A barrier to the use of electric vehicles (EVs) is the slow recharging process. Even if we do make a successful offering in the future, the terms of that offering might result in your investment in the Company being worth less, because later investors might receive better terms and/or because your ownership will be diluted. 2023 Advance Local Media LLC. Each string cell consists of plastic enclosure, covered with a conductive material that allows it to quickly and easily form contacts with others. Over the last three months, revenues have averaged $0/month, cost of goods sold has averaged $0/month, and operational expenses have averaged $142,904/month, for an average burn rate of $142,904 per month. Our success will be substantially dependent upon the discretion and judgment of our management team with respect to the application and allocation of the proceeds of this Offering. When such changes happen during the course of an offering, we must file an amendment to our Form C with the SEC, and investors whose subscriptions have not yet been accepted will have the right to withdraw their subscriptions and receive the return of theirmoneys. 1 925 Tiffany Padlock Pendant()yahoo - aucfan.com We anticipate needing access to credit in order to support our working capital requirements as we grow. Prevention Platform. Karen Wilhelm has worked in the manufacturing industry for 25 years, and blogs at Lean Reflections, which has been named as one of the top ten lean blogs on the web. The Company might not sell enough Shares in this offering to meet its operating needs and fulfill its plans, and even if we sell all the stock we are offering now, the Company may need to raise more funds in the future, and if we are unable to do so, we will fail. As mentioned, the company valuation is only $40 million today. There was also a recent recall for LG residential battery-storage systems purchased from 2017 to 2019. 1. That forms a huge surface for more ions to attach to during recharge and discharge cycles. Now the plan is relatively simple, if expensive: The company will replace every Bolt EV battery pack with a new one, at a cost of more than $1.8 billion. It is possible that some of these third parties will fail to perform their services or will perform them in an unacceptable manner. Timeline: Site preparation is underway. The whole battery configuration is also flat and packed tight - a . Adverse outcomes in some or all of these claims may result in significant monetary damages or injunctive relief that could adversely affect our ability to conduct our business. - These cells are designed for powering homes, commercial applications as well as for the solar industry. April 6, 2022 72 Comments The Chevy Bolt/Bolt EUV production line at the Lake Orion assembly plant in Michigan has started up again, having been shut down last November while General Motors. As the Company grows, it will need to attract and hire additional employees in sales, marketing, design, development, operations, finance, legal, human resources and other areas. The exception to this rule is if you are transferring the stock back to the Company, to an "accredited investor," as part of an offering registered with the Commission, to a member of your family, trust created for the benefit of your family, or in connection with your death or divorce. Those may be operating conditionsdoes the driver use full acceleration often, drawing maximum current from the cells?and other factors including ambient temperatures, charging rates, and whether the battery packs are routinely charged to full capacity and then depleted almost to zero percent. More: Marshall businesses want an economic engine. Nearly $18 billion from six major investments across the state have been announced since the beginning of 2022. It is a part of our founding mission to make our technology accessible to the everyday person, which is why were courting retail investors, instead of venture capitalists. From pv magazine 03/2022. Our Next Bolt To date, the Company has not paid any dividends to its shareholders. HTTPS valid, We will only be able to pay dividends on any shares once our directors determine that we are financially able to do so. An in-depth look at the Chevy Bolt battery replacement process with our EV Expert Jrmie Bernardin.The All EV Store. Colorado: New Tesla Model 3 RWD For Under $30,000? The original battery pack had 73,000 miles on it, and Stan told me that it already had some noticeable capacity loss. cSeao 8-Pack M6x16mm Motorcycle Battery Terminal Screws Bolts and Square Nuts 304 Stainless Steel. Projections: Forward Looking Information Any projections or forward looking statements regarding our anticipated financial or operational performance are hypothetical and are based on management's best estimate of the probable results of our operations and will not have been reviewed by our independent accountants. Next Thing Techs share price for this funding round is $1.94 per share. That was when GM identified 50,930 Bolt EVs from model years 2017 through 2019 that might have defective cells. At that point, investors whose subscription agreements have been accepted will become our shareholders. Our