Henderson, Nevada, USA, June 17, 2021 - Lithion Battery Inc. (“Lithion” or the “Company”) is pleased to announce that it has entered into a license agreement (“License” or “License Agreement”) with K2 Energy Inc. (“K2”) providing Lithion with perpetual access to produce certain K2 lithium iron phosphate (“LFP”) cells. Concurrent with entering into the License Agreement, Lithion and K2 have executed a definitive agreement which will see Lithion acquire all assets and intellectual property related to K2’s military product line (“Transaction”). The Transaction is subject to regulatory approval and is anticipated to close before the end of 2021. This Transaction represents Lithion’s third acquisition in past six months as the Company continues to aggressively expand its comprehensive battery solutions portfolio.
For over twelve years, K2 has produced both energy and power optimized LFP batteries used in advanced military and industrial applications. The Licence provides Lithion access to the established and proven K2 LFP cell technology and will accelerate Lithion’s development of next-generation, high performance cells and domestically manufactured LFP cells for military and industrial customers.
As part of Lithion’s ‘electrification of everything else’ strategy, Lithion will manufacture and supply cells out of Lithion’s state-of-the-art manufacturing facility located in Henderson, Nevada. Domestically produced cells and battery modules will allow Lithion to reliably meet the demands of customers while continuing to develop evolving technologies.
Lithion is a vertically integrated manufacturer of cells and rechargeable and non-rechargeable battery packs and modules serving industrial, medical, robotic, military / defense and energy end-markets. Lithion works closely with original equipment manufacturers and end users to provide custom and high-quality power solutions for critical applications where reliability is paramount.