noco-noco CEO Masataka Matsumura discusses how noco-noco is responding to a global need for truly green batteries with cutting-edge decarbonization solutions in Rho Motion Magazine, a quarterly publication that covers EV, battery, and charging markets.
Green batteries: Are they really the answer to the environmental crisis?
URL：https://x.gd/TPlit
※ Article first appeared in Rho Motion Magazine. To read the magazine in full, you can request a copy here.
TOKYO, June 7, 2023 – The 3DOM Alliance Group today announced that it has been awarded a new patent※ by the Japan Patent Office related to a system for offsetting greenhouse gas emissions from product manufacturing with emission credits and incorporating them into usage fees. The 3DOM Alliance Group will use this new addition to its rich intellectual property portfolio to provide a variety of products through lease or subscription services that incorporate emission credits to offset greenhouse gases emitted not only in operations, but also product manufacturing. noco-noco Pte. Ltd. (“noco-noco”), a Singapore-based decarbonization solution provider within the Group, has been granted an exclusive license to use the patent for business related to battery electric vehicles, internal combustion engine vehicles, and energy storage systems. ※Patent number: 7286212
The patent will be utilized in noco-noco’s carbon-neutral lease offering, in which the company provides vehicles and batteries to fleet operators via lease/subscription services after offsetting emissions from product manufacturing. noco-noco aims to make the service progressively carbon neutral by providing renewable energy for battery charging and further offsetting unavoidable emissions across the product lifecycle. The carbon credits used for offsets will include those generated by the company in its ongoing carbon abatement projects centered in Australasia.
Amid increasing pressure for decarbonization in the transportation sector, noco-noco’s business model is designed to alleviate financial and practical challenges associated with electric vehicle ownership and offer an accessible path to carbon neutrality for transport operators. noco-noco is currently working to implement the model in multiple projects across Asia, including through collaborations with Assemblepoint Co., Ltd. in the Philippines and the Kyushu Sanko Group in Japan.
This latest patent award underscores the 3DOM Alliance Group’s emphasis on intellectual property strategy as a fundamental tool to safeguard innovations and attract strategic partnerships, investors, and customers. noco-noco’s exclusive license ensures the company’s commercial advantage while fostering a conducive environment for further innovation and industry collaborations.
The 3DOM Alliance Group seeks to expand utilization of the patent across industries, acting on the Group’s “less is more” ethos by advocating a shift away from over-production and wasted assets towards circular economies across products, while taking tangible action to reduce and offset emissions to help mitigate environmental damage.
“Building a robust intellectual property portfolio plays a pivotal role in our pursuit of a sustainable future,” said Masataka Matsumura, CEO of noco-noco. “This patent not only helps strengthen our growth trajectory, but it also empowers us to drive transformative change and accelerate the adoption of decarbonization models and solutions.”
About 3DOM Alliance Inc.
Established in Japan in 2014, 3DOM Alliance Inc. strives to solve environmental problems through the research and development of cutting-edge technologies and business models that promote decarbonization and ecological conservation.
About noco-noco Pte. Ltd.
noco-noco Pte. Ltd. is a decarbonization solutions provider working to accelerate the global transformation to a carbon-neutral economy. From X-SEPA™, a revolutionary battery separator technology designed for long-lasting and high heat-resistant performance, to our carbon-neutral leasing platform for green transportation, noco-noco addresses the need for clean, affordable, and sustainable energy solutions. noco-noco is working towards a future where EV batteries come fitted with IoT devices for data-light, smart energy optimization and usage.
TOKYO, May 31, 2023 – The 3DOM Alliance Group, a leading innovator in decarbonization solutions, is thrilled to announce its debut participation at Viva Technology (“VivaTech”) 2023, where they will offer an exclusive opportunity to embark on an immersive adventure through a clean, green, and personalized city of the future. Visitors to the 3DOM Alliance booth will experience the groundbreaking solutions developed by four companies within the Japan-based Group: 3DOM Alliance, noco-noco, Binex, and Tesnology.
Taking place from June 14th to 17th at the Paris Expo Porte de Versailles in Paris, France, VivaTech 2023 is one of Europe’s most prestigious technology events, attracting the brightest minds, industry experts, and media representatives from around the globe. With its inaugural presence, the 3DOM Alliance Group calls into question the sustainability of the world’s current technological trajectory and aims to offer an alternative – a visionary decarbonized cityscape replete with proprietary technologies and solutions across sectors including energy, mobility, digital infrastructure, and sustainable living.
