Lithium Exploration Group Inc. said it entered into a purchase agreement to acquire a series of lithium patents for the retail consumer.
“The core US patent being acquired is number 9,444,087, which provides two- and four-pack AA size lithium batteries with a charging pack that can replace many day-to-day applications of traditional alkaline battery uses,” said Lithium Exploration Group.
“These patents were developed in South Korea, have already completed the testing phase, and have established manufacturing capabilities in China.
“LEXG intends to partner with the inventor in the coming months and take this product directly to consumers in 2018.”
Lithium Exploration Group CEO Alex Walsh said: “This portfolio represents the classic story of an inventor who got his technology close to the finish line and ran out of funds.
“We have done a lot of due diligence on the patents and feel that, with the right financial partner in the US, his batteries could be selling online in less than six months.
“As one of the longest standing names in the lithium, petro-lithium, and lithium technology industry, we will use all of our connections and capabilities to get this outstanding invention to market next year.
“Ultimately this is a very small expense for tremendous upside if we can bring the right financial and strategic partners to the table.
“We have a very talented inventor who will stay on board and a great foundation of patents to work with.”