LifeSafe unveils new battery fire products, partnerships
Fire safety technology company LifeSafe unveiled its latest product, the Pre-Trauma Fluid (PTF), on Thursday.
The AIM-traded firm said the solution, protected by a pending patent, was engineered to mitigate the risk of thermal runaway in battery packs stemming from factors such as overheating, overcharging, or damage.
It said the PTF represented a significant advancement in fire prevention technology by substantially reducing heat transfer within battery packs.
Notably, the non-toxic, non-hazardous and non-corrosive fluid offered a safer and more sustainable approach to managing battery fires, the company claimed.
The development came after a year of research and development conducted in collaboration with stakeholders, including newly-revealed partners.
LifeSafe said the PTF could be integrated directly into battery units or deployed through fixed suppression systems.
With the global lithium-ion battery market's 2022 valuation at $70bn and projected growth to exceed $380bn by 2032, the market potential for LifeSafe's Pre-Trauma Fluid and Thermal Runaway Fluid was substantial and rising.
In addition to the product launch, LifeSafe said it had inked partnership agreements with industry leaders, including battery manufacturer Xerotech.
The collaboration aimed to develop deployment methods for LifeSafe's PTF and Thermal Runaway Fluid to address battery overheating and enhance cooling systems.
Furthermore, LifeSafe said it had entered a partnership agreement with Reacton Fire Suppression - a global manufacturer of automatic fire suppression systems servicing various assets and industries.
The partnership would enable Reacton to incorporate the PTF and TRF into its global fire safety solutions following extensive testing and development.
"We are proud to announce our new PTF fluid and two exciting industrial contracts that also see the beginning of new revenue streams for the business," said chairman Dominic Berger.
"Our partnership with Xerotech will take our new, unique and innovative fluids into a wide range of industrial sectors with an industry leader and innovator.
"This partnership unites highly effective fluids and battery engineering experts in supporting the growing demand of lithium-ion batteries across multiple sectors."
Berger said the company was equally pleased with the new partnership with Reacton, following its first purchase order of its Pre-Trauma Fluid, taking the products into new markets and industries.
"In combination with the recently announced distribution relationship with Wormald in Australia these new partnerships open a new significant chapter in the international growth of LifeSafe as we look forward to 2024."
At 0858 GMT, shares in LifeSafe Holdings were up 6.84% at 20.3p.
Reporting by Josh White for Sharecast.com.