With the Japanese ethos of innovation for good at the heart of its VivaTech experience, the booth will allow attendees to witness firsthand how clean energy, mobility, and connectivity converge to create sustainable and user-centric living environments with circular economy efficiencies.
The showcase will feature integrated solutions developed by the following 3DOM Alliance Group companies participating in the exhibition:
Key representatives from each company, including Dr. Kiyoshi Kanamura, inventor of the Group’s core battery technology, and Katsuhiko Kondo, inventor of its data processing technology, will be present at the 3DOM Alliance booth.
Masataka Matsumura, President of 3DOM Alliance and CEO of noco-noco said, “Across the 3DOM Alliance Group, our mission is to drive sustainable pathways to decarbonization by harnessing technology and innovation. We firmly believe that ‘Less is More’– the world needs long-lasting, high-efficiency technologies to steer away from over-production and wasted assets. At VivaTech 2023, our immersive booth experience presents an alternative vision for the future that delivers a new standard for sustainability and comfort. Join us to witness the transformative potential of truly decentralized and democratized energy and data.”
For media inquiries, exclusive interviews, or booth tour bookings, please contact:
3DOM Alliance Global PR
pr@3dom.co.jp
+81 3-5544-8275
TOKYO, April 26, 2023 – The 3DOM Alliance Group (including noco-noco Pte. Ltd., Binex Inc., and Freet Inc.) and Kyushu Sanko Group (including Kyushu Sanko Bus Co., Ltd., Sanko Bus Co., Ltd., and Kyushu Sanko Auto Service Co., Ltd.) have signed a Memorandum of Understanding (“MOU”) with the goal of realizing a carbon negative transport service by outfitting buses operated by Kyushu Sanko with fuel cells and cultivating sorghum to be used as feedstock for methanol fuel. The collaboration aims to eliminate CO2 from bus operations and absorb as much or more CO2 in sorghum cultivation than is emitted in the bus manufacturing process.
Buses operated by the Kyushu Sanko Group are an important form of transportation for local residents. The Kyushu Sanko Group, which is committed as a public transportation operator to supporting local communities and their environment, and the 3DOM Alliance Group, whose vision is to truly solve environmental issues, have come together to conclude this MOU amid a growing global need in recent years address the problem of global warming through decarbonization.
Per the MOU, the companies will combine the Kyushu Sanko Group’s trust from local residents cultivated over many years and know-how in operating public transportation infrastructure with the 3DOM Alliance Group’s technology and know-how (fuel cells equipped with the company’s core 3DOM membrane technology, long-life batteries equipped with the company’s X-SEPA™ separator, sorghum cultivation, synthesis of biomethanol as an alternative to oil, management system to create an optimal driving model for buses using a proprietary information management system, and generation of carbon credits from CO2 capture), beginning with biomethanol production from sorghum cultivation in the Kyushu region. The companies intend to conduct a proof of concept (“POC”) for fuel cell buses in 2025 and to plan a POC for electric buses.
Through this collaboration, the companies aim to make operations more environmentally friendly and efficient and realize a circular society suited to the lifestyles of people in the Kyushu region, including Kumamoto Prefecture, in which renewable energy is produced and consumed locally.
April 14, 2023 – An interview discussing 3DOM Alliance’s recruitment strategy with Michiko Hosono, Managing Executive Officer in charge of the Office of the President and Human Resources & General Administration, was published on BizReach’s website.
URL (Japanese only):
スリーダムアライアンスの人事戦略 事業部門が直接スカウト、現場の主体性を生かす組織に | ビズリーチ (bizreach.jp)
TOKYO, April 18, 2023 – 3DOM Alliance Inc. (“3DOM Alliance”) today announced the development of a lithium-ion battery with the company’s proprietary X-SEPA™ separator and high temperature-resistant electrolyte optimized for use in high temperature environments. Data from charge-discharge cycle life testing shows that battery lifespan under high temperature conditions exceeds that of conventional batteries under normal temperature conditions. 3DOM Alliance expects the lifespan to reach approximately 9,000 cycles.
Developed by 3DOM Alliance, the X-SEPA™ is comprised of multiple layers of 3DOM (3-dimensionally ordered macroporous) separators, which are highly heat-resistant polyimide membranes that contain a uniform three-dimensional array of pores. This contributes to longer battery lifespan as well as improved reliability, heat resistance, and high-rate charge and discharge. Preparing for mass production, 3DOM Alliance began providing X-SEPA™ samples in February 2023.
