One World Lithium (OWL) has signed a letter of intent (LOI) with MatterGreen (MG) to complete an assignment of two separate divisional patent applications for lithium carbonation.
The lithium extraction technology uses an advanced carbon dioxide injection process covered by MG’s new non-provisional patent application, following which assignment OWL will be the sole and exclusive owner of the OWL divisionals derived from the MG inventions.
The two divisional patent applications are for natural brine and for slurries made from pegmatite, clay, volcanic rock and sediment. Additional patents may be filed in the future as a result of the research and development (R&D) work to be carried out with MG.
The agreement is non-binding and sets out the principal terms on which the parties have agreed to complete the assignment and license back.
Subject to satisfactory due diligence and successful additional negotiations, the parties intend to enter into a definitive agreement with respect to the assignment and license back within 60 to 90 days of the entry of the LOI.
In addition, OWL has also agreed to fund certain R&D operations related to the OWL Divisionals that will be conducted with MG. Accordingly, OWL has agreed to fund MG’s monthly management fees of $8,000 to assist R&D laboratory work.
OWL has also agreed to maintain its non-exclusive research and evaluation with an option from the US Department of Energy National Energy Technology Laboratory (DOE) during its option period.
Following the Assignment, OWL has also agreed to license back to MG perpetual, non-exclusive, royalty bearing worldwide license to practice the OWL divisionals and any technology or improvements arising out of MG’s lab work.