News / ニュース

 

Highlights:

• Neogen secured a 3-year marketing and distribution license for noco-noco’s X-SEPA™ technology with the eventual objective to manufacture X-SEPA^TM separators in India.
• The combined technological synergies blending noco-noco’s revolutionary X-SEPA™ separator technology with Neogen’s electrolyte, will provide pioneering solutions to a wider clientele.
• noco-noco (NASDAQ: NCNC), aims to swiftly penetrate the rapidly growing Indian electric mobility and energy storage market leveraging on Neogen’s expansive customer network in India’s battery manufacturing sector.

 

Singapore/India, 7^th March 2024 – At the recent 2024 International Rechargeable Battery Expo in Tokyo, Neogen Ionics (India) Ltd, (“Neogen”), a wholly owned subsidiary of Indian listed company, Neogen Chemicals Ltd (NSE: NEOGEN), showcased a range of product offerings for rechargeable batteries and notably, the groundbreaking X-SEPA^TM separator from noco-noco Inc., in a successful exhibition which garnered significant attention and substantial interests.

Earlier in January this year, Neogen and noco-noco Pte. Ltd., (“noco-noco”), a wholly owned subsidiary of noco-noco Inc. (Nasdaq: NCNC), formalized a strategic marketing and distribution memorandum. This agreement paves the way for the introduction of noco-noco’s revolutionary X-SEPA™ battery separator technology into the Indian market, with the ultimate goal for Neogen to manufacture X-SEPA^TM separators domestically.

The alliance aims to harness X-SEPA™’s exceptional performance capabilities to fuel growth in India’s energy storage ecosystem and electric mobility segment.

 

 

Accelerating Market Entry Across a Wide Spectrum of Applications

Over the next three years, noco-noco will collaborate with Neogen as a trusted strategic partner to market and distribute X-SEPA™ products and technology in India. This partnership aims to expedite market penetration and establish a strong presence in the Indian energy storage market and electric mobility market. Leveraging Neogen’s extensive customer network of cell and battery manufacturers nationwide, noco-noco seeks to accelerate the adoption of X-SEPA™ technology across India.

The partnership is strategically timed as India’s lithium-ion battery manufacturers plan substantial expansions, showcasing a significant increase in production capacity. Industry reports project a compound annual growth rate (CAGR) of 22.1% for the Indian lithium-ion battery market, reaching estimated total revenue exceeding US$16 billion by 2031. This collaboration positions noco-noco as a key player in this high-growth market, fostering long-term partnerships and contributing to the sustainable energy storage value chain.

Combining Technologies for Advanced Battery Solutions

The second dimension of this collaboration involves integrating noco-noco’s X-SEPA™ technology with Neogen’s proprietary electrolyte, enhancing rechargeable battery performance.

Neogen, a leading player in battery chemicals in India, specializes in manufacturing lithium-ion battery materials, with an emphasis on electrolytes and lithium salts.

The integration of Neogen’s electrolytes with noco-noco’s groundbreaking X-SEPA™ technology creates a pioneering solution for longer-lasting and more reliable rechargeable batteries, tailored to meet India’s diverse market demands. These demands range from extreme temperature variations during seasons to the need for affordable, long-lasting batteries for widespread 2 and 3-wheeler transportation and extensive energy storage applications.

X-SEPA™’s separator powers batteries to achieve an extended lifespan of 3000 cycles at 60°C and high performance even at 0°C, and resistance to abnormalities at 150°C for an hour, together with Neogen’s electrolytes, the collaboration aims to explore new battery formulations to accelerate X-SEPA™’s adoption and market penetration throughout India.

Said Masataka Matsumura, CEO of noco-noco,

“Collaborating with Neogen, a leading player in India’s battery material industry, represents more than just a business alliance. It signifies a robust partnership dedicated to pioneering technological solutions, addressing the pressing need for sustainable battery applications amidst the burgeoning energy storage demands of over a billion people. We are incredibly enthusiastic about the future, as we work together to enhance corporate value and drive innovation.”

 

Tracing the Journey from Showcase to Collaboration

The inception of this strategic collaboration traces back to the event when Neogen hosted a major industry seminar featuring Dr. Kanamura, the renowned technologist spearheading X-SEPA™ R&D at 3DOM in Japan. This led to the Indian Battery Show in October 2023 where Neogen showcased the X-SEPA™ technology to substantial interest from domestic cell and battery players.