The global decarbonization movement has brought forward the growing need for electric mobility solutions, especially in developing nations – many of which count amongst the hotter regions of the world. However, high temperatures cause the degradation of general-purpose electrolyte, which significantly shortens battery lifespan. This hinders the practicality of battery electrification and contributes to increased manufacturing, waste, and costs.
Responding to market needs in high-temperature regions, 3DOM Alliance has developed a lithium-ion battery with extended lifespan under high temperature conditions by using the X-SEPA™ in combination with a high temperature-resistant electrolyte. The high temperature-resistant electrolyte suppresses degradation in high temperature environments based on its high viscosity and high boiling point, but it has been difficult to use in lithium-ion batteries because its high viscosity makes it incompatible with general-purpose polypropylene separators. In contrast, the highly porous structure of the X-SEPA™ and the high wettability of its polyimide material to organic electrolytes enable the use of electrolytes with high viscosity and high boiling points.
3DOM Alliance conducted charge-discharge cycle life testing at 60℃ to evaluate the lifespan and durability of batteries equipped with the X-SEPA™ and high temperature-resistant electrolyte in comparison with batteries using a general-purpose separator and electrolyte. As shown in Figure 1, interim results of ongoing testing show that the battery equipped with the X-SEPA™ and high temperature-resistant electrolyte demonstrates significantly higher capacity retention. Even under high temperature conditions, the charge-discharge cycle life of this battery exceeds the charge-discharge cycle life of conventional batteries in a normal temperature environment.
As shown in Figure 2, 3DOM Alliance estimates that the battery equipped with the X-SEPA™ and high temperature-resistant electrolyte may achieve a charge-discharge cycle life of approximately 9,000 cycles when end-of-life is set at 60% capacity retention. 3DOM Alliance plans to verify this through continued testing and announce further results as they become available.
3DOM Alliance’s subsidiary noco-noco Pte. Ltd. (“noco-noco”), a Singapore-based decarbonization solution provider, plans to provide batteries equipped with the X-SEPATM through services that leverage resulting battery characteristics, including long lifespan under high temperature conditions. Currently, noco-noco is working to introduce 3DOM Alliance’s battery technology in mobility applications through multiple projects in Southeast Asia, including an electric minibus project with Assemblepoint Co., Ltd. announced earlier this month. Utilizing the X-SEPATM, noco-noco aims to address the need for batteries that can achieve higher performance and sustainability in hot climates in order to accelerate electrification in target markets such as South and Southeast Asia.
About 3DOM Alliance Inc.
Established in Japan in 2014, 3DOM Alliance Inc. strives to solve environmental problems through the research and development of cutting-edge technologies and business models that promote decarbonization and ecological conservation.
About noco-noco Pte. Ltd.
noco-noco Pte. Ltd. is a decarbonization solutions provider working to accelerate the global transformation to a carbon-neutral economy and an affiliated entity to 3DOM Alliance. Through use of the X-SEPA™, a proprietary multilayer battery separator, and by providing sustainable mobility services and an innovative energy management platform, noco-noco addresses the need for clean, affordable, and sustainable energy solutions.