new product could fail to achieve the sales projections we expected. Preferred stock could be issued from time to time with such designation, rights, preferences, and limitations as needed to raise capital. If you are interested in being apart of the future of energy, then go now andclick the red button on this page to invest. We, however, may find it necessary or advisable to significantly re allocate portions of the net proceeds reserved for one category to another, and we will have broad discretion in doing so. Moreover, if our trademarks or copyrights are deemed unenforceable, the Company will lose any marketing advantages provided by such trademarks or copyright. Seeking a way to turn hours into minutes, TankTwo looked at modularizing a battery. Once you click the red button on this page, youll be taken to a secure online form to complete your information and investment transaction. Average Chevy Bolt Battery Replacement Cost. So the ongoing recall of Chevrolet Bolt EV batteriesfor which replacements cant even start until GM works out what went wrongthreatens to cast a pall over the fall debut of the 2022 GMC Hummer EV pickup and next springs launch of the 2023 Cadillac Lyriq. -- see the following Risk Factor.) Environmental Friendly High Performance Battery for the Next Generation, High temperature performance of over 35 C, Long cycle life despite temperature changes. This week, the Detroit News reported that the National Highway Traffic Safety Administration (NHTSA) has asked LG Energy Solution whether any other electric cars that use its cells have been affected by the same problems. Big or small, any amount invested in NextBolt is an investment in our future, and a bet on the importance of unique energy solutions, like the ones we already have in development. In that case, the only asset remaining to generate a return on your investment could be our intellectual property. Each day over 1,600 Bolt owners monitor their EVs with Recurrent and this data gives us insight into how their batteries perform before and after replacement. Sodium-ion (Na-ion) batteries offer superior environmental credentials, enhanced safety, and better raw material costs than lithium-ion (Li-ion). Bolt is the safe smart battery that families can depend on for years to come. If the Company cannot raise sufficient funds it will not succeed. Other battery experts have offered reasons for how and why the flawed cells may have been produced. How could the companies only have become aware of the combined faults now, after 141,000 Bolts were built and sold over five years? When the researchers charged the resulting electrode, they discovered that it went through 200,000 cycles without losing its ability to hold a charge. There can be no assurance that there are no significant deficiencies or material weaknesses in the quality of our financial controls. This lithium-ion battery plant will be located on a mega site a giant swath of land marked by the state as a site for future development. That's a 13.5% range increase - not a bad bonus for having to go through this whole battery recall process, especially when you consider you also get a fresh battery warranty. Any projected results cannot be guaranteed. By John Voelcker Published: Sep 13, 2021 Mark Elias/Chevrolet Every Chevrolet Bolt EV and Bolt EUV that GM has made is under recall because their batteries could be defective and cause a fire.. We rely on third parties to provide services essential to the success of our business. If we are unable to find additional investors willing to provide capital, then it is possible that we will choose to cease any upcoming sales activity. Our future success depends on the efforts of a small management team. One is a torn anode tab, the piece of the negative electrode that allows the cell to be wired into a group of cells, called a module, and then into full battery pack. This means that the stock/note that you purchase cannot be resold for a period of one year. Shares of electric vehicle battery cell supplier Solid Power Inc. surged during their debut Thursday morning on the Nasdaq following the company completing a SPAC deal to bring it public. It will be sold for as low as $100 a month - less than what the average US household pays for electricity. nextbolt.co Review - Scam Detector. Location, Wefunder means Wefunder Inc and its wholly owned subsidiaries: Wefunder Advisors LLC, Wefunder Portal LLC, and Wefunder EU B.V.. We anticipate to raise additional funds through Venture Capital or a Regulation A+ offering within 12 months of raising on Wefunder. The use of proceeds described below is an estimate based on our current business plan. Any stock purchased through this crowdfunding campaign is subject to SEC limitations on transfer. saving classname here bc not compiling for capitalize, 7,547,400 The Company is offering stock in the amount of up to $5,000,000 in this offering, and may close on any investments that are made. My mom paid a large sum to have Solar installed only to find out when the power company turns off her power, she can't keep her power on or her food cold. The Bolt EV's battery pack stores around three times more energy than