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Conovate Receives Technology Development Loan

COnovate, Inc, a Milwaukee based developer of a remarkable new advanced composite material for lithium-ion battery (LIB) anodes, has received a $250,000 Technology Development Loan from the Wisconsin Economic Development Corporation (WEDC). The Company will use the funding to continue to advance commercialization of its eCOphiteTM material, a patented advanced carbon material composite that is made from bio-sourced materials.  

“We are very appreciative of being selected for this WEDC technology loan program, and will put this funding to work immediately on our key priorities to scale and complete product testing for our material,” said Dr. Carol Hirschmugl, CEO and co-founder of COnovate. “We know our composition can provide improved performance and simplify the current high-risk supply chain by providing local, more sustainable materials, all at competitive price. Once the validation is completed, we know from our customer discovery interviews that our eCOphite materials will be welcomed in the LIB marketplace.” 

About COnovate: The eCOphite material is a patented 2D material that is the first solid form of carbon monoxide that exists at room temperature and pressure. It was discovered by Dr. Hirschmugl and her co-founder Dr. Marija Gajdardziska-Josifovska at the University of Wisconsin-Milwaukee. Successful development of this material will produce a cost-effective, higher performing anode material that can be used with existing battery designs and current anode materials as an additive. With a doubling of capacity and enabling a six times faster charge, this innovative anode material has the potential to help power the wireless world with next-generation materials, while offering a safer solution for users of EVs, power tools, consumer electronics, and many other devices that draw energy from lithium-ion batteries. With its unique properties, the eCOphite materials also has many applications outside of energy storage.   

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With bio-sourced eCOphite material, COnovate will deliver faster charge times, greater capacity, simplified supply chains, and improved safety that is compatible with existing battery designs and materials.

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