Important Information and Where to Find It
On December 29, 2022, Prime Number Holding Limited, an exempted company limited by shares incorporated under the laws of the Cayman Islands (“PubCo”), Prime Number Acquisition I Corp. (“PNAC”), Prime Number Merger Sub Inc., a Delaware corporation and a direct wholly-owned subsidiary of PubCo, Prime Number New Sub Pte. Ltd., a Singapore private company limited by shares and a direct wholly-owned subsidiary of PubCo, noco-noco, and certain shareholders of noco-noco collectively holding a controlling interest, entered into a business combination agreement, pursuant to which PNAC is proposing to enter into a business combination with noco-noco involving a merger and a share exchange. This press release does not contain all the information that should be considered concerning the proposed business combination and is not intended to form the basis of any investment decision or any other decision in respect of the business combination. PNAC’s stockholders and other interested persons are advised to read, when available, the proxy statement/prospectus and the amendments thereto and other documents filed in connection with the proposed business combination, as these materials will contain important information about noco-noco, PNAC and the proposed business combination. When available, the proxy statement/prospectus and other relevant materials for the proposed business combination will be mailed to stockholders of PNAC as of a record date to be established for voting on the proposed business combination. Such stockholders will also be able to obtain copies of the proxy statement/prospectus and other documents filed with the Securities and Exchange Commission (the “SEC”), without charge, once available, at the SEC’s website at www.sec.gov, or by directing a request to PNAC at its principal executive offices at c/o 1129 Northern Blvd, Suite 404, Manhasset, NY 11030, United States.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of section 27A of the U.S. Securities Act of 1933, as amended (the “Securities Act”), and section 21E of the U.S. Securities Exchange Act of 1934 (“Exchange Act”) that are based on beliefs and assumptions and on information currently available to noco-noco and PNAC. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” “target,” “seek” or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, although not all forward-looking statements contain these words. Any statements that refer to expectations, projections or other characterizations of future events or circumstances, including the proposed business combination, the benefits and synergies of the proposed business combination, the markets in which noco-noco operates as well as any information concerning possible or assumed future results of operations of the combined company after the consummation of the proposed business combination, are also forward-looking statements. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by these forward-looking statements. Although each of noco-noco and PNAC believes that it has a reasonable basis for each forward-looking statement contained in this communication, each of noco-noco and PNAC caution you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. Neither noco-noco nor PNAC can assure you that the forward-looking statements in this communication will prove to be accurate. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, the ability to complete the business combination due to the failure to obtain approval from PNAC’s stockholders or satisfy other closing conditions in the business combination agreement, the occurrence of any event that could give rise to the termination of the business combination agreement, the ability to recognize the anticipated benefits of the business combination, the amount of redemption requests made by PNAC’s public stockholders, costs related to the transaction, the impact of the global COVID-19 pandemic, the risk that the transaction disrupts current plans and operations as a result of the announcement and consummation of the transaction, the outcome of any potential litigation, government or regulatory proceedings and other risks and uncertainties. There may be additional risks that neither noco-noco nor PNAC presently know or that noco-noco and PNAC currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by noco-noco, PNAC, and their respective directors, officers or employees or any other person that noco-noco and PNAC will achieve their objectives and plans in any specified time frame, or at all. The forward-looking statements in this press release represent the views of noco-noco and PNAC as of the date of this communication. Subsequent events and developments may cause those views to change. However, while noco-noco and PNAC may update these forward-looking statements in the future, there is no current intention to do so, except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing the views of noco-noco or PNAC as of any date subsequent to the date of this communication.
No Offer or Solicitation
This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction and does not constitute an offer to sell or a solicitation of an offer to buy any securities of noco-noco or PNAC, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act.
Participants in the Solicitation
noco-noco, PNAC, and their respective directors, executive officers, other members of management, and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of PNAC’s stockholders in connection with the proposed transaction. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of PNAC’s stockholders in connection with the proposed business combination will be set forth in the proxy statement/prospectus on Form F-4 to be filed with the SEC.
TOKYO, April 11, 2023 – 3DOM Alliance Inc. (“3DOM Alliance”) and its subsidiary, decarbonization solution provider noco-noco Pte. Ltd. (“noco-noco”), have entered into a Memorandum of Understanding (“MOU”) with Assemblepoint Co., Ltd. (“Assemblepoint”), a Japanese EV manufacturer that makes and sells “Smart BUS” electric minibuses, for a business alliance to promote the decarbonization of transportation in the Philippines.
Anthropogenic greenhouse gas emissions continue to amplify climate change around the world, and the Philippines faces particularly severe air pollution due, in part, to a heavy-emissions transport sector. The alliance aims to offer a clean alternative by jointly developing a new EV model that incorporates Assemblepoint’s EV development technology and the proprietary X-SEPA™ separator technology developed by 3DOM Alliance, first targeting 15,000 vehicles. Per the MOU, 3DOM Alliance and noco-noco will engage with Assemblepoint in joint vehicle development and joint battery development and manufacturing, as well as provide battery services and carbon neutral leasing.
Through noco-noco’s fleet decarbonization solution, the “Smart BUS” electric minibus bodies are to be provided to fleet operators on a lease basis and batteries provided through a circular subscription model, eliminating the need for upfront investment in those assets by fleet operators. The service will be made progressively carbon neutral by offsetting carbon emissions from vehicle and battery manufacturing with carbon credits and using renewable energy for battery charging. Amid increasing pressure for decarbonization in the transportation industry, the alliance seeks to alleviate financial and practical challenges associated with vehicle and battery procurement and ownership and offer an accessible path to carbon neutrality for fleet operators.