in Spark EV, but the weight has pnly increased two times. NextBolt, the latest and most important project from Next Thing Technologies to date, is a battery unlike any other. The resulting electrolytes can be engineered at the molecular level for industrial, military, and consumer Li-ion battery markets. I think about EV battery health and range every day. I would rather have a higher mileage used car with a new battery than a lower mileage used car with an old battery. A problem with lithium batteries is the danger of the electrolyte catching fire or exploding. Use of and/or registration on any portion of this site constitutes acceptance of our User Agreement (updated 4/4/2023), Privacy Policy and Cookie Statement, and Your Privacy Choices and Rights (updated 1/26/2023). You should be prepared to hold this investment for several years or longer. Copyright 2023 Scam Detector Media Inc.. All Rights Reserved. The chart below simply compares before (blue) and after (yellow) the battery replacement at one point in time this fall. Even if the maximum amount is raised, the Company is likely to need additional funds in the future in order to grow, and if it cannot raise those funds for whatever reason, including reasons relating to the Company itself,the broader economy, or otherwise, it may not survive. Those cells were used only in 20172019 Bolt models. The chart below shows the estimated range at full charge for Bolts before (blue) and after (yellow) the high-voltage (HV) battery was replaced in 2021 and 2022. If competitors are able tobypass our intellectual property protection without obtaining a sublicense, it is likely that the Company's value will be materially and adversely impacted. Wefunder EU B.V. is registered with the Netherlands Authority for the Financial Markets. Searching for something safer than the carbonate based solvent system in Li-ion batteries, University of Wisconson-Madison chemistry professors Robert Hamers and Robert West developed. Battery replacements, in general, raise an important question for electric cars: Is the odometer a good indicator of vehicle value? How does a battery actually work? The uptick in climate-related disasters is increasing in pace and severity, showing us that its never been more important to find real, sustainable energy solutions. He now covers advanced auto technologies and energy policy as a reporter and analyst. In response to questions about future improvements, Piper simply had this to say about the 2020 Chevy Bolt EV: "MY20 Bolt EV has an increased DC Fast Charging rate of up to 100 miles in 30 minutes . There can be no assurance that we will be successful in attracting and retaining other personnel we require to successfully grow our business. One of the Company's most valuable assets is its intellectual property. Investigating conventional assumptions, a team based at DOEs Pacific Northwest National Laboratory found an unexpected chemical conversion reaction in a zinc-manganese oxide battery. It is possible that competitors will be able to design around our intellectualproperty, find prior art to invalidate it, or render them unenforceable through some other mechanism. Engineers have been hard at work to meet the demand for electric vehicles, starting development of the Ultium Platform around the same time the Bolt EV launched in 2017.. When the researchers charged the resulting electrode, they discovered that it went through 200,000 cycles without losing its ability to hold a charge. Heres where Michigans six billion-dollar-plus electric vehicle projects are: Related: Michigan predicted to dominate EV battery manufacturing after $2B investment. The Shares that you are Purchasing will be Equity Interests in the Company and will not Constitute Indebtedness. Safe for smart usage inside the home, compatible with any energy source, and tailored to fit any familys needs, the Bolt Battery is unique in the energy sector. The Company currently does not have an employment agreement with Mr. Adams. We expect costs to be about $30k a month in December and January, $50k a month in Februaryand March,and $100k a month in April and May. Using anonymized data from our community of nearly 1,684 Chevrolet Bolt EVs, we found that 58% of 2017 to 2021 Bolts have already recorded a battery replacement. Heres a picture of abattery cellpowering a LED while being heated up to 200 degrees Celsius. In 5 years, we hope that millions of customers will be using our home energy units, saving them money on their energy bills and protecting their families in case of emergency. Also like most other EVs, the Bolt EV's Range Estimator displays the battery's state of charge (percent full), which is shown in 5% increments. Wefunder is a Public Benefit Corporation. Next Bolt Early Stage Pre-IPO Company Reshaping $1.8Tn Market Potential 385X ROI For Early Backers. Earlier this year, Hyundai recalled 82,000 of its own electric cars, which used LG Chem cells that the Korean carmaker said posed a fire risk. Its being heated up to show it cant catch fire and blow up like regular Lithium batteries. In addition, the terms of your Shares will not limit the amount of debt or other obligations the Company may