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Water-based Lithium-ion Battery Manufacturing Gets Off the Ground with USD 13million in Series A Funding
Hong Kong, July 16, 2021 – The family office of TAL Apparel, one of the world's largest apparel manufacturers, and the Chairman of Realtek Semiconductor Corporation (TPE:2379), Nan Hung Yeh, have led the recent USD 13 million funding round in GRST, patent-holders behind WATMAR³, the water-based battery technology that won the Grand Prix at the 49th International Exhibition of Invention Geneva for its proven ability to cut out the most polluting aspects of lithium-ion battery production and recycling.
“We are very pleased to welcome Mr. Yeh to our group of investors and appreciate the vote of confidence from TAL to top up their existing shareholding in GRST. Both are captains of their industries and pioneers in their own right, having led innovative developments in their fields. The investment they have injected as part of our series A funding will help GRST advance to our next phase of licensing WATMAR³ technology internationally as well as mass producing water-based lithium-ion batteries,” said Alex Yeung, Co-Chairman of GRST.
“With the growing focus on both national and corporate ESG goals, incumbent battery manufacturers cannot ignore their contributions to pollution around the world with the greenhouse gases they release. Currently, one kilowatt-hour lithium-ion battery creates between 95 and122 kilogrammes of greenhouse gases during the cycle of mining, manufacturing and recycling. By 2030, we expect the total greenhouse gases that will be emitted by the global lithium-ion battery market to be in the region of 400 million tonnes, which is close to one percent of the world’s total greenhouse gas emissions. WATMAR³ batteries can cut that down by up to 40%,” said Mr. Yeung.
“Our WATMAR³ technology has been developed to be quick and affordable to integrate into existing or new lithium-ion battery production lines with immediate savings in cost and greenhouse gas emissions,” Mr. Yeung continued.
Both investors have not only committed financial backing to GRST, but they will also contribute in terms of expertise and support to bringing WATMAR³ to a global market.
Mr. Yeh is one of the founders of Realtek who helped build it into the world’s sixth largest fabless semiconductor company since its beginnings in 1987. Its products regularly win innovation awards every year. Mr. Yeh has a 35% stake in a joint venture with GRST to build up to 15GWh WATMAR³ based giga factories in China by 2028, and will join the board of directors at GRST.
TAL Group Chairman, Mr. Harry Lee, will also be joining the board at GRST. From its beginning over 70 years ago, TAL Apparel is today a world-leading apparel manufacturer that holds the intellectual property rights to numerous innovative technologies in the garment industry. Amongst its innovations are advanced water repellent and water management technologies.
GRST is a technology company with strong research capabilities in water-based manufacturing and recycling solutions of lithium-ion batteries. Our award-winning, patented WATMAR³ technology creates high-performance lithium-ion batteries at lower costs and lower GHG emissions. For more information, please visit grst.com