The service will leverage the advantages of the X-SEPA™, designed to enhance lifespan, reliability, and heat resistance, to provide vehicles with batteries that are more sustainable and uniquely suited to the hot local environment. Following long-life batteries’ use in the “Smart BUS” electric minibuses, the circular battery services may further encompass opportunities for second-life use to maximize their impact.
Masataka Matsumura, Representative Director of 3DOM Alliance and CEO of noco-noco, comments, “This alliance with Assemblepoint is a testimony to our shared ambition of delivering change in the decarbonization of the transport sector everywhere. Our proprietary X-SEPA™ technology and business model are designed to deliver sustainability, affordability, and convenience, and we’re excited to embark on this collaboration in the Philippines.”
By providing cutting-edge clean technologies through a circular model that lowers barriers to their adoption, 3DOM Alliance, noco-noco, and Assemblepoint endeavor to accelerate electrification in the Philippines and drive a no-CO2 future.
About 3DOM Alliance Inc.
Established in Japan in 2014, 3DOM Alliance Inc. strives to solve environmental problems through the research and development of cutting-edge technologies and business models that promote decarbonization and ecological conservation.
About noco-noco Pte. Ltd.
noco-noco Pte. Ltd. is a decarbonization solutions provider working to accelerate the global transformation to a carbon-neutral economy and an affiliated entity to 3DOM Alliance. Through use of the X-SEPA™, a proprietary multilayer battery separator, and by providing sustainable mobility services and an innovative energy management platform, noco-noco addresses the need for clean, affordable, and sustainable energy solutions.
About Assemblepoint Co., Ltd.
Assemblepoint Co., Ltd. is an EV manufacturer that makes and sells electric minibuses and minivans under its Japanese brand in the Philippines. Assemblepoint completed its prototype in 2018, and as of 2023, has already delivered vehicles to public buses operators, logistics companies, etc., and has products running on public roads. Assemblepoint is developing business with a focus on the ASEAN region, where the shift to EVs is rapidly advancing.
Important Information and Where to Find It
On December 29, 2022, Prime Number Holding Limited, an exempted company limited by shares incorporated under the laws of the Cayman Islands (“PubCo”), Prime Number Acquisition I Corp. (“PNAC”), Prime Number Merger Sub Inc., a Delaware corporation and a direct wholly-owned subsidiary of PubCo, Prime Number New Sub Pte. Ltd., a Singapore private company limited by shares and a direct wholly-owned subsidiary of PubCo, noco-noco, and certain shareholders of noco-noco collectively holding a controlling interest, entered into a business combination agreement, pursuant to which PNAC is proposing to enter into a business combination with noco-noco involving a merger and a share exchange. This press release does not contain all the information that should be considered concerning the proposed business combination and is not intended to form the basis of any investment decision or any other decision in respect of the business combination. PNAC’s stockholders and other interested persons are advised to read, when available, the proxy statement/prospectus and the amendments thereto and other documents filed in connection with the proposed business combination, as these materials will contain important information about noco-noco, PNAC and the proposed business combination. When available, the proxy statement/prospectus and other relevant materials for the proposed business combination will be mailed to stockholders of PNAC as of a record date to be established for voting on the proposed business combination. Such stockholders will also be able to obtain copies of the proxy statement/prospectus and other documents filed with the Securities and Exchange Commission (the “SEC”), without charge, once available, at the SEC’s website at www.sec.gov, or by directing a request to PNAC at its principal executive offices at c/o 1129 Northern Blvd, Suite 404, Manhasset, NY 11030, United States.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of section 27A of the U.S. Securities Act of 1933, as amended (the “Securities Act”), and section 21E of the U.S. Securities Exchange Act of 1934 (“Exchange Act”) that are based on beliefs and assumptions and on information currently available to noco-noco and PNAC. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” “target,” “seek” or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, although not all forward-looking statements contain these words. Any statements that refer to expectations, projections or other characterizations of future events or circumstances, including the proposed business combination, the benefits and synergies of the proposed business combination, the markets in which noco-noco operates as well as any information concerning possible or assumed future results of operations of the combined company after the consummation of the proposed business combination, are also forward-looking statements. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by these forward-looking statements. Although each of noco-noco and PNAC believes that it has a reasonable basis for each forward-looking statement contained in this communication, each of noco-noco and PNAC caution you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. Neither noco-noco nor PNAC can assure you that the forward-looking statements in this communication will prove to be accurate. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, the ability to complete the business combination due to the failure to obtain approval from PNAC’s stockholders or satisfy other closing conditions in the business combination agreement, the occurrence of any event that could give rise to the termination of the business combination agreement, the ability to recognize the anticipated benefits of the business combination, the amount of redemption requests made by PNAC’s public stockholders, costs related to the transaction, the impact of the global COVID-19 pandemic, the risk that the transaction disrupts current plans and operations as a result of the announcement and consummation of the transaction, the outcome of any potential litigation, government or regulatory proceedings and other risks and uncertainties. There may be additional risks that neither noco-noco nor PNAC presently know or that noco-noco and PNAC currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by noco-noco, PNAC, and their respective directors, officers or employees or any other person that noco-noco and PNAC will achieve their objectives and plans in any specified time frame, or at all. The forward-looking statements in this press release represent the views of noco-noco and PNAC as of the date of this communication. Subsequent events and developments may cause those views to change. However, while noco-noco and PNAC may update these forward-looking statements in the future, there is no current intention to do so, except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing the views of noco-noco or PNAC as of any date subsequent to the date of this communication.
