II-VI Incorporated Awarded IARPA Development Contract for High-Energy Rechargeable Lithium Batteries in Partnership with EaglePicher Technologies

Rhea-AI Summary

II-VI Incorporated (Nasdaq: IIVI) has secured a multimillion-dollar contract from the U.S. IARPA to develop advanced lithium batteries under the RESILIENCE program. This partnership with EaglePicher Technologies aims to create portable power solutions for challenging environments. II-VI's innovative cathode technology promises to enhance energy storage density and improve charging rates while eliminating cobalt usage. The technology is anticipated to cater to various sectors, including automotive, clean energy, and consumer electronics.

Positive

• Awarded multimillion-dollar development contract by U.S. IARPA.
• Innovative cathode technology enhances lithium battery energy storage density.
• Cobalt-free technology aligns with sustainability goals.
• Potential market applications across diverse sectors including automotive and energy.

Negative

• None.

PITTSBURGH, Oct. 21, 2021 (GLOBE NEWSWIRE) -- II‐VI Incorporated (Nasdaq: IIVI), a leader in engineered materials, today announced that it was awarded a multimillion-dollar development contract for high-energy rechargeable lithium batteries by the U.S. Intelligence Advanced Research Projects Activity (IARPA), under the multiyear Robust Energy Sources for Intelligence Logistics In Extreme, Novel, and Challenging Environments (RESILIENCE) program, and in partnership with EaglePicher Technologies.

The goal of RESILIENCE is to develop portable power solutions for electronics and systems that operate in demanding operational environments for years. Under the program, II-VI’s differentiated cathode technology will enable high-energy rechargeable lithium batteries that greatly exceed the energy storage density of lithium batteries currently available in the market. II-VI’s battery cells utilize highly loaded chalcogen cathodes that leverage II-VI proprietary carbon hosts, electrolyte chemistries, and thick-film coatings. Additionally, II-VI’s cathode technology enables industry-leading charging and discharging rates and is free of cobalt, a designated conflict mineral.

“We are excited to begin working closely with IARPA to bring to market our breakthrough battery materials technology,” said Dr. Chris Koeppen, Chief Technology Officer, II-VI Incorporated. “We believe that this technology will have a significant impact on markets beyond aerospace and defense, in a broad range of rapidly growing applications, including the electrification of vehicles and the transportation infrastructure, clean and renewable power storage for energy utilities and microgrids, portable consumer electronics, wearable devices for health monitoring and public safety, and harvested energy storage for the commercial and industrial internet of things.”

“As a well-established and leading supplier of batteries for demanding environments in mission-critical applications, we are uniquely positioned to support this program,” said George Cintra, Chief Technology Officer, EaglePicher Technologies. “By combining II-VI’s expertise in engineered materials with our experience in volume manufacturing, we will deliver highly differentiated batteries in time to meet the rapidly growing demand in multiple markets.”

II-VI’s cathode technology can be tailored to the application by adjusting the mix of sulfur and selenium: Greater sulfur content maximizes energy storage, while greater selenium content maximizes power delivery and reduces charging time.

About II-VI Incorporated

II-VI Incorporated, a global leader in engineered materials and optoelectronic components, is a vertically integrated manufacturing company that develops innovative products for diversified applications in communications, industrial, aerospace & defense, semiconductor capital equipment, life sciences, consumer electronics, and automotive markets. Headquartered in Saxonburg, Pennsylvania, the Company has research and development, manufacturing, sales, service, and distribution facilities worldwide. The Company produces a wide variety of application-specific photonic and electronic materials and components, and deploys them in various forms, including integrated with advanced software to support our customers. For more information, please visit us at www.ii-vi.com.

CONTACT:

Mark Lourie Vice President, Corporate Communications corporate.communications@ii-vi.com www.ii-vi.com/contact-us

FAQ

What is the recent contract II-VI Incorporated was awarded?

II-VI Incorporated was awarded a multimillion-dollar contract by the U.S. IARPA to develop high-energy rechargeable lithium batteries.

What is the goal of the IARPA RESILIENCE program?

The goal of the RESILIENCE program is to develop portable power solutions for electronics operating in demanding environments.

What technology will II-VI utilize for its battery development?

II-VI will utilize its differentiated cathode technology, which significantly improves energy storage density and charging rates.

How does II-VI's cathode technology benefit its batteries?

The cathode technology allows for enhanced energy storage and charging capabilities, while being free from cobalt.