Lithium Exploration Group Announces Strategic Acquisition of Solaris Power Cells Inc. PESA Energy Storage Technology
Lithium Exploration Group Inc. recently announced that it has reached a non-binding Memorandum of Understanding (MOU) with Solaris Power Cells Inc. (OTC: SPCL) to license and further develop its PESA™ Energy Storage Technology. The MOU outlines licensing terms for use of the technology as a component of the Ultrasonic Generator package, as well as giving LEXG the right to continue to develop the technology for other applications. The legal documents are being prepared while due diligence is conducted, with the goal of finalizing the agreements on or before May 1, 2017. Lithium Exploration Group intends to expand its engagement of Eric Dix and Innovation Associates to develop a strategy to further the development of this disruptive technology.
“This technology provides a truly differentiated way of collecting and storing energy that can be very useful for the Sonic Cavitation Ltd. Ultrasonic Generator’s water application. We intend to use it to capture the energy from the steam released from the generator and reuse that energy to run the unit, potentially generating enough power to run the entire system without outside energy needs,” commented CEO Alex Walsh. “We plan to expand the development of this technology and file patents around the industry applications and core invention so that it can be widely distributed across all industries. The deal we are working on with the team at SPCL will be beneficial to both companies because once patented, SPCL will receive additional compensation and an ongoing royalty in perpetuity. SPCL has taken the technology as far as it can and we are going to take the baton and continue running to ensure it reaches its full potential.”
Source:prnewswire
