Quarterly Operations Report
Sydney, Oct 18, 2021 AEST (ABN Newswire) - The Directors of K2 Energy Limited (NSX:KTE) provide the following report for the quarter ended 30th September 2021.
K2 Energy's major activities during the quarter were its strategic investment in Atomera, Inc. ("Atomera") and its solar energy activities.
K2 Energy provided critical funding to Atomera, Inc. during its R & D development phase while they developed patentable technology for the silicon chip industry with energy saving and performance attributes. This funding converted into a significant interest in a NASDAQ listed corporation, being Atomera, Inc.
Detailed below is an extract of an announcement made by Atomera on 5th January 2021.
Atomera Incorporated (NASDAQ:ATOM), a semiconductor materials and technology licensing company, announced in early January 2021 it had entered into a Joint Development Agreement (JDA) with a leading semiconductor provider for integration of Atomera's Mears Silicon Technology (MST) into their silicon fabrication process. The JDA includes a manufacturing license allowing the customer to fabricate semiconductor wafers incorporating MST for use in their products. Atomera's MST is a patented, quantum-engineered material that enhances transistors to deliver significantly better performance in today's electronics. "Atomera is thrilled to join with an industry leader that has a strong record of technology innovation to extend Moore's Law," said Scott Bibaud, president and CEO, Atomera. "During this JDA, we will work together to prove the technical and economic advantage of adopting MST across multiple process technologies and business units within our partner company. This agreement aligns well with our long-standing mission to collaborate with leaders in the industry to extend the life of existing manufacturing processes and accelerate adoption of new technologies, through development of our cutting-edge materials." "This latest agreement is part of Atomera's effort to develop deeper and more strategic relationships with selected customers through JDAs - an agreement format that is well suited to large customers who have multiple production nodes, process technologies and product divisions, ultimately leading to deeper customer penetration, faster integration, and quicker adoption across product lines. The agreement will generate revenue for Atomera this year."
Atomera's share price as at 30 September 2021 was approximately USD23 per share, which valued K2 Energy's shareholding in Atomera at approximately AUD16.8 million.
K2 Energy owns the exclusive worldwide rights to the MST(TM) Technology for all solar energy applications.
K2 Energy funded a research and development solar program conducted by Atomera with the aim being to develop more efficient silicon-based cells utilising MST(TM). Atomera and K2 Energy agreed that the solar activities have entered the commercialisation/collaboration phase. K2 Energy is seeking a solar group to joint venture or collaborate with, in order to commercialise the MST(TM) Technology.
About K2 Energy Limited
K2 Energy Limited (NSX:KTE) is currently involved in several major activities, being a Strategic Investor in Energy Saving Technology and Solar Energy. K2 Energy provided critical funding to Atomera, Inc. during its R & D development phase while they developed patentable technology for the silicon chip industry with energy saving and performance attributes. This funding converted into a significant interest in a NASDAQ listed corporation, being Atomera, Inc.