Daymak Announces Strategic Partnership With Extreme Vehicle Battery Tech

- Advertisement -
- Advertisement -

As per the terms of the Agreement, Daymak will issue the option to purchase 360,000 common shares in the capital of Daymak to EV Battery Tech’s wholly owned subsidiary IoniX Pro Battery Technologies Corp

Daymak announced that it has signed a partnership agreement with Extreme Vehicle Battery Technologies Corp. Extreme Vehicle Battery Technologies Corp. is a blockchain and battery technology company with patented Battery Management Systems (BMS).

“We are honored to be working with the #1 distributor in Canada,” says EV Battery Tech CEO Bryson Goodwin. “Daymak has a great line up of products and the synergies between our technologies will work extremely well in powering present and future products together.”

- Advertisement -

The deal goes into effect immediately and has a term of 5 years, with an automatic renewal for 1-year terms. We can expect to see EV Battery Tech’s products incorporated into Daymak’s product line sometime in late Q2 of this year. While the Agreement’s intention is for EV Battery Tech to be the exclusive provider of batteries and battery packs, Daymak has the right to seek an alternative quote if Daymak and EV Battery tech cannot agree on commercial terms, however EV Battery Tech will still have the right of first refusal to match the commercial terms of any competing bid for the supply of such systems.

As per the terms of the Agreement, Daymak will issue the option to purchase 360,000 common shares in the capital of Daymak to EV Battery Tech’s wholly owned subsidiary IoniX Pro Battery Technologies Corp., at an exercise price of $5.56 per share. Further to the terms of the Agreement, the Company will issue Daymak warrants to purchase 10,000,000 common shares of the Company at an exercise price of $0.20 per share, subject to a vesting schedule and compliance and rules and policies of the Canadian Securities Exchange.

“Our partnership on products and technology will create amazing synergies and I believe our collaboration will produce many exciting results and products now and into the future.” concluded Baiocchi.

- Advertisement -

Related Artcles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Exclusive

5G RedCap To Transform IoT Module Shipments

0
Over 60% of IoT module shipments will originate from the Asian & Oceania region. Automotive sector is expected to be a significant driver. The...
XR Headset Quest 3, Meta

Global XR Headset Shipments See A Major Decline, Sony Rises

0
Sony grabbed a market share of 24% in 2023 up from 1% in 2022. Bulky form factor, and lag, hinder adoption by serious...

Indian PC Market Grows 4% In Q4 2023, Local Manufacturing Efforts Ramp Up

0
IT procurement by enterprises and SMBs, delayed in the first half of 2023, is starting to take place and is expected to accelerate...

Buzz

Tenstorrent- RISC V cores

MosChip Collaborates With Tenstorrent For Advanced RISC-V Cores

0
Tenstorrent has selected Moschip due to their tape out expertise in design services. India’s MosChip Technologies has announced partnership with computing company Tenstorrent and to...

BYD Aims For 20% Increase In Yearly EV Sales

0
The company is targeting sales of 500,000 vehicles internationally this year, over twice the amount sold last year, and aims to increase that figure...

RRP Electronics To Invest ₹5000 Cr In OSAT and R&D In Maharashtra

0
Cricket legend Sachin Tendulkar is investing in this semiconductor facility. Such celebrated personalities investing in the sector could be a great asset to the...

Important Sectors

BYD Aims For 20% Increase In Yearly EV Sales

0
The company is targeting sales of 500,000 vehicles internationally this year, over twice the amount sold last year, and aims to increase that figure...

RRP Electronics To Invest ₹5000 Cr In OSAT and R&D In Maharashtra

0
Cricket legend Sachin Tendulkar is investing in this semiconductor facility. Such celebrated personalities investing in the sector could be a great asset to the...

Subsidy Cuts Push E2W Makers Towards Budget Models

0
Electric two-wheeler manufacturers face reduced government subsidies and growing competition from established petrol vehicle brands in the upcoming fiscal year. These challenges compel them...

Nissan To Invest In Renault’s Ampere For EV Roadmap

0
The alliance aims to introduce both five-seater and seven-seater models for each brand in India. Japan's Nissan Motor has committed to investing in Renault's electric...

TPEM And HPCL Team Up To Enhance EV Charging Infrastructure

0
The collaboration seeks to enhance the experience of electric vehicle owners in India and promote greater adoption of electric vehicles among the population. Tata Passenger...

Manufacturing

JLR To Hire 250 Electrical Technicians For Future EVs

0
These new roles, part of a £15 billion investment, are in addition to 300 positions created last year by the British car maker. Jaguar Land...

Altmin India Partners With WMG To Advance Battery Tech

0
Altmin and WMG will collaborate to strengthen their global battery materials supply chain position by optimizing cathode materials and developing diverse cell designs across...

EVs To Cost Less Than Gas Vehicles by 2027, Says Gartner

0
Gartner predicts a faster decline in production costs compared to battery costs, which represent the most significant expense in an electric vehicle, accounting for...
MG

MG Motor To Set Up Battery Assembly Unit At Halol Facility

0
The company plans to investigate battery cell production in collaboration with external partners. Automaker MG Motor India is actively exploring the possibility of assembling and...

Servotech Boosts India’s EV Charging Infrastructure With Manufacturing Facility

0
The new facility is poised to start with an annual production capacity of 24,000 power modules and plan to scale up to 2.4 lakh...