Dr Kiyoshi Kanamura, a well-respected professional in the electrochemical battery research space, pioneered the development of 3DOM separator. He is currently the Emeritus Professor, Faculty of Urban Environmental Sciences Tokyo Metropolitan University (“TMU”).  He has held positions of Associate Professor, Faculty of Engineering, Kyoto University; Associate Professor, TMU and Professor of Applied Chemistry, Graduate School of Engineering, TMU.  He served as the Screening Committee Member of the New Energy and Industrial Technology Development Organization (NEDO), Japan, and have published many scientific papers.

For media inquiries, please email:
mailto: contactus@noco-noco.com

 Read more about noco-noco:
www.noco-noco.com

 

 About noco-noco:

noco-noco Inc. (Nasdaq NCNC) is a technology solutions provider working to accelerate the global transformation to a decarbonized economy. Building its business on X-SEPA™ — the revolutionary battery separator technology developed in Japan and designed for long-lasting and high heat-resistant performance— noco-noco addresses the need for clean, affordable, and sustainable energy storage solutions.

 

Safe Harbor Statement:

This press release contains forward-looking statements within the meaning of section 27A of the U.S. Securities Act of 1933, as amended (the “Securities Act”), and section 21E of the U.S. Securities Exchange Act of 1934 (“Exchange Act”) that are based on beliefs and assumptions and information currently available to noco-noco. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” “target,” “seek” or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, although not all forward-looking statements contain these words. Any statements that refer to expectations, projections, or other characterizations of future events or circumstances, the markets in which noco-noco operates as well as any information concerning possible or assumed future results of operations of noco-noco, are also forward-looking statements. These statements involve risks, uncertainties, and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by these forward-looking statements. Although noco-noco believes that it has a reasonable basis for each forward-looking statement contained in this communication, noco-noco cautions you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. noco-noco cannot assure you that the forward-looking statements in this communication will prove to be accurate. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, the impact of the global pandemic like COVID-19, the outcome of any potential litigation, government or regulatory proceedings, and other risks and uncertainties. There may be additional risks that noco-noco presently does not know or that noco-noco currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by noco-noco and its respective directors, officers or employees or any other person that noco-noco will achieve their objectives and plans in any specified time frame, or at all. The forward-looking statements in this press release represent the views of noco-noco as of the date of this communication. Subsequent events and developments may cause those views to change. However, while noco-noco may update these forward-looking statements in the future, there is no current intention to do so, except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing the views of noco-noco as of any date subsequent to the date of this communication.

 

Binex Inc. and Nissan Motor Co. Ltd. have agreed for Binex to supply bioethanol fuel to Nissan for its in-trial stationary power generation system.

To contribute to carbon-neutral efforts at Nissan’s production plants, Binex plans to start cultivating high-yield sorghum in Japan and abroad, and to supply bioethanol and bio-pellets made from its leaves and stems which are residues after the grains are used as foodstuff.

Binex has been working with the University of Tokyo on sorghum development , which is fast-growing, high-yield and suitable for energy production. These efforts are in line with the company vision of truly solving problems facing humankind, such as food, energy and environmental issues.

Meanwhile, Nissan aims to build a sustainable mobility society. It was the first automaker in the world to create a vehicular propulsion system powered by a solid oxide fuel cell (SOFC) run by bioethanol. Nissan is now applying this SOFC development experience to stationary power generation systems.

The world needs to reduce emissions of CO2 and other greenhouse gases expeditiously to minimize the risks caused by global warming and limit the temperature increase from pre-industrial times to less than 1.5 degrees Celsius. Through this collaboration, Binex aims to expand the use of biomass fuels produced by cascading use of agricultural residues and to promote the decarbonization of electricity used by manufacturers in various fields. Nissan will secure suppliers of biomass fuel to expand use of its SOFC technology to stationary power generation, with the aim to achieve carbon neutrality in the whole vehicle lifecycle, including production.

A press conference was held today at Nissan’s Tochigi Plant, where trials of the stationary power generation system began. Prior to the press conference, Binex CEO Hiromichi Aoki commented: “Binex has secured a large quantity of sorghum F1 seeds in Australia and we can start large-scale cultivation. We are honored that Nissan, which aims at producing environmentally friendly automobiles, has chosen us to partner with them on clean energy supply, and we are committed to meeting their expectations. We will take this opportunity to support the greening of electricity in the manufacturing industry, which is the foundation of the Japanese economy, and contribute to the improvement of the global environment while maintaining and strengthening our international competitiveness.”