No Offer or Solicitation
This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction and does not constitute an offer to sell or a solicitation of an offer to buy any securities of noco-noco or PNAC, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act.
Participants in the Solicitation
noco-noco, PNAC, and their respective directors, executive officers, other members of management, and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of PNAC’s stockholders in connection with the proposed transaction. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of PNAC’s stockholders in connection with the proposed business combination will be set forth in the proxy statement/prospectus on Form F-4 to be filed with the SEC.
TOKYO, April 6, 2023 – At the 90th Annual Meeting of the Electrochemical Society of Japan (the “Annual Meeting”) held on March 27-29, 3DOM Alliance Inc. (“3DOM Alliance”) presented the results of two studies related to the charge-discharge cycle life of lithium-ion batteries and next-generation rechargeable lithium metal batteries equipped with the company’s “X-SEPA™” separator.
The X-SEPA™ was developed by 3DOM Alliance over eight years of development. Comprised of multiple layers of 3DOM (3-dimensionally ordered macroporous) separators and highly heat-resistant polyimide membranes containing a uniform three-dimensional array of pores, it contributes to longer battery lifespan as well as improved battery reliability, heat resistance, and high-rate charge and discharge . Preparing for mass production, 3DOM Alliance began providing X-SEPA™ samples in February 2023.
This comes as the global demand for batteries are seeing a rapid increase brought about by rapid electrification. While a vital alternative to fossil fuels, batteries harbor the potential to cause new environmental harm, including carbon emissions from manufacturing, destructive resource mining, and soil and water contamination from insufficient disposal measures. Extending battery lifespan is an important means to mitigate these environmental challenges.
At the same time, there is demand for rechargeable batteries with higher capacity that exceed the performance of lithium-ion batteries currently available. In principle, rechargeable lithium metal batteries with lithium metal anodes offer high energy density and have thus attracted attention as next-generation batteries. However, reduced battery lifespan and reliability due to the uneven formation of lithium dendrites during charging and discharging poses a major hurdle to their practical application.
The research presented at the Annual Meeting provided further scientific support for the charge-discharge cycle life of lithium-ion batteries and lithium metal rechargeable batteries equipped with the X-SEPA™.
① Comparative evaluation of the characteristics of lithium-ion batteries equipped with X-SEPA™ and polyolefin-based general-purpose separators
Summary of report presented at the Annual Meeting: “Characterization of Lithium Ion Battery Using High Porosity Polyimide Separator with Multilayer Structure”
The X-SEPA™ is expected to perform particularly well when used as a separator for lithium-ion batteries at high current density, which requires smooth lithium-ion transport. This is due to the high pore uniformity and permeability provided by its structure. This study verified the comparative effectiveness of batteries equipped with X-SEPA™ and polyolefin-based general-purpose separators.
As shown in Figure 1, the battery equipped with the X-SEPA™ was confirmed to have superior capacity retention from 30 to 200 cycles. The points indicated by arrows in the above figure show the recovery capacity when charged and discharged at 0.2C after 500 cycles. The difference in recovery capacity between the separators suggests that the difference in the retention rate is not due to an increase in resistance but to the difference in the depletion of mobile lithium ions. This suggests that there is a reduced occurrence of lithium deposition in the battery equipped with the X-SEPA™ compared to the polyolefin-based general-purpose separator. These results confirm that the high-porosity polyimide separator is better suited to rapid charging than the polyolefin separator and is effective in extending charge-discharge cycle life performance.
