GeolithicOn January 20, 2017, 6th Wave entered into a joint venture agreement with TriLateral Energy, LLC for the development and exploitation of technology for the extraction of lithium from geothermal brines through a jointly owned company, Geolithic Corp. ("Geolithic"). Further to this agreement, a total of USD$400,000 was paid by Geolithic to 6th Wave during the year ended December 31, 2017 as advance payments of license fees for use of 6th Wave’s technology.
The Resulting Issuer holds a 40% interest in Geolithic, and has granted Geolithic an exclusive license to use the Resulting Issuer’s MIP technology for the extraction of lithium. The Resulting Issuer’s ability to derive revenues from the application of its technology to the extraction of lithium will depend on the success development of the technology for this application and Geolithic’s ability to achieve revenues through the direct extraction and sale of lithium, through the provision of extraction services to lithium producers or through the further sublicensing of the technology for use by lithium producers.
In addition to progressing its IXOS® product, the Resulting Issuer has undertaken advanced research in the use of MIP technology for the extraction of lithium. In January of 2017, the Resulting Issuer entered into a joint venture with Trilateral Energy, LLC that lead to the formation of Geolithic to advance the development of a solution for liberating lithium from geothermal brines in the Salton Sea in California. Geothermal brines in the Salton Sea, which are being used to generate geothermal electricity in 20 geothermal power plants, contain elevated levels of lithium and other valuable constituents. Geolithic proposes to use the Resulting Issuer's proprietary nanotechnology to extract lithium and other valuable elements from these brines.
The Resulting Issuer holds a 40% interest in Geolithic. Geolothic was incorporated to exploit the IXOS® platform for the extraction of lithium from hydrothermal brines. Growth in lithium demand is being driven by a number of industries including automotive and solar, where there is a substantial need for batteries containing this unique material. The Resulting Issuer has completed several designs that are tailored to extraction in complex geothermal brines where separation of lithium from the background of salts and metals has proven difficult or impossible using alternative technologies. Laboratory testing with geothermal brines continues and is expected to yield a prototype product for testing at an active geothermal site in the next 12 months.