Mr. Kazuhiko Murata, corporate vice president responsible for Nissan’s Powertrain Production Engineering and Development said: “There are major changes occurring in the transition from the internal combustion engine to electric vehicles. Nissan is taking up various technological development challenges in new areas, and SOFC power generation is one of our strengths. We will continue to contribute to the promotion of electrification and efforts toward carbon neutrality with Nissan-unique, innovative technologies.”

 

 

Binex Inc.:

Binex was established to earnestly address food, environmental, and energy issues and construct a value chain for biofuel. Binex aims to breed and cultivate sorghum varieties that sequester large quantities of carbon dioxide during growth; supply sorghum grain as a foodstuff; produce and supply biofuel from sorghum residue such as leaves and stalks; provide fuel cells that use biofuel as a hydrogen carrier; utilize biofuel in semiconductor manufacturing, fuels for internal combustion engines, and petrochemical raw materials; and develop additional applications, including chemical products that replace fossil fuels with biomass-derived materials.

URL：https://binex.jp/en/

 

Contact :
Binex Inc.  Koji Ito
Tel: +81 3-6433-5497
Email: k-ito@binex.jp

noco-tech Inc. (“noco-tech”), a technology innovation company under the 3DOM Group, has successfully developed a thinner version of its revolutionary separator technology, “X-SEPA™”. Thinner separators enable more electrode materials (active materials), which determine battery capacity, to be loaded, and by reducing the internal resistance of the battery, energy loss can be suppressed, and high output characteristics can be improved.  In addition, the reduction of internal resistance reduces heat generation in the battery and improves the battery life caused by thermal degradation of the battery components.

Compared with the standard product of noco-tech, the thin-film separator has improved the volume energy density of the battery by approximately 12% and the battery capacity at high output (10C) by approximately 30%.  In the future, the demands for separators are expected to increase for applications requiring light weight and high output, such as electric racing EVs, air mobility (drones, eVTOLs, etc.), electric motor boards, smartphones and power tools.

Through more than eight years of research and development, and by development of manufacturing technology and manufacturing equipment, “X-SEPA™” has already become possible to provide high quality and low cost.  Sample shipments to lithium-ion battery manufacturers around the world started in February 2023.  For battery manufacturers, one of the major features is that they can use the same battery manufacturing facility and components as before, and there is almost no need for new capital investment.

With the successful development of thinner products, we are confident that the scope of applications of “X-SEPA™” will be expanded even further, and that we will be able to contribute to solving industry issues as well as the environmental problems that we are striving to achieve.

Toward realising thinner separator, the separator materials, manufacturing equipment and processes have been improved and optimised, and further diligent development has made it possible to solve the issues and realise the objective.  In the future, we will establish production lines and put in place a system for shipping the thinner X-SEPA™ to companies currently in discussion.

 

About noco-tech:

noco-tech is a battery technology research and development innovator under the 3DOM Group.  Its portfolio includes lithium-ion battery technology, including battery prototypes.  Founded in 2023 in Yokohama, noco-tech is at the forefront of technological breakthroughs including 3DOM’s X-SEPA™ separator technology.
https://noco-tech.com/en

 

For enquiries:

Global PR, 3DOM Alliance Inc.
Email: pr@3dom.co.jp

 

Singapore/India [16 January 2024] – noco-noco Pte Ltd (“noco-noco”), the wholly-owned subsidiary of noco-noco Inc (Nasdaq “NCNC”), and Greenfuel Energy Solutions Pvt Ltd (“Greenfuel”) are pleased to announce the signing of a Memorandum of Understanding (MOU) aimed at revolutionizing India’s clean electric mobility landscape through batteries with superior efficiency, performance, and longevity capabilities.

At the heart of this collaboration, lies noco-noco’s X-SEPA™ separator technology capable of extending the battery life of conventional lithium-ion batteries fivefold, when used with a proprietary electrolyte. Greenfuel is India’s leading provider of clean mobility and energy storage solutions with a 17-year legacy of trust and reliability in the Indian market. As one of the leading suppliers of electric vehicle (EV) components to major automotive manufacturers in India, the company has sold over a hundred thousand batteries powering EVs covering more than 80 million kilometers on grueling Indian roads.

The collaboration avails noco-noco’s groundbreaking separator technology to be embedded into Greenfuel’s EV batteries, enhancing performance and unlocking further use-case opportunities within the battery-related services sector.

 

Synergizing for success

Under the terms of the MOU, noco-noco will supply Greenfuel with cells inbuilt with the X-SEPA™ technology and Greenfuel will manufacture battery packs with these cells. Greenfuel will also spearhead marketing and sales activities in India and Africa, catering to a diverse range of applications including Drone as a Service (DaaS) and Battery as a Service (BaaS) for solutions such as battery swapping.

