The AnteoTech Ltd (ASX: ADO) share price has started the week strongly.
In morning trade, the surface chemistry company's shares were up as much as 20% to 9.6 cents.
The AnteoTech share price has pulled back since then but remains up 7.5% to 8.6 cents.
Why is the AnteoTech share price racing higher?
Investors have been bidding the AnteoTech share price higher this morning following the release of an announcement.
While AnteoTech may be best known as a company focused on COVID rapid antigen testing, today's update has nothing to do with that.
According to the release, the company has received the latest test results from "two respected and recognised global companies operating in the lithium-ion battery (LIB) value chain" for its drop-in cross-linker additive for LIB anodes, AnteoX.
The results reveal that a high performance lithium-ion battery developer found an uplift in electrochemical performance using AnteoX, whereas a global battery manufacturer also demonstrated an uplift in electrochemical performance testing with three different binder chemistries.
AnteoTech believes that the results provide further validation and confirmation of AnteoX's performance enhancing properties, particularly in silicon-rich and high energy anode designs.
The company also notes that AnteoX has now passed a first-stage evaluation and validation by a battery manufacturer. In light of this, the manufacturer has expressed interest in conducting further testing on full cells and combining AnteoX with more commercial anode formulations.
'An important development milestone'
AnteoTech's Head of Energy, Manuel Wieser, was excited with the news. He said:
Having proven AnteoX in our laboratories it is exciting to see the independent validation of AnteoX from two respected battery companies, this marks an important development milestone for AnteoTech.
Whilst there is further development and validation work to be done with both companies, the energy team is very pleased with the results to date. These collaborations are ongoing, and we would like to thank both parties for their roles in our technology development to this point. We will continue to provide further updates as the collaborations advance to the next stage.
