Daymak signed a partnership agreement with Extreme Vehicle Battery Technologies Corp., a blockchain and battery technology company with revolutionary, patented Battery Management Systems (BMS) designed to meet the growing demand for scalable, smart solutions for the rapidly growing Electric Vehicle (EV) and Energy Storage Solution (ESS) markets.
Bryson Goodwin, CEO, EV Battery Tech, said: “We are honored to be working with the first distributor in Canada. Daymak has a great line up of products, and the synergies between our technologies will work extremely well in powering present and future products together.”
The deal goes into effect immediately and has a term of 5 years, with an automatic renewal for 1-year terms. We can expect to see EV Battery Tech’s products incorporated into Daymak’s product line sometime in late Q2 of this year. While the Agreement’s intention is for EV Battery Tech to be the exclusive provider of batteries and battery packs, Daymak has the right to seek an alternative quote if Daymak and EV Battery tech cannot agree on a commercial term. However, EV Battery Tech will still have the right of first refusal to match the commercial terms of any competing bid for the supply of such systems.
As per the terms of the Agreement, Daymak will issue the option to purchase 360,000 common shares in the capital of Daymak to EV Battery Tech’s wholly-owned subsidiary IoniX Pro Battery Technologies Corp., at an exercise price of $5.56 per share. Further to the terms of the Agreement, the Company will issue Daymak warrants to purchase 10,000,000 common shares of the Company at an exercise price of $0.20 per share, subject to a vesting schedule and compliance and rules and policies of the Canadian Securities Exchange.
Baiocchi concluded: “Our partnership on products and technology will create amazing synergies, and I believe our collaboration will produce many exciting results and products now and into the future.”