AnteoTech settles legal dispute with Ferroglobe

AnteoTech Ltd (ASX: $ADO) has announced the settlement of all claims alleged in the legal proceedings brought by Ferroglobe Innovation S.L. The company has reached a commercial settlement through a court-ordered mediation, resulting in the discontinuation of proceedings in the Federal Court of Australia without admission of liability by either party. AnteoTech retains full right and title to its intellectual property portfolio, including its high silicon anode technology patents and product. As part of the settlement, a one-off payment of A$300,000 will be made to Ferroglobe.

Executive Commentary

We are pleased to have reached a commercial settlement with Ferroglobe, bringing an end to the legal proceedings. This settlement allows us to maintain full ownership of our intellectual property portfolio, including our high silicon anode technology patents and product. We believe this outcome is in the best interest of AnteoTech and its shareholders. We will continue to focus on advancing our solutions for the clean energy and life sciences markets, with the aim of delivering value to our stakeholders. - AnteoTech Board

Summary of Settlement and Outlook

AnteoTech (ASX: $ADO) has successfully settled the legal dispute with Ferroglobe, ensuring the retention of its intellectual property rights. The out-of-court settlement, resulting in the discontinuation of proceedings in the Federal Court of Australia, signifies a positive resolution for the company. The one-off payment of A$300,000 to Ferroglobe forms part of the confidential terms of the settlement. Looking ahead, AnteoTech remains committed to providing solutions for the clean energy and life sciences markets. The company's lead product, Anteo XTM, is expected to generate first revenues in 2024 from its Brisbane-based commercial plant, demonstrating its progress and potential in these markets. AnteoTech's focus on innovation and proprietary applied materials technology positions it to pursue its ambitions and goals in the industry, driving future growth and value creation for its stakeholders.