successfully completed the laboratory phase of its silicon alloy nanocomposite anode material development with data suggesting its technology can achieve significantly higher capacity with lowered costs. The Company has also recently commenced the engineering phase that focuses on designing and testing the electrodes based on the Company’s anode material, as well as full cell design and evaluation with commercially available high capacity cathodes.

BioSolar, with its proprietary technology relating to silicon alloy nanocomposite anode material for lithium ion batteries, believes Top Battery is a natural fit as a developmental partner. Top Battery possesses experience in incorporating technologies such as BioSolar’s anode material, and in designing and manufacturing lithiumiion electrodes, cells and battery systems for customers. BioSolar and Top Battery have agreed to ongoing, collaborative efforts to assess, develop, manufacture, and/or market high power high energy lithium ion batteries integrating BioSolar technology and Top Battery technology.

“We are excited to partner with BioSolar, a company whose technology represents tremendous upside in the field of lithium-ion battery manufacturing,” said Dr. Whan Jin Roh, CEO of Top Battery. “We are hopeful that BioSolar’s focus on silicon alloy nanocomposite anode material development will yield results that ultimately reduce costs and improve efficiencies, a series of objectives that would immediately be of interest to the global market.”

“We are pleased to have Top Battery as a development partner, given their experience in incorporating innovative and developing technologies such as our own, and bringing them to market,” said Dr. David Lee, CEO of BioSolar. “We are confident that this partnership and its subsequent results will continue to demonstrate not only higher performance but also better price points, strengthening BioSolar’s commercial viability and market potential.”