Lithium Exploration Group has taken a step to better energy usage in a memorandum of understanding with Solaris Power Cells Inc.
As part of the agreement, Lithium Exploration Group has been given a license to develop PESA Energy Storage Technology, which may be the way to collect and store energy without outside energy supplies, according to a company press release.
"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,” Lithium Exploration Group CEO Alex Walsh said in the release. “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."
Walsh said that the company would be protecting the technology with patent applications.
"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," he said. “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."
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