Progressive Planet signs agreement for continuing royalty on existing IP
by CM Staff
Progressive Planet will receive a 2% royalty on any resulting sales made from the successful commercialization of the renewable HC technology by CarbonIP.
KAMLOOPS — Progressive Planet Solutions Inc., developing CleanTech solutions for the planet, announces that it has signed an Agreement with an Ontario-based pet products manufacturer to continue providing Progressive Planet’s approved formulas related to the sale of traditional cat litter products, for which Progressive Planet will receive a continuing royalty equal to 0.75% of the total sales to one of Canada’s largest retailers. The Agreement, which was signed on January 31, 2024, is backdated for royalty payments on applicable revenues beginning May 1, 2023.
Additionally, Progressive Planet announces it has reached an Equipment Purchase Agreement with CarbonIP Technologies Inc. for the purchase and sale of the Company’s redundant and unused, 1998 Coreco 1225 Thermal Processing Kiln for $70,000. The Kiln will used by CarbonIP in developing a lignin-based hard carbon (HC) to be utilized in the anodes of lithium-ion batteries (LIBs). CarbonIP’s research and early-stage production has shown that renewable lignin-based HC has equivalent or better electrical properties than existing mined or manufactured (natural or synthetic) graphite supplies and can be produced with a lower environmental impact. CarbonIP is owned by Dave Richardson, who owns approximately 25% of the shares of Progressive Planet making this a related party transaction. The transaction remains subject to the Company receiving any necessary approvals from the TSX Venture Exchange.
“The purchase of this thermal processing kiln equipment from Progressive Planet will dramatically increase our capacity to process lignin as we scale up our pilot plant production,” says CarbonIP CEO Dave Richardson.
Added Richardson, “Lignin hard carbon will be a critical success factor in helping develop and secure Canada’s EV supply chain capabilities for years to come.”
Recently, CarbonIP was awarded a funding amount of $1.8 million by Emissions Reduction Alberta to demonstrate a pilot scale, continuous manufacturing process, using patent-pending technology and renewable biomass feedstock (lignin) to augment or replace the graphite in lithium-ion battery anodes, creating a circular economy opportunity within Canada.
Progressive Planet will receive a 2% royalty on any resulting sales made from the successful commercialization of the renewable HC technology by CarbonIP (formerly SuperCap Technologies Corp.) as announced in July 2019.
“Progressive Planet has a strategy to create IP and monetize it through product sales and royalties, with royalties expected to be a significant revenue driver for our company,” says Progressive Planet CEO Steve Harpur.
Added Harpur, “Collecting our first royalties on existing IP for cat litter formulations is an important milestone to complement potential royalties for developing technologies such as PozGlass™ 100G and CarbonIP’s renewable hard carbon technology. Our company continues to pursue opportunities to receive royalties on other existing IP, such as patented Activated Barn Fresh™.”
