JOHANNESBURG - Mining company Anglo American Platinum said on Monday it and Platinum Group Metals Ltd had launched a new venture, Lion Battery Technologies, to accelerate the development of next-generation battery technology using platinum and palladium.
"The possibility of creating additional demand for platinum and palladium in the battery technology space is an exciting development and of strategic importance to both parties," Amplats said in a statement.
"The new venture, Lion, has entered into an agreement with Florida International University to further advance a research programme that uses platinum and palladium to unlock the potential of Lithium Air and Lithium Sulfur battery chemistries to increase their discharge capacities and cyclability."
It said Lion would have exclusive rights to all intellectual property developed and would lead all commercialisation efforts.
Lion was also reviewing several additional and complementary opportunities focused on developing next-generation battery technology using platinum and palladium.
This new generation of lightweight, powerful batteries had the potential to grow to scale on the back of the attractiveness of battery electric vehicles and the use of lithium batteries in other applications beyond mobility, Amplats said.
The company's executive head of market development Benny Oeyen said the early-stage technology aligned with Amplats' broader strategy to bring new technologies to market that would help it secure future demand for its platinum group metals and pave the way to a more sustainable energy future.
"Our commitment to market development is underscored by our relationship with AP Ventures, of which we are a cornerstone investor and who is a potential investor in this technology as it matures," Oeyen said.
Platinum Group Metals CEO Michael Jones said developing new applications for platinum group metals was key to ensuring long-term sustainable demand, which would be important to the future success of its large-scale Waterberg palladium and platinum mining project in South Africa.