incur in the future. Then it got worse: On August 20, out of an excess of caution, GM added all 63,680 Bolt EV and EUV models from the 2020 model year through the present day, along with a further 9340 Bolts from the 2019 model year that hadnt been previously recalled. This may restrict or limit the ability of the Company to borrow additional funds until such time as these currently outstanding loans are repaid in full. By mid-2022, Chevrolet and the National Highway Traffic Safety Administration (NHTSA) reported that well over half of 2017 to 2019 model year batteries had been replaced but had made less progress on newer models. The valuation for the offering was established by the Company. Some of the information contained in this discussion and analysis, including information regarding the strategy and plans for our business, includes forward-looking statements that involve risks and uncertainties. While Recurrent tracks battery replacements in all vehicles, we do not know how many 2022 Bolts in our community require one. The Chinese electric vehicle battery manufacturer plans to build two 550,000-square-foot plants near U.S. 131 and the Big Rapids airport. The loss of services of the members of the management team may have an adverse effect on the company. Chevy Bolt battery replacement cost is a topic many people wonder about. While GM and LG are separately building two joint-venture cell plants to fabricate GMs next-generation Ultium cellsto be used in more than a dozen EVs starting production late this yearthose cells have a different chemistry, use a different battery-management system, and are even a different size than the Bolt cells. The above narrative include forward looking projections that are not guaranteed. About NextBatteries. However, with the Next Bolts low price, we hope to open up the market to the other 99% of American households. 1. Bolt Batteries application range includes telecommunication systems, utility applications, UPS systems, data center machineries, solar and wind power energy systems and other backup applications. The Bolts lithium-ion cells were provided by GMs longtime battery supplier LG Energy Solution (the battery arm of giant Korean manufacturer LG). The Detroit startup aims to develop batteries that can double the distance electric vehicles travel. Meanwhile, Chevrolet had lowered Bolt prices considerably for 2022, recasting the car as an affordable entry-level EV complementing the upcoming luxury GMC and Cadillac models. Heres a look at the number of Bolts by model year that have had a replacement in the Recurrent community. We're in the battery business. Searching for something safer than the carbonate based solvent system in Li-ion batteries, University of Wisconson-Madison chemistry professors Robert Hamers and Robert West developed organosilicon (OS) based liquid solvents. Next Thing Technologies Inc owns all existing IP for its technology. Scheduled to arrive in 2023 for the 2024 model year, the Equinox EV will start around $30,000. Stan was able to drive the Bolt with the original pack 165.7 miles, and we finished up the range test with the new pack after driving 188.2 miles. Our modular design means you will be able to easily set up as many (or as few) Bolt batteries as you need. This is why you can turn to us for premium quality batteries . "Yes, we've seen some battery fires, but the numbers are small, and they need to be put into perspective," Sam Abuelsamid, lead auto analyst for Guidehouse Insights, told NBC News. In July 2021, after an unsuccessful software fix from GM, NHTSA issued a consumer alert, and Bolt owners were asked to park outside until further notice. Next Bolt provides affordable, modular, safe, and easy-to-install batteries for the individual. Therefore, actual results of operations will vary from such projections, and such variances may be material. As you may know, the US Senate recently approved a $1.2 Trillion infrastructure bill. Timeline: Our Next Energy started installing equipment at a newly built facility in January. Our outstanding loan agreements are secured by the Company's Assets and may affect our ability to borrow in the future. Our cells Founded 0 They hope Ford is the answer. Each string cell consists of plastic enclosure, covered with a conductive material that allows it to quickly and easily form contacts with others. The loss of one or more of our key personnel, or our failure to attract and retain other highly qualified personnel in the future, could harm our business. Bolt owners who stuck with Chevy were rewarded with a new, often bigger battery, and a renewed warranty. State funding: Michigan awarded Ford a $100.8 million state grant from the SOAR fund and a $34.4 million tax incentive. IP address, There can be no assurance that the Company will meet our projections. - Created partnerships in government, manufacturing, material science, fundraising and marketing. The battery of a Chevrolet Bolt electric vehicle is shown outside the Michigan Capitol during an industry event in Lansing, Mich., on May 9, 2023. . Its a joint venture with LG Energy Solutions to build the third Ultium Cells battery cell manufacturing site in the