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Clean technology company BioLargo Inc. (BLGO:OTCQB) announced it has manufactured its "liquid sodium" prototype battery cells that it says are long-lasting and safer than lithium-ion batteries. One technical analyst said the stock is a great spot to buy.
Clean technology company BioLargo Inc. (BLGO:OTCQB) announced it has manufactured its "liquid sodium" prototype battery cells that it says are long-lasting and safer than lithium-ion batteries.
BioLargo's Cellinity™ battery cells have no runaway fires or risk of explosion, don't decrease in performance over thousands of uses, and store more energy per unit of weight than lithium batteries, the company noted.
"Successfully manufacturing our first battery cells is a pivotal moment in the journey of our battery technology," said BioLargo President and Chief Executive Officer Dennis P. Calvert. "The testing and validation of these cells will allow us make claims about the capacity, charge/discharge rate, and other performance characteristics that we believe differentiate our batteries in the marketplace. After testing and validation, we will manufacture full-scale prototype Cellinity battery modules in 25- and 45-kilowatt hour capacities for further testing and validation."
The company also said the battery is not self-discharging and does not have outgassing or parasitic load for cooling, and all of the materials in it can be sourced in North America without the need for rare earth elements.
The batteries involve a unique chemistry involving molten salt electrolytes that "imparts substantial benefits over lithium-ion chemistry," the company noted in a release.
"The world needs a reliable, safe, and eco-friendly alternative to lithium batteries, and we believe our Cellinity battery will meet these needs," Calvert said.
BioLargo is made up of several subsidiaries that work in different sectors, a "family of products," including ONM Environmental, BioLargo Engineering, BioLargo Water, BioLargo Energy Technologies, Clyra Medical Technologies, and the new BioLargo Equipment Solutions & Technologies Inc. (BEST) subsidiary
Technical Analyst Clive Maund had recommended a good entry point in February as it went on to nearly double in price. This week, Maund told Streetwise Reports that the "timing couldn't be better" for the stock now in June.
He said it is a "great buy spot here after a long correction from February high."
BioLargo said the Cellinity prototype cells will be tested and validated for the energy storage and transfer performance claims generated in the technology's early-stage research and development.
Calvert said the company is exploring various financing options to "ensure we get paid for and are in control of the engineering and construction of manufacturing facilities," but no agreements have been made.
"We believe a licensing and partnership model to be a better alternative to self-financed and self-operated manufacturing facilities competing with the likes of Tesla and well-suited for community-based manufacturing partners focused on underserved communities that are in special need of reliable renewable energy," he said. "Our target projects will add value to communities, develop workforces, stimulate economic development, promote grid stability, and enable the development and expansion of micro-grids around the world. We will fundamentally enable and enhance the adoption of renewable energy."
According to analysts at Markets and Markets, the battery energy storage system market size was estimated at US$5.4 billion in 2023 and is projected to reach US$17.5 billion by 2028, a compound annual growth rate (CAGR) of 26.4%.
"The market is expanding due to several factors," analysts wrote. "These include the rising demand for grid energy storage systems as part of ongoing grid modernization efforts, … and the growing adoption of low-carb and less fossil fuel-dependent economies. Additionally, the ongoing revolution in renewable energy is contributing to this battery storage system industry growth."
Grid modernization often involves the integration of renewable energy sources like solar and wind, but they are intermittent and can lead to fluctuations in supply. "Battery energy storage systems help address this challenge by storing excess energy during periods of high generation and releasing it during times of high demand," the firm's report noted.
Lithium-ion batteries have been the go-to for most manufacturers, but they are made of flammable and toxic materials, their disposal poses environmental hazards, and they have a limited lifespan, according to Noah Chemicals.
"Another issue with lithium-ion batteries is their tendency to overheat and catch fire. Lithium-ion batteries store energy in chemical form, and when they are charged or discharged, the chemical reactions generate heat," the report noted. "If the heat is not dissipated properly, it can lead to thermal runaway, causing the battery to explode or catch fire. This can happen due to manufacturing defects, mechanical damage, or exposure to high temperatures."
Two standout products for BioLargo have been ONM Environmental's pet odor control product, Pooph (which the company said is responsible for 85% to 90% of revenues); and BEST's solution to treat water contaminated with the so-called "forever chemicals" that have been getting more attention from local and national environmental regulators.
Pooph reported a 64% increase in revenues from the third quarter of 2023 to US$4.37 million in the fourth quarter. The safe and eco-friendly products are being sold through retailers like Amazon, Walmart, and Chewy. Streetwise Ownership Overview* BioLargo Inc. (BLGO:OTCQB) *Share Structure as of 2/20/2024 Source: Thomson Reuters
Oak Ridge Financial analyst Richard Ryan, in an updated note on May 16, noted that BEST's solution for the forever chemicals, known as per- and polyfluoroalkyl substances, or PFAS, will be important to the company going forward.
"The large emerging market for PFAS removal and BLGO’s growing validation in this opportunity should not be overlooked," wrote Ryan, who maintained his "Buy" rating on the stock and a bull case price target of US$0.50 per share.
About 14.6% of BioLargo is owned by insiders and management, according to Yahoo Finance. They include Chief Science Officer Kenneth Code with 8.44%, CEO Calvert with 3.32%, and Director Jack Strommen with 1.64%, Reuters reported.
About 0.04% is held by the institution First American Trust, Reuters said.
The rest, about 85%, is retail.
Its market cap is US$78.57 million, with about 295.97 million shares outstanding and about 253.84 million free-floating. It trades in a 52-week range of US$0.45 and US$0.15.
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