② Improved lifespan and reliability of lithium metal rechargeable batteries equipped with X-SEPA™ and initiatives for large-scale rechargeable batteries
Summary of report presented at the Annual Meeting: “Development of Long Life and Reliable Lithium Metal Batteries Enabled by a High Porosity Polyimide Separator, and Approach to their Higher Capacity”
This research studied the application of a high-porosity polyimide separator in a rechargeable lithium metal battery by examining its effect on charge-discharge cycle and other battery characteristics. Figure 2 shows the charge-discharge cycle characteristics of a rechargeable lithium metal battery equipped with the X-SEPA™, which exhibited a capacity retention rate of 95% even after 200 cycles, indicating lifetime performance with excellent charge-discharge reversibility.
Dr. Kiyoshi Kanamura, Chief Technology Officer (CTO) of 3DOM Alliance and developer of the 3DOM separator, commented, “I am pleased that this research using the X-SEPA™, which consists of multiple layers of 3DOM separators, demonstrates long battery lifespan characteristics and can thus help to improve the environment amid strong demand for long battery lifespan in the movement towards decarbonization.”
3DOM Alliance’s subsidiary noco-noco Pte. Ltd. (“noco-noco”), a Singapore-based decarbonization solution provider, plans to provide services that leverage the superior characteristics of batteries equipped with the X-SEPA™. Extended battery life is expected to bring environmental and economic benefits. This extends to supporting a circular economy that encompasses battery second-life use, thus reducing the total required number of batteries in circulation and in turn decreasing environmental damage from battery manufacturing and disposal. It also works to reduce costs per charge-discharge cycle, thus alleviating financial obstacles to electrification for users.
In the future, the X-SEPA™ holds the potential for use not only in lithium-ion batteries, but also rechargeable lithium metal batteries fit for next-generation applications that require high energy density. By redefining batteries equipped with the X-SEPA™ as a social infrastructure in service offerings, noco-noco endeavors to unlock the full potential of batteries to mitigate urgent environmental issues.
Important Information and Where to Find It
On December 29, 2022, Prime Number Holding Limited, an exempted company limited by shares incorporated under the laws of the Cayman Islands (“PubCo”), Prime Number Acquisition I Corp. (“PNAC”), Prime Number Merger Sub Inc., a Delaware corporation and a direct wholly-owned subsidiary of PubCo, Prime Number New Sub Pte. Ltd., a Singapore private company limited by shares and a direct wholly-owned subsidiary of PubCo, noco-noco, and certain shareholders of noco-noco collectively holding a controlling interest, entered into a business combination agreement, pursuant to which PNAC is proposing to enter into a business combination with noco-noco involving a merger and a share exchange. This press release does not contain all the information that should be considered concerning the proposed business combination and is not intended to form the basis of any investment decision or any other decision in respect of the business combination. PNAC’s stockholders and other interested persons are advised to read, when available, the proxy statement/prospectus and the amendments thereto and other documents filed in connection with the proposed business combination, as these materials will contain important information about noco-noco, PNAC and the proposed business combination. When available, the proxy statement/prospectus and other relevant materials for the proposed business combination will be mailed to stockholders of PNAC as of a record date to be established for voting on the proposed business combination. Such stockholders will also be able to obtain copies of the proxy statement/prospectus and other documents filed with the Securities and Exchange Commission (the “SEC”), without charge, once available, at the SEC’s website at www.sec.gov, or by directing a request to PNAC at its principal executive offices at c/o 1129 Northern Blvd, Suite 404, Manhasset, NY 11030, United States.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of section 27A of the U.S. Securities Act of 1933, as amended (the “Securities Act”), and section 21E of the U.S. Securities Exchange Act of 1934 (“Exchange Act”) that are based on beliefs and assumptions and on information currently available to noco-noco and PNAC. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” “target,” “seek” or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, although not all forward-looking statements contain these words. Any statements that refer to expectations, projections or other characterizations of future events or circumstances, including the proposed business combination, the benefits and synergies of the proposed business combination, the markets in which noco-noco operates as well as any information concerning possible or assumed future results of operations of the combined company after the consummation of the proposed business combination, are also forward-looking statements. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by these forward-looking statements. Although each of noco-noco and PNAC believes that it has a reasonable basis for each forward-looking statement contained in this communication, each of noco-noco and PNAC caution you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. Neither noco-noco nor PNAC can assure you that the forward-looking statements in this communication will prove to be accurate. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, the ability to complete the business combination due to the failure to obtain approval from PNAC’s stockholders or satisfy other closing conditions in the business combination agreement, the occurrence of any event that could give rise to the termination of the business combination agreement, the ability to recognize the anticipated benefits of the business combination, the amount of redemption requests made by PNAC’s public stockholders, costs related to the transaction, the impact of the global COVID-19 pandemic, the risk that the transaction disrupts current plans and operations as a result of the announcement and consummation of the transaction, the outcome of any potential litigation, government or regulatory proceedings and other risks and uncertainties. There may be additional risks that neither noco-noco nor PNAC presently know or that noco-noco and PNAC currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by noco-noco, PNAC, and their respective directors, officers or employees or any other person that noco-noco and PNAC will achieve their objectives and plans in any specified time frame, or at all. The forward-looking statements in this press release represent the views of noco-noco and PNAC as of the date of this communication. Subsequent events and developments may cause those views to change. However, while noco-noco and PNAC may update these forward-looking statements in the future, there is no current intention to do so, except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing the views of noco-noco or PNAC as of any date subsequent to the date of this communication.