The collaboration will unfold in multiple phases, with the final manufacturing capacity determined by noco-noco (or its designated third party) supplying 3MWh of the cells on a quarterly basis. This figure would account for a third of noco-noco’s planned in-house 35MWh production capacity expected to launch in 2024 with the acquisition of noco-tech, the R&D company at the forefront of developing the X-SEPA™.

Speaking on the collaboration, Masataka Matsumura, CEO of noco-noco said, “By aligning with Greenfuel, noco-noco is strategically positioned to capitalize on the nascent but growing battery solutions space in India. This collaboration, which combines our ‘all weather’ battery technology with Greenfuel’s leadership in the EV clean energy and transport space, presents a lucrative avenue for revenue growth in India’s surging e-mobility sector. It evidences our business strategy to bring clean electrification solutions to the Indian market. At the same time, it supports our corporate mission to strengthen ground-up decarbonization goals and value chains.”

Akshay Kashyap, MD & Founder, Greenfuel Energy Solutions said, “We are thrilled to announce our strategic partnership with noco-noco, a collaboration that marks a significant leap forward in our commitment to deliver cutting-edge solutions for the electric mobility sector. Our joint efforts are poised to extend the battery life of our two and three-wheeler lithium-ion batteries by more than three times.”

“This revolutionary technology along with meticulously designed battery packs that are proudly made in India can now lower the total cost of ownership of EVs, making them much cheaper than their ICE counterparts. For the first time in India, such value is being offered to customers, aligning seamlessly with our brand’s commitment to a ‘Customer First’ approach to driving technological innovation,” said Mr. Kashyap.

 

Addressing India’s surging electrification needs

The Indian lithium-ion battery market is rapidly growing and, according to analysts, is expected to reach a value of US$ 25,309.59 million by 2031 with a CAGR of 22.1% within the forecast period.

With India aiming to achieve its 500 GW renewable energy capacity target by 2030, the government has projected the energy storage capacity requirement by the same year to be 41.65 GW from Battery Energy Storage Systems (BESS) with storage of 208.25 GWh to address the intermittency of renewable energy and balance the grid.

In addition, the Indian government’s initiatives to electrify its domestic transport are fueling the growing popularity of EVs, and today, 90% of India’s 2.3 million EVs fall under the two- or three-wheeler categories.

In India, electric tricycle rickshaws, a common and affordable mode of public transport, need batteries with 3000 cycle capacities at 45°C. However, the current capacity averages around 1000 cycles.

 

noco-noco’s X-SEPA™ technology allows for 3000 cycles at 60°C while maintaining performance at 0°C. Importantly, it has demonstrated no abnormalities, such as short-circuits or fire-causing swelling, even when cells embedded with the technology were exposed to 150°C conditions for an hour. These technological advancements could provide game-changing EV batteries and energy storage solutions for a country with diverse temperature ranges.

Said Ashok Choudhary, President of the Gas Fuel and Battery Division at Greenfuel, “We are thrilled to embark on a groundbreaking partnership with noco-noco, poised to redefine the landscape of two and three-wheeler battery packs in India. Together, we envision a future where e-mobility vehicles set new standards of quality, reliability, and scalability. The integration of noco-noco’s cutting-edge X-SEPA™ separator technology is a testament to our commitment to sustainable transportation. This collaboration not only strengthens our resolve to provide eco-friendly solutions but also paves the way for a greener, more efficient era in the Indian EV market. We believe this synergy will drive a revolution in the way we power our two and three-wheelers, shaping a cleaner and more sustainable tomorrow.”

Said Mari Matsushita, Chief Product Officer of noco-noco, “India’s transportation sector is witnessing a radical shift with the widespread adoption of EVs emerging as a key strategy to curb carbon emissions and minimize tailpipe pollution.  Extending the lifespan of EV batteries not only encourages adoption but also reduces overall ownership costs for two and three-wheeler operators. Given these dynamics, noco-noco’s expertise is exceptionally well-suited for the unique demands of one of the world’s fastest-growing clean energy and mobility markets.”

 

About noco-noco:

noco-noco Inc. (Nasdaq NCNC) is a decarbonization solutions provider working to accelerate the global transformation to a carbon-neutral economy. From X-SEPA™, a revolutionary battery separator technology designed for long-lasting and high heat-resistant performance, to noco-noco Lease, our leasing platform for green transportation — noco-noco addresses the need for clean, affordable, and sustainable energy solutions. noco-noco is working towards a future where batteries come fitted with IoT devices for data-light, smart energy optimization, and usage. That’s sustainability simplified.

