Meta Materials Signs Joint Development Agreement for Battery Materials with a Global OEM

Rhea-AI Summary

Meta Materials Inc. (NASDAQ:MMAT) has entered a joint development agreement for its NPORE® battery separator materials with a leading global battery OEM. NPORE® offers superior stability with minimal heat shrinkage, addressing thermal runaway issues common in conventional separators. The battery materials market is expected to grow from $16.7 billion in 2022 to $31.7 billion by 2026, indicating a CAGR of 17%. In addition to NPORE®, META is also developing NCORE™ current collectors to enhance battery safety and efficiency. The growth potential in this sector reflects substantial interest in META's innovative solutions for sustainable battery production.

Positive

• Joint development agreement with a top global battery OEM for NPORE® separators.
• NPORE® showcases superior thermal stability, reducing risks of battery failures.
• Battery materials market projected to grow significantly, from $16.7B (2022) to $31.7B (2026).
• Development of NCORE™ current collectors for enhanced battery efficiency.

Negative

• None.

HALIFAX, NS / ACCESSWIRE / March 20, 2023 / Meta Materials Inc. (the "Company" or "META®") (NASDAQ:MMAT)(FSE:MMAT), a developer of high-performance functional materials and nanocomposites, today announced that it has signed a joint development agreement for NPORE® battery separator materials with a confidential global Top 10 battery OEM.

NPORE® is a free standing, flexible separator which is made with a ceramic nanomaterial that provides best-in-class dimensional stability with less than 1% heat shrinkage up to 220° C, to help inhibit thermal runaway. Conventional plastic separators significantly shrink at elevated temperatures, which can cause thermal runaway and battery failures. NPORE® features pore sizes less than 100 nanometers, with a very narrow pore size distribution. META is able to tailor the properties of the separator by changing its thickness, porosity, and size of the pores.

"We are excited to see our battery team led by Dr. Steve Carlson, who has spent two decades pioneering technologies to make batteries safer, partnering with one of the top battery OEMs in the world to jointly develop and adapt NPORE® as a separator solution," said George Palikaras, President and CEO of META. "The battery materials market is one of the largest market segments META is addressing, growing from an estimated $16.7B in 2022, to $31.7B by 2026, a CAGR 17%, according to Yano Research and other market data sources. We see strong interest in our solution for safer, more efficient and sustainable batteries, and we look forward to this global partnership."

In addition to NPORE® metamaterial separators, META is developing NCORE™ current collectors, for increased safety, efficiency, and sustainability. Fabricated with proprietary PLASMAfusion® vacuum deposition technology, NCORE™ requires up to 96% less copper material and is thinner compared to solid copper foils, with a fuse-like feature for enhanced safety. Reduced weight and thickness can increase energy density and vehicle range, while lower copper content makes battery production and recycling more sustainable. META is commercializing NCORE™ in partnership with DuPont Teijin Films and Mitsubishi Electric Europe. NCORE® will be presented at the International Battery Seminar, March 20-23, Orlando, Fla., and has been chosen as a finalist in the inaugural Best of Show awards program, recognizing the best new products in the battery space.

To learn more about META's battery materials, click here, or visit booth 917 at the International Battery Seminar.

About Meta Materials Inc.

META® delivers previously unachievable performance, across a range of applications, by inventing, designing, developing, and manufacturing sustainable, high-performance, functional materials, components, and systems. Our extensive technology platform enables leading global brands to deliver breakthrough products to their customers in consumer electronics, 5G communications, health and wellness, aerospace, automotive, and clean energy. Our nano-optic metamaterial technology provides anti-counterfeiting security features for government documents and currencies and authentication for brands. Our achievements have been widely recognized, including being named a Lux Research Innovator of the Year in 2021. Learn more at www.metamaterial.com.

Media Inquiries

Rob Stone
Vice President, Corporate Development and Communications
Meta Materials Inc.
media@metamaterial.com

Investor Contact

Mark Komonoski
Senior Vice President
Integrous Communications
Phone: 1-877-255-8483
Email: ir@metamaterial.com

Forward Looking Information

This press release includes forward-looking information or statements within the meaning of Canadian securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, regarding the Company, which may include, but are not limited to, statements with respect to the ability of the Company to continue to meet the Nasdaq requirements to maintain a Nasdaq listing, the business strategies, product development, expansion plans and operational activities of the Company. Often but not always, forward-looking information can be identified by the use of words such as "pursuing", "potential", "predicts", "projects", "seeks", "plans", "expect", "intends", "anticipated", "believes" or variations (including negative variations) of such words and phrases, or statements that certain actions, events or results "may", "could", "should", "would" or "will" be taken, occur or be achieved. Such statements are based on the current expectations and views of future events of the management of the Company and are based on assumptions and subject to risks and uncertainties. Although the management of the Company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the Company, the capabilities of our facilities and the expansion thereof, research and development projects of the Company, the total available market and market potential of the products of the Company, the market position of the Company, the need to raise more capital and the ability to do so, the scalability of the Company's production ability, capacity for new customer engagements, material selection programs timeframes, the ability to reduce production costs, enhance metamaterials manufacturing capabilities and extend market reach into new applications and industries, the ability to accelerate commercialization plans, the possibility of new customer contracts, the continued engagement of our employees, the technology industry, market strategic and operational activities, and management's ability to manage and to operate the business. More details about these and other risks that may impact the Company's businesses are described under the heading "Forward-Looking Information" and under the heading "Risk Factors" in the Company's Form 10-K filed with the SEC on March 1, 2022, with an SEC filing date of March 2, in the Company's Form 10-Q filed with the SEC on November 9, 2022, and in subsequent filings made by Meta Materials with the SEC, which are available on SEC's website at www.sec.gov. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on any forward-looking statements or information. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Company does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except to the extent required by law.

SOURCE: Meta Materials Inc.

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FAQ

What is the joint development agreement signed by MMAT?

Meta Materials Inc. signed a joint development agreement for its NPORE® battery separator materials with a leading global battery OEM.

How does NPORE® benefit battery technology?

NPORE® offers best-in-class dimensional stability and less than 1% heat shrinkage, which helps prevent thermal runaway in batteries.

What is the expected growth of the battery materials market?

The battery materials market is expected to grow from approximately $16.7 billion in 2022 to $31.7 billion by 2026.

What innovations is MMAT developing for batteries?

Meta Materials is also developing NCORE™ current collectors, which enhance safety and efficiency by requiring less copper.