Andromeda Metals Limited has issued an update on its Carbon Capture and Conversion (CC&C) Research Project, saying it agreed with the University of Newcastle to terminate the agreement.
The project, which is funded by the company and conducted by the University of Newcastle’s Global Innovative Centre for Advanced Nanomaterials, will now be controlled by Andromeda, namely all business opportunities related to the project, ownership of the CC&C Project’s intellectual property and the physical carbon capture pilot plant (CCPP).
The termination follows delays in the progress of the CC&C Project, including the certification process for the components of the CCPP and its set-up and installation by the university following its arrival in Newcastle.
Andromeda retains the right to continue the project and seek suitable partners to further develop the opportunities previously identified.
Under the key terms of the termination agreement, Andromeda will not be required to pay any winding-up costs or the remaining $2.5 million committed under the research agreement.
Additionally, for a six-month period following the termination, the university will provide any assistance reasonably required by Andromeda in relation to the filing or amendment of patents connected to the project.
Following the termination agreement, Andromeda plans to relocate the CCPP to a suitable location, identify new industry and research partners to progress the effort and review the opportunities identified by the project.
The company plans to complete the review by the fourth quarter.
Commenting on the matter, Andromeda Executive Director James Marsh said while the termination is regrettable, it does not prevent the company from continuing to progress the opportunities presented by properties of the halloysite-kaolin resources underpinning the Great White Project.
“We remain excited by the emerging business opportunities to collaborate with partners going forward to progress the development of halloysite-derived nanomaterial and critical mineral, high purity alumina, solutions for solving the global decarbonisation challenge,” he added.