 

About Greenfuel:

Founded in October 2006, Greenfuel Energy Solutions is India’s leading provider of clean mobility and energy storage solutions. With a distinguished legacy of empowering clean mobility solutions for over 17 years, Greenfuel stands tall as a Tier 1 supplier to all major automotive OEMs. It manufactures a range of CNG/hydrogen products, premium lithium-ion battery packs with indigenous battery management systems, and electronic items for both passenger cars and commercial vehicles. The company’s vision is to become the most trusted and reliable provider of clean mobility and energy storage solutions that exceed customer satisfaction.

 

Safe Harbor Statement:

This press release contains forward-looking statements within the meaning of section 27A of the U.S. Securities Act of 1933, as amended (the “Securities Act”), and section 21E of the U.S. Securities Exchange Act of 1934 (“Exchange Act”) that are based on beliefs and assumptions and information currently available to noco-noco. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” “target,” “seek” or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, although not all forward-looking statements contain these words. Any statements that refer to expectations, projections, or other characterizations of future events or circumstances, the markets in which noco-noco operates as well as any information concerning possible or assumed future results of operations of noco-noco, are also forward-looking statements. These statements involve risks, uncertainties, and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by these forward-looking statements. Although noco-noco believes that it has a reasonable basis for each forward-looking statement contained in this communication, noco-noco cautions you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. noco-noco cannot assure you that the forward-looking statements in this communication will prove to be accurate. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, the impact of the global COVID-19 pandemic, the outcome of any potential litigation, government or regulatory proceedings, and other risks and uncertainties. There may be additional risks that noco-noco presently does not know or that noco-noco currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by noco-noco and its respective directors, officers or employees or any other person that noco-noco will achieve their objectives and plans in any specified time frame, or at all. The forward-looking statements in this press release represent the views of noco-noco as of the date of this communication. Subsequent events and developments may cause those views to change. However, while noco-noco may update these forward-looking statements in the future, there is no current intention to do so, except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing the views of noco-noco as of any date subsequent to the date of this communication.

 

For media inquiries, please email:
contactus@noco-noco.com

 

The Company, together with Binex Inc., Biomass Energy Corporation, Mebius Inc. and Future Science Research Inc., concluded a Sale and Purchase Agreement with Sinjia Land Limited as of 31 January 2022 for possible Reverse Takeover involving Binex Singapore (Pte. Ltd.)(BSG), but this time the pertinent parties have mutually agreed to terminate it as of 30 December 2023.

With regard to the strategic growth funding of BSG, other ways and means are currently being considered.

Relating to the release on the new breakthrough with X-SEPA™ announced on 4 December 2023, international media released a great many number of articles covered by 297 media including AP News and India Business Daily.

 

【Major Articles Covered】
AP News
India Business Daily

An article on the disclosure of research data on batteries equipped with X-SEPA™ presented at the 64th Battery Symposium on 30 November was published in the Chemical Daily (Kagaku Kogyo Nippo in Japanese) which covers the entire chemical industry and has more than 130,000 subscribers.

Publication: The Chemical Daily (Kagaku Kogyo Nippo)
Publication Date: 30 November 2023
3DOM Alliance Accelerates Development of Next-Generation Batteries

For details, please click here.

 

Singapore/Japan, 4 December 2023 – noco-noco, the exclusive and indefinite licensee of 3DOM Alliance’s revolutionary X-SEPA™ separator technology, proudly announces new breakthroughs that showcase the immense potential of X-SEPA™ in elevating battery performance to new heights.

Latest data unveiled at the prestigious 64th Battery Symposium in Osaka Japan, presented enhanced battery reliability and resilience achieved by integrating the 3DOM (3-dimensionally ordered macroporous) separator X-SEPA™ with a proprietary liquid-based electrolyte. When such cells were left in an environment of 150°C for one-hour, normal charging/discharging continued, with no cell abnormalities — such as internal short circuits or swelling that can cause battery fires and explosions — observed.

Ongoing tests at 60℃ demonstrate a significantly improved capacity retention rate of approximately 3,000 cycles, compared to conventional electrolytes and separators. The battery also displayed high charging performance in environments below 0℃.

These results indicate that lithium-ion batteries with X-SEPA™ and the new electrolyte can be used in wide ranging temperatures, from low to high, beyond the operating temperature range of ordinary lithium-ion batteries. This development could help eliminate the need for complicated regional strategies for markets with vastly differing climate zones.

The breakthrough implies a performance evolution that approaches the realm of solid electrolyte batteries.

