Anglo American Platinum and Platinum Group Metals have launched a joint venture (JV) to develop next-generation battery technology using platinum and palladium.

Called Lion Battery Technologies, the JV has also signed an agreement with Florida International University to further develop a research programme that uses the metals to release the potential of lithium air and lithium sulphur battery chemistries to increase their discharge capacities and cyclability.

Under the terms of the agreement with Florida International University, Lion will gain full rights to all intellectual property developed. It will also lead all commercialisation efforts.

The new venture is currently in the process of reviewing various additional and complementary opportunities focused on developing next-generation battery technology using platinum and palladium.

Anglo American Platinum market development executive head Benny Oeyen said: “This exciting early-stage technology aligns with our broader strategy to bring new technologies to market that will help us secure future demand for the platinum group metals we mine and pave the way to a more sustainable energy future.

“Our commitment to market development is underscored by our relationship with AP Ventures, of which we are a cornerstone investor and who is a potential investor in this technology as it matures.”

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The advanced battery technology development by both companies will enable them to create increasing demand for platinum and palladium in the battery technology space.

Platinum Group Metals CEO Michael Jones said: “Developing new applications for platinum group metals is key to ensuring long-term sustainable demand, demand which will be important to the future success of our large-scale Waterberg palladium and platinum mining project in South Africa.”