No Offer or Solicitation
This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction and does not constitute an offer to sell or a solicitation of an offer to buy any securities of noco-noco or PNAC, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act.
Participants in the Solicitation
noco-noco, PNAC, and their respective directors, executive officers, other members of management, and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of PNAC’s stockholders in connection with the proposed transaction. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of PNAC’s stockholders in connection with the proposed business combination will be set forth in the proxy statement/prospectus on Form F-4 to be filed with the SEC.
TOKYO, March 23, 2023 – 3DOM Alliance Inc. (“3DOM Alliance”) conducted nail penetration short circuit resistance testing on batteries equipped with the X-SEPA™, a revolutionary separator technology with a multi-layer structure that further enhances durability of the company’s 3DOM (3-dimensionally ordered macroporous) separator. The testing produced favorable results compared to a general-purpose separator.
A nail penetration short circuit test is one method of evaluating reliability in abnormal conditions by driving a metallic nail through a charged lithium-ion battery cell at a prescribed speed to simulate internal short-circuiting. Internal short-circuits are a leading cause of battery ignition and explosion incidents and may result from external impact, manufacturing defects, or metal deposition during charging and discharging.
To evaluate the X-SEPA™’s contribution to cell reliability, nail penetration short circuit tests were conducted on two 3.3Ah lithium-ion battery cells with identical design specifications except for the separator. Testing on the cell with a general-purpose polypropylene separator resulted in thermal runaway and venting, corresponding to EUCAR (European Council for Automotive R&D) Hazard Level 4. Testing on the cell equipped with the X-SEPA™ did not result in thermal runaway and produced no smoke or flame, corresponding to EUCAR Hazard Level 2.
The effect of the X-SEPA™ on the test results was assessed by conducting a puncture test on the separators and a local heating test, in which a soldering iron heated to 450℃ was touched to the separators to reproduce the conditions of local heating generated from internal short-circuiting by the nail. In contrast to the general-purpose product, no aperture was observed in the X-SEPA™ due to the three-dimensional pore structure and heat-resistant material. This supports the favorable results of the nail penetration short circuit test.
3DOM Alliance has made preparations for mass production and began providing samples of the X-SEPA™ to battery manufacturers in February 2023. The company’s subsidiary noco-noco Pte. Ltd. (“noco-noco”), a Singapore-based decarbonization solution provider, plans to provide batteries equipped with the X-SEPA™ through services that leverage resulting battery characteristics such as long lifespan, reliability, heat resistance, and high-rate discharge. Utilizing the X-SEPA™, noco-noco aims to alleviate safety concerns and other hurdles to electrification for mobility operators in order to drive decarbonization in the transport industry.
3DOM Alliance Inc. has increased all employees’ base salaries by 5% beginning in February 2023.
3DOM Alliance believes that employees are at the root of all value creation. The company has therefore continually invested in human capital, including by granting stock options. In response to a recent sharp rise in the prices of daily commodities due in part to the weak yen, 3DOM Alliance has decided to further invest in its employees in order to maintain and improve their quality of life.
3DOM Alliance will continue working to increase its competitiveness in the hiring market and attract top talent to support the company’s endeavor to create new value and truly solve environmental problems.