 

Fig : Capacity retention of a secondary lithium-ion test cell embedded with the high-porosity polyamide X-SEPA™ separator, in 60℃ test conditions (Source: 3DOM Alliance 2023)

 

It also stands to serve the needs of fast-growing markets like India, where electric tricycles, a common mode of public transport, require batteries capable of delivering 3000 cycles at 45℃ but current capacity remains limited to 1000 cycles. The latest X-SEPA™ developments hold the potential to open new frontiers in the Indian electric mobility space, including in its ability to significantly extend the leasing windows for such electric vehicles.

 

The impact of battery longevity extends beyond technology. As the costs of lithium-ion batteries decline, concerns over environmental impacts, from over-mining to landfill pollution, intensify. Analysts estimate a mere 5% of the world’s lithium-ion batteries were recycled in 2022, with a projected 8 million tons of waste generated.

 

To mitigate these issues, extending initial battery life not only combats over-production and waste, but also enables second-life applications, especially crucial in regions with irregular electricity access and supports wider renewable energy adoption.

 

These significant achievements come as businesses and nations race to achieve decarbonization targets and meet surging global demand for sustainable electrification solutions.

 

According to some analysts, the global lithium-ion battery market size was valued at USD 70 billion in 2022, and is expected to surpass USD 387 billion by 2032, translating to a CAGR growth of almost 19% over the forecast period 2023 to 2032. In 2022, the Asia Pacific region alone dominated with 47% revenue share of the global lithium-ion battery market, with observers expecting the region to achieve a market size of over USD 52 billion by 2024.

 

Said Masataka Matsumura, CEO of noco-noco, “Such breakthroughs further validate noco-noco’s impending strategic acquisition of noco-tech, 3DOM Alliance’s R&D subsidiary that’s been at the forefront of developing X-SEPA™. noco-tech’s advanced laboratory production capabilities, capacity of 35MWh/year, and state-of-the-art facilities spread over a 3600 sq. meters in Yokohama, Japan, bolster noco-noco’s efforts to meet the escalating demand for sustainable battery solutions.”

 

He stated, “The recent revelations on X-SEPA™ developments at the Battery Symposium signal a turning point in lithium-ion battery technology, with noco-noco at the forefront of this transformative journey.”

 

Technical details of the announcement are available via 3DOM Alliance.

 

 

About noco-noco:

noco-noco Inc. (Nasdaq NCNC) is a decarbonization solutions provider working to accelerate the global transformation to a carbon-neutral economy. From X-SEPA™, a revolutionary battery separator technology designed for long-lasting and high heat-resistant performance, to noco-noco Lease, our leasing platform for green transportation, noco-noco addresses the need for clean, affordable, and sustainable energy solutions. noco-noco is working towards a future where batteries come fitted with IoT devices for data-light, smart energy optimization and usage. That’s sustainability simplified.

 

About 3DOM Alliance: See here

About noco-tech: See here

For enquiries: Please email contactus@noco-noco.com

 

Safe Harbor Statement:

This press release includes forward-looking statements under the U.S. Securities Act of 1933 and the Securities Exchange Act of 1934. These statements are based on current information and beliefs of noco-noco, using words like “may,” “will,” and “anticipate.” They pertain to future events, markets, and noco-noco’s operations. While noco-noco believes in the reasonableness of these statements, they caution about inherent uncertainties. Actual results may differ due to various factors, such as the global COVID-19 impact and potential litigation outcomes. The forward-looking statements don’t guarantee noco-noco’s objectives or plans within any specified time frame. They express views as of this press release and may change with subsequent events. noco-noco may update these statements in the future as required by law, but currently, there’s no intention to do so. Caution is advised in relying on these forward-looking statements beyond the date of this communication.

 

3DOM Alliance Inc. (hereinafter “3DOM”) and noco-tech Inc. (hereinafter “noco-tech”) made presentations on two sets of research data related to the battery characteristics of lithium-ion secondary batteries and next-generation lithium metal secondary batteries equipped with the innovative separator, X-SEPA™, developed by 3DOM, at the 64th Battery Symposium held from November 28 through 30.

 

Presentation 1:  Advancing Lithium Metal Battery Performance by Integrating an Ionic Liquid-based Electrolyte with a 3DOM Separator.

【Outline of the Results】
This study introduced ionic liquid-based electrolyte with high lithium salt concentration into a lithium metal secondary battery by using 3DOM separators and investigated battery characteristics such as lithium deposition and dissolution behaviour and charge-discharge cycle characteristics. Figure 1 shows the charge-discharge cycle characteristics of a lithium metal secondary battery with X-SEPA™, showing a capacity retention of more than 80% even after 500 cycles and excellent lifetime performance in terms of charge-discharge reversibility.

