Lifesafe Announces Lithium Runaway Fluid
LifeSafe (AIM:LIFS), a fire safety technology business with innovative fire extinguishing fluids and fire safety products, is pleased to announce the submission of UK and international patent applications for its new fire extinguishing fluid, specifically designed to tackle Lithium Thermal Runaway fires, and the launch of LifeSafe’s Industrial website.
New LifeSafe Lithium Thermal Runaway Fluid (“TRF”)
The Board is delighted to announce UK and international patent applications have been submitted for the Company’s new fluid, the LifeSafe Lithium Thermal Runaway Fluid. This is a variant of the Company’s core eco-friendly patented fluid, and represents a new and incremental revenue opportunity for the Group.
Lithium battery fires exhibit unique characteristics and therefore, in the Board’s opinion, require a unique solution, particularly given the increasing numbers of devices and industries around the world utilising the power and efficiency of lithium batteries. When a lithium cell begins to overheat it can become unstable due to the extreme heat generated within the cell. As this heat cannot dissipate it builds up within the cell, eventually being released with force, which can cause an explosion followed by fire. The Company’s new Lithium TRF is designed to permanently extinguish and prevent the re-ignition of lithium fires and has been engineered to remove the heat from the lithium fire, therefore making the battery safer post trauma.
As with all the Company’s existing extinguishing fluids, LifeSafe’s new Lithium TRF is an eco-friendly solution and does not leave a toxic residue. It is both non-toxic and non-hazardous.
New LifeSafe Industrial website
In conjunction with the launch of LifeSafe’s Lithium TRF, the Company has developed a new website to focus on the applications and uses of its new and future fluid developments for customers in the Industrial sector, as the Board believes this presents a significant opportunity for the Group. The new website, which can be accessed at http://www.lifesafeindustrial.com, is complementary to LifeSafe’s existing consumer website which hosts content relevant to its fast-growing global consumer market.
Dominic Berger, Chairman of LifeSafe, said: “The launch of our Lithium TRF fluid is a very significant moment for LifeSafe. We are living in an increasingly electrified world, particularly in the automotive sector, which, while essential for tackling climate change, does bring risks that need to be addressed and haven’t been properly done so to date.
“Our Lithium TRF fluid is an important step forward in tackling the risk posed by lithium fires and protecting people across the globe. This new fluid opens up a significant new market for the Group and as such we have launched a new website that focuses on the Industrial sector to leverage this opportunity.
“I am very excited by what lies ahead for LifeSafe. These new market opportunities, combined with the very strong trading we announced recently with our consumer-focused products puts us in a great position to deliver value for our shareholders.’’
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This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended (“MAR”). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
The person responsible for arranging the release of this announcement on behalf of the Company is Mike Stilwell, Chief Financial Officer of the Company.