Graphene Manufacturing Group signs joint venture with Rio Tinto, stock pops
Graphene Manufacturing Group (TSXV: GMG) announced today it signed joint venture with Rio Tinto to advance GMG's graphene aluminium-ion batteries technology.
Rio Tinto will contribute technical and operational performance criteria and A$6 million (US$3.99 million), in exchange for preferential access rights.
Graphene Manufacturing Group traded up 20% to $2.39 a share.
Rio Tinto will seek to involve Original Equipment Manufacturers (OEM), including Heavy Mobile Equipment OEMs, to work with GMG and Rio Tinto to align the battery pack development with end use requirements, said GMG announcing the deal.
"Success could see performance enhancements for Rio Tinto, including faster charging and longer-life batteries for heavy mobile equipment and grid energy storage, as well as supporting Rio Tinto's decarbonisation ambitions," wrote GMG in its press release.