In addition, the use of ionic liquid-based electrolytes, which are more volatile and flame-retardant than conventional flammable organic solvent-based electrolytes, is expected to further improve battery reliability.

 

 

Presentation 2: Development of Long-Life Lithium Ion Secondary Batteries Using 3DOM Separators

【Outline of the Results】
Lithium-ion secondary batteries suffer from a significant reduction in battery life at high temperatures. The Company has been working on extending the service life of these batteries under 60℃ conditions by using a high-temperature-resistant electrolyte with a high boiling point that is resistant to high temperature environments. 　The special feature of this battery is that it combines a high viscosity, high temperature resistant electrolyte, which cannot be soaked up by ordinary polyolefin separators, with high seepage performance X-SEPA™.
In charge-discharge cycle tests currently underway at 60℃, it has been confirmed that batteries with X-SEPA™ and high temperature resistant electrolyte have a significantly improved capacity retention rate at approximately 3,000 cycles compared to batteries with general-purpose electrolyte and separator.

 

In addition, X-SEPA™ has a heat resistance of approximately 400℃ because it uses polyimide as the base material.  Batteries that combine X-SEPA™ with high-temperature-resistant electrolyte maintain their separator function and do not suffer internal short-circuiting in endurance tests at 150℃ for one hour, where internal short-circuiting can occur with polyolefin separators because of shrinkage. The battery also maintained its charging and discharging performance without swelling because of the effect of the high temperature resistant electrolyte.

 

On the other hand, it was also confirmed that the battery has high charging performance in a 0℃ environment and can maintain cycle characteristics while maintaining the same charging conditions as at room temperature. These results show the possibility of realising lithium-ion secondary batteries that can be used in a wide range of temperatures, not only in high-temperature environment but also in low-temperature environment.

Conventional separators are made of polypropylene or polyethylene as raw materials and have the heat resistance temperature of around 120℃. On the other hand, the X-SEPA™ separator technology developed by 3DOM uses polyimide, which has high heat resistance at the 450℃ level and excellent affinity with high-temperature electrolyte. 　According to our research data, lithium-ion batteries that combine X-SEPA™ with a unique high-temperature resistant electrolyte have a service life up to five times longer than conventional batteries under high temperatures of 60℃, and further increases in service life are expected in the future. 　This is expected to lead to large-scale demands in India, Southeast Asia and other regions that have had problems with battery degradation in high-temperature environment. It is also expected to reduce the need for expensive cooling systems and space when designing battery packs, thus significantly reducing the cost of EV battery packaging.

X-SEPA™ can already be supplied at low cost with high quality thanks to the manufacturing process technology and production equipment that have been developed over more than eight years of research and development, and sample supply shipments to lithium-ion battery manufacturers worldwide have commenced from February 2023. Another key feature is that battery manufacturers can use the same raw materials and battery production facilities as before, making it possible to manufacture new high-performance lithium-ion batteries that are completely different from those of the past, with almost no need for new capital investment. Applications of X-SEPA™ are not limited to the automotive sector, but also meet diverse industrial needs, including data center, air mobility and marine applications such as vessels, and X-SEPA™ is expected to be a sustainable energy solution in a wide range of fields.

 

For enquiries:
Global PR, 3DOM Alliance Inc.
Email: pr@3dom.co.jp

SINGAPORE/JAPAN, November 27, 2023 – noco-noco Inc. (NASDAQ: NCNC, “noco-noco”), a decarbonization solutions provider, has announced its intent to acquire 51% of  Assemblepoint Co. Ltd. (“Assemblepoint”), a Japanese electric vehicle (EV) manufacturer with a presence in the Philippines for a consideration of approximately $3.6 million via a share swap arrangement, in a strategic move driven by a shared commitment to address pressing environmental and transportation challenges on a global scale. The acquisition, upon anticipated completion in the first quarter of 2024, is expected to be accretive to revenue growth and earnings in 2024. The proposed acquisition marries noco-noco’s long-lasting and high temperature-resistant battery technology, and Assemblepoint’s rapidly scalable electric “Smart Bus” assembly, where buses are centrally designed in Japan with a commitment to quality and precision, coupled with a locally assembled process at much lower cost.

The Philippines has committed to a 75% reduction in national emissions across key sectors by 2023, but progress has been hampered by bottlenecks like the lack of charging infrastructure and financing to shift to electric vehicles.

