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The Coretec Group Applauds Passage of U.S. Federal Spending Bill and Impact on Electric Vehicles
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
The Coretec Group, Inc. (OTCQB: CRTG) welcomes the U.S. 2022 federal spending bill, which allocates funding for energy efficiency and battery technology research, particularly for electric vehicles. The company is focused on developing a silicon-based anode for lithium-ion batteries, boasting a 10x increase in charge capacity compared to traditional graphite. CEO Matthew Kappers highlights the funding opportunities from the Department of Energy that align with Coretec's goals in energy storage and electric vehicles. The company aims to enhance battery performance and lifespan through innovative silicon materials.
Positive
Federal funding supports research and development for battery technology.
Opportunity for participation in DOE programs enhances growth potential.
Silicon anode development improves cycling stability and energy capacity.
Negative
Market conditions and competition may impact funding effectiveness.
Dependence on government programs for funding could pose risks.
ANN ARBOR, Mich.--(BUSINESS WIRE)--
The Coretec Group, Inc., (OTCQB: CRTG), developers of engineered silicon, a lithium-ion battery with a silicon-anode, and 3D volumetric displays, applauds the passage of the U.S. 2022 federal spending bill.
The Coretec Group is pleased to see the inclusion of programs to expand on energy efficiency, improve transportation infrastructure, and advance the science necessary to achieve goals in the transition to clean energy and transportation. In particular, the bill provides funding for research and development to improve battery technology for electric vehicles.
In particular, The Coretec Group believes its progress in developing a lithium-ion battery with a unique silicon-based anode will improve battery cycling stability, extending battery lifespans and the capability to hold more energy. The 10x increase in charge capacity in silicon compared with the traditional graphite anode has been the main driver for silicon-anode development. The inherent greater energy density available in silicon and silicon-composite anodes will improve battery performance in applications such as electric vehicles, mobile devices and space exploration. The Coretec Group is using cyclohexasilane (CHS) and similar molecules to uniquely tailor the kinds of silicon materials in such an anode.
“This bill makes available funding for battery development,” said CEO Matthew Kappers. “We see opportunities for The Coretec Group to participate in several of the programs highlighted in the Department of Energy’s portion of the bill, including advancing the science necessary for advancements in electric vehicles as well as energy storage in general.”
About The Coretec Group
The Coretec Group, Inc. is developing a portfolio of engineered silicon to improve energy-focused verticals, including electric vehicle and consumer batteries, solid-state lighting (LEDs), and semiconductors, as well as 3D volumetric displays and printable electronics. The Coretec Group serves the global technology markets in energy, electronics, semiconductor, solar, health, environment, and security.
The statements in this press release that relate to The Coretec Group’s expectations with regard to the future impact on the Company’s results from operations are forward-looking statements and may involve risks and uncertainties, some of which are beyond our control. Such risks and uncertainties are described in greater detail in our filings with the U.S. Securities and Exchange Commission. Since the information in this press release may contain statements that involve risk and uncertainties and are subject to change at any time, the Company’s actual results may differ materially from expected results. We make no commitment to disclose any subsequent revisions to forward-looking statements. This release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity.
