Last checked at 1 Dec 2023 07:00
1 December 2023
CAP-XX Limited
("CAP-XX" or the "Company")
Update on FY23 R&D rebate, JV with Ionic Industries and Distribution Strategy
CAP-XX Limited, a world leader in the design and manufacture of supercapacitors and energy management systems, is pleased to announce that the Australian Taxation Office has approved the FY23 research & development grant and associated rebate totaling A$2.1m. The net proceeds of A$1.0m, after repaying the principal and interest associated with the revolving line of credit drawdown, were received by CAP-XX earlier this week.
Further to the Company's announcement on 4 May 2022, CAP-XX announces that it has formally signed a joint venture ("JV") vehicle and shareholders agreement (the "Agreement") with Ionic Industries Limited ("Ionic") for the exclusive commercialisation of Ionic's reduced graphene oxide technology to increase electrode density in supercapacitors. The final terms of this Agreement are consistent with the original term sheet of the JV. Both parties are keen to make this JV a success, and a further announcement will be made once final performance evaluations and business plans for the JV have been completed and agreed.
In addition, CAP-XX is pleased to announce that the repositioning of its distribution strategy, that has been communicated over the past six months, continues to progress, with the appointment of a further European distributor, in addition to one in India and two in South Africa. New sales and application opportunities have already been identified by these distributors and purchase orders are anticipated to be received in the coming weeks. The Company is also in the final stages of negotiation with additional distributors and sales representatives and these appointments will be announced once the terms are agreed.
For further information contact:
CAP-XX Limited
Pat Elliott (Chairman) +61 (2) 9157 0000
Lars Stegmann (Chief Executive Officer)
Allenby Capital (Nominated Adviser and Joint Broker)
David Hart / Piers Shimwell (Corporate Finance) +44 (0) 20 3328 5656
Tony Quirke / Stefano Aquilino (Sales and Corporate Broking)
Cavendish Securities plc (Joint Broker)
Neil McDonald / Pearl Kellie +44 (0) 13 1220 6939
Kreab (Financial PR)
Robert Speed +44 (0) 20 7074 1800
More information is available at www.cap-xx.com
About CAP-XX
CAP-XX (LSE:CPX) is a world leader in the design and manufacture of ultra-thin prismatic and compact cylindrical supercapacitors. Its prismatic supercapacitors are manufactured in Australia and Malaysia and its cylindrical supercapacitors are manufactured in China. The company's strong intellectual property (IP) portfolio includes 11 patent families. CAP-XX's ultra-thin prismatic supercapacitors are ideal for space-constrained electronics applications where small energy storage device size and thickness are important. The unique feature of CAP-XX supercapacitors is their very high-power density and high-energy storage capacity in space-efficient thin prismatic and compact cylindrical packages. For more information, visit https://www.cap-xx.com/ or email sales@cap-xx.com.