This is where the combined strengths of noco-noco’s battery technology and Assemblepoint’s rapid assembly approach synergize to provide transformative solutions to decarbonize the transportation sector.

Figure 1: Assemblepoint’s walk-in van in the Philippines

 

Assemblepoint’s Agile Production Process (APP) allows its team of engineers in Japan to centrally design, project manage, and procure the components and parts for the electric buses, enabling control teams to work with local EV assemblers without the need for heavy equipment and expensive assembly lines typical to in traditional car manufacturing companies. Assemblepoint’s EV buses are designed with swappable battery packs to avoid the long hours needed to charge a bus. The result – a high quality, precision-designed and affordable electric mini-bus that will zip around the congested main roads and through the narrow back roads of the Philippines.

noco-noco’s value proposition lies in its ground-breaking X-SEPA™ battery technology. Under rigorous testing, lithium-ion batteries (LiB) embedded with the X-SEPA™ separator and a proprietary electrolyte have shown a fivefold extension of conventional LiBs at sweltering temperatures of 60°C. This breakthrough is particularly significant, given that typical EV batteries experience performance degradation beyond 35°C. In developing economies like the Philippines, where summer temperatures soared to a scorching 50°C in 2022, such X-SEPA™-enhanced batteries redefine the possibilities of sustainable transportation with battery longevity translating to longer leasing duration and directly lowering leasing fees, a win for both the EV buyer and the lessor. In addition, the solution  presents a feasible redeployment of the swappable batteries for second life use in Battery Energy Storage Systems (BESS)  and a force for good to meet the sustainable  energy needs of remote and economically-vulnerable regions of the country.

Once completed, the acquisition will put noco-noco on track to scale up its leasing business across the region. In time, the company aims to expand its presence into fast growing EV markets like Sri Lanka, Kenya, India and the Middle East. The addressable market opened by the acquisition stands to be substantial, with CleanTechnica  reporting that more than six million EVs are forecast to be on roads in the Philippines by 2030, 600,000 of which are electric buses, commercial vehicles, and equipment.  The acquisition would initiate with the deployment of 28 units and a 29th vehicle earmarked for Sri Lanka, as a starting point.

Masataka Matsumura, CEO of noco-noco said, “The collaboration between noco-noco and Assemblepoint is not just about combining products; it’s about creating a comprehensive offering. Swappable batteries, integrated with emissions reduction strategies, innovative battery solutions, and a battery leasing business model, form the foundation of a symbiotic partnership. Fleet leasing, coupled with carbon credits further enhances this value proposition, creating a holistic solution for customers. This strategic move is underpinned by our end goal of capturing over 10% of the commercial vehicle market in the Philippines by 2030.”

Assemblepoint’s CEO, Takashi Miyashita, said, “Many pilot projects have been implemented in the world, but there are very few examples of successful social implementation and business. To ensure that the vehicle sales are profitable, the manufacturing process must be carefully planned and designed – execution is key with cost management tightly controlled. A projection of more than 2,000 units before the end of 2025 with potential offtakers in the mobility, logistics, and energy industries, and with lean and agile manufacturing processes, we can readily replicate the model and scale rapidly to capture the developing and less developed markets providing affordable solutions that also contributes to an upliftment of welfare and economies.”

Completion of the Sale and Purchase Agreement is subject to customary conditions precedent, which includes satisfactory completion of due diligence, and noco-noco having obtained the approval of its shareholders for the transaction and necessary applicable regulatory consents and approval for the transaction.

 

About noco-noco:

noco-noco Inc. (Nasdaq NCNC) is a decarbonization solutions provider working to accelerate the global transformation to a carbon-neutral economy. From X-SEPA™, a revolutionary battery separator technology designed for long-lasting and high heat-resistant performance, to noco-noco Lease, our leasing platform for green transportation, noco-noco addresses the need for clean, affordable, and sustainable energy solutions. noco-noco is working towards a future where batteries come fitted with IoT devices for data-light, smart energy optimization and usage. That’s sustainability simplified.

See noco-noco.com for more information.

 

About Assemblepoint:

Assemblepoint Co., Ltd. is an EV manufacturer that makes and sells electric minibuses and minivans under its Japanese brand in the Philippines. Assemblepoint completed its prototype in 2018, and as of 2023, has already delivered vehicles to public buses operators, logistics companies, etc., and has products running on public roads. Assemblepoint is developing business with a focus on the ASEAN region, where the shift to EVs is rapidly advancing.

 

For enquiries:
contactus@noco-noco.com

 

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