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Partnership with Foxconn backed Giga Solar will accelerate U.S. manufacturing and commercialization
DALLAS, Nov. 25, 2024 /PRNewswire/ -- Solidion Technology, Inc. (NASDAQ: STI), an advanced battery materials provider is excited to announce the signing of a strategic Memorandum of Understanding (MOU) with Giga Solar Materials Corp., materials manufacturer out of Taiwan. The partnership represents a significant step forward in accelerating the production of innovative Silicon Oxide (SiOx) anode materials in the United States and playing a leading role in securing a robust lithium battery materials supply chain in North America.
Leveraging Solidion's 550+ patent portfolio and advanced R&D capabilities, the collaboration with Giga Solar, and the previously announced partnership with Bluestar Materials Company, will focus on a total solution of high-quality SiOx anode materials. Foxconn, the global electronics manufacturer contracted by Apple among many others, previously invested $36 million through Giga Storage Corp, a subsidiary in an EV partnership with Giga Solar. Silicon and Silicon Oxide are now viewed by many as a more favored solution for battery technology over solid-state technology.
These advanced materials offer a fivefold increase in specific capacity compared to traditional graphite anodes, while maintaining safety and stability, a critical step forward for improving the energy density and performance of lithium-ion batteries. Enhanced anode technology like this is vital to extending the durability and range of electric vehicles (EVs), addressing one of the most significant challenges in the EV industry.
The MOU also positions Solidion and Giga Solar, who already have approximately 100 Metric Tons per Annum (MTPA) capacity in Taiwan, to explore U.S. based manufacturing opportunities and market strategies for commercializing advanced SiOx solutions. With the growing demand for EVs and energy storage systems, Silicon Oxide is emerging as a preferred anode material, offering significant advantages over conventional battery technologies.
"The agreement highlights Solidion's commitment to driving innovation in the energy storage sector. By collaborating with Giga Solar, we are accelerating the introduction of advanced silicon-based solutions that not only enhance battery performance but also strengthen our ability to meet the growing market demand," said Jaymes Winters, CEO of Solidion Technology, Inc. "This partnership is a testament to our dedication to delivering battery solutions that prioritize efficiency, durability, and sustainability."
Solidion's partnership with Giga Solar is expected to bring significant benefits, including:
- The industrialization of an optimized production process for SiOx anodes.
- The potential to reduce production costs through innovation and collaboration.
- The establishment of a robust supply chain for SiOx materials in the U.S. market.
- Enhanced opportunities to capture market share in the growing EV and energy storage industries.
For more information, please visit www.solidiontech.com or contact Investor Relations.
About Solidion Technology
Headquartered in Dallas, Texas with pilot production facilities in Dayton, Ohio, Solidion's (NASDAQ: STI) core business includes manufacturing of battery materials and components, as well as development and production of next-generation batteries for energy storage systems and electric vehicles for ground, air, and sea transportation. Solidion holds a portfolio of over 550 patents, covering innovations such as high-capacity, non-silane gas and graphene-enabled silicon anodes, biomass-based graphite, advanced lithium-sulfur and lithium-metal technologies.
About Giga Solar Materials Corp.
Headquartered in Hsinchu, Taiwan, with production facilities in both Taiwan and China, Giga Solar's (3691.TWO) core business includes the manufacturing of conductive paste for PV cells and electronic components. Being one of the top 3 conductive paste manufacturers, Giga Solar also focuses on the development and production of next-generation materials for battery applications.
About Bluestar Materials Company
Bluestar Materials Inc. is a materials and process design company founded by Professor Chung-Wen Lan at National Taiwan University (NTU), specializing in developing production technologies for next-generation battery materials. The company's first silicon monoxide (SiO) production facility has been successfully implemented and is currently utilized by Giga Solar. Additionally, innovative and cost-effective technology for amorphous silicon is under development.
Forward-Looking Statements
This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of Solidion's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause Solidion's actual results to differ materially from those described in the forward-looking statements can be found in Solidion's Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024, which have been filed with the Securities and Exchange Commission and are available on Solidion's website, and on the Securities and Exchange Commission's website (www.sec.gov). Solidion does not undertake to update any forward-looking statements.
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