J-Star Holding Co., Ltd. (NASDAQ:YMAT) ("J-Star" or the "Company"), today announced that it has signed a non-binding memorandum of understanding ("MOU") with White Group Ptd., Ltd. ("White Group"), a Singapore-based investment and development firm, to support capital formation for the Company's planned automated solid-state battery production facility in Baytown, Texas.
The financing initiative builds upon J-Star's previously announced strategic partnership with Patriot Green Energy Technology Co., Ltd. ("PSSB") to develop Made-in-USA polymer-based solid-state battery solutions and establish a 100 megawatt-hour (MWh) modular production line targeting the rapidly growing unmanned aerial vehicle (UAV) and drone markets.
Under the MOU, White Group will work with J-Star to identify and introduce potential U.S.-based private equity partners to participate in a proposed $100 million investment to support construction, automation and technical development of the Baytown facility. The investment is expected to complement J-Star and PSSB's previously submitted U.S. Department of Energy grant application for the project.