InvestmentPitch Media Video Discusses EEStor Corporation's LOI to Acquire FWG Ltd. and New Non-Brokered Private Placement - Video Available on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - November 15, 2019) - EEStor Corporation (TSXV: ESU) has signed a letter of intent to acquire the outstanding share capital of FWG Ltd. EEStor, a developer of high energy density solid-state capacitor technology utilizing the company's patented Composition Modified Barium Titanate (CMBT) material, is focused on licensing its technology across a broad spectrum of industries and applications.
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Based in Canterbury, UK, FWG (www.FWGltd.co.uk) is involved in research and development and commercial activities related to capacitor, battery and hybrid electrical energy storage devices, including carbon and graphene-based technologies. Future integration of EEStor's patented CMBT materials and FWG's proprietary technologies using graphene and carbon-based materials potentially offers significant commercialization opportunities for the combined company.
Robert Murray-Smith, Co-Founder and CEO of FWG, stated: "The team at FWG is excited by this transaction and the multitude of opportunities that the combined enterprise addresses. From the immediate replacement technology of antiquated lead acid batteries to the near-endless requirements for sustainable and scalable grid storage applications, we have spent the last six years refining our solutions to meet global demand."
EEStor anticipates issuing 46,750,000 common shares to the shareholders of FWG, with FWG continuing as a wholly owned subsidiary of EEStor. These shares will represent 25% of the outstanding share capital of EEStor following completion of the acquisition, which is subject to customary due diligence and approvals. Independent third-party certification is scheduled with both the National Physical Laboratory of Great Britain and with Intertek Inc. to ensure that the performance characteristics of the technology are fully validated and disclosed.
Ian Clifford, Founder and CEO of EEStor, stated: "The acquisition and merger of FWG into EEStor represents a strategic and accretive integration for both companies. The mission and ethos of FWG and EEStor are synergistic. The imperative for sustainable and globally scalable electrical energy storage has never been so evident. The acquisition of FWG will allow for the targeted rollout of specific types of energy storage to address the most dynamic needs globally. Included in the initial targets is the replacement of the ubiquitous Group 27 lead acid battery with a carbon-based battery that matches or surpasses the storage, operational and economic performance of lead acid without any of the catastrophic environmental implications."
Robert Murray-Smith added: "The FWG battery uses doped carbon structures in a bipolar arrangement in order to produce a compact device with energy density in the region of lead acid, that is around 50 - 60Wh/kg (watt hours per kilogram) depending on size and physical structure. The unique points of the battery are not so much the energy density, which is more than acceptable to compete head to head with lead acid, but rather in the cost of production, which has been reduced significantly meaning that the cost of producing our devices are well below all other currently manufactured energy storage technologies. This significant reduction in finished product costs has been achieved through the use of dry electrode manufacturing techniques, bipolar cell arrangement and the use of carbon, a readily available, inexpensive active material. It is envisioned that this generation of our battery can compete very effectively in the lead acid battery space, which currently accounts for around 55% of the entire global battery market."
EEStor announced a non-brokered private-placement of up to 7 million units priced at $0.05 per unit to raise up to $350,000. Each unit consists of one share and one warrant, with the warrant exercisable at $0.10 for 24 months.
The funds will be used to rapidly advance third-party certification of the technologies, for investor relations activities and for general working capital purposes. The acquisition is not contingent on completion of the financing, but EEStor does anticipate requiring additional working capital prior to completion of the acquisition.
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