United States. Imagine batteries manufactured with something as safe and abundant as salt for example. His work has appeared in print, online, and radio outlets that include Wired, Popular Science, Tech Review, IEEE Spectrum, and NPR's "All Things Considered." We may earn a commission for purchases made through our links. Marshall businesses want an economic engine. Alexander Freund. State funding: Gotion received $175 million in grants from the SOAR fund and a 30-year $540 million tax incentive from the state. That means the Bolts made in 2017 through 2019 will not only get a brand spanking new battery pack, but they will now have more capacity than their original pack did when it was new. We are passionate about providing our customers with durable quality batteries to help keep their devices running non-stop, at optimum capacity. More: Michigan eyes more transformational projects after giving two-thirds of $1B fund to General Motors, The future site of Fords BlueOval Battery Park Michigan under construction in Marshall Township, Mich. on Monday, May 1, 2023.Jacob Hamilton | MLive.com. That means large battery recalls, like the one that GM announced 2 years ago this week for the Chevrolet Bolt, are particularly interesting to me and my fellow battery nerds. Seeking a way to turn hours into minutes. To facilitate quick charging of an EV, the little balls contained in the battery are sucked out and swapped for recharged cells at the service station. This is the first affordable home energy storage battery. Some assumptions invariably will not materialize due to unanticipated events and circumstances beyond management'scontrol. Safer and More Affordable Home Battery To Disrupt the Energy Industry Share Last Funded October 2022 $4,997,999 raised from 6,389 investors Watch for updates nextbolt.co San Francisco CA Technology Hardware Energy Overview Details Updates 29 What People Say 2,820 Ask a Question 586 Highlights 1 Those variable use conditions combine to produce a different pattern of heating and cooling for virtually every Bolt EV pack. At the end of 2021, Michigan created a purse of incentive dollars called the Strategic Outreach and Reserve Fund to lure big investments. May 12, 2021, 11:36 AM PDT. Next Bolt Safer and More Affordable Home Battery To Disrupt the Energy Industry Last Funded October 2022 $4,997,999 raised from 6,389 investors Watch for updates nextbolt.co San Francisco CA Technology Hardware Energy Overview Details Updates 29 What People Say 2,820 Ask a Question 583 Financials On both runs, we charged the vehicle up to 100% and ended the range test with 2% state of charge. Production of electric trucks like the Chevrolet Silverado EV and the electric GMC Sierra will begin in 2024. There have been no major changes in our finances since the last reporting date. (It should have only been 175 extra lbs, but I'm guilty of adding the "COVID 15", also). How Michigan navigates this transition is really going to matter, Devashree Saha, a co-author of the report, previously told MLive. Although interest rates are low, it is still a difficult environment for obtaining credit on favorable terms. GM spokesman Dan Flores later recommended that Bolt EV ownersnot park within 50 feet of any other vehicle. Investors whose subscriptions have already been accepted, however, will already be our shareholders and will have no such right. Colorado: New Tesla Model 3 RWD For Under $30,000? Move toward financial freedom while bringing power back into your hands.So heres what you need to know to invest today: Next Thing Tech has massive growth potential and is 100% focused on producing and aggressively marketing the Next Bolt to every home in America. In July, it recalled the same cars again after its engineers identified two potential defects that could, in rare cases, be present in the same cell. We arent exaggerating when we say that alternative chemistrybatteries will shake the foundations of the energy sector. Wefunder Portal LLC is a member of the Financial Industry Regulatory Authority (FINRA). 2. Advanced technology, 3. Using data from 1,684 Bolts on our platform, we charted how the range has increased as more batteries are replaced. The company instructed owners to limit charging capacity to around 90% and to bring the cars to a dealer for diagnostics and possible battery module replacement. We may also make hiring mistakes, which can be costly in terms of resources spent in recruiting, hiring and investing in the incorrect individual and in the time delay in locating the right employee fit. GM isn't only replacing a faulty module or two, they are giving all Bolt EV owners entirely new LG Chem battery backs, plus new warranties. - Sodium battery cells have tested safely with puncture and under high temperature. However, after replacement, older models are erasing years of range degradation due to age. A rendering of the proposed $2.4 billion Gotion plant in Big Rapids. This type of battery is intended for a commercial vehicle and has dimensions of 20.75 x 8.75 x 9.8 inches. Your phone is about to go deadagainand you cant find a place to plug it in. But whats important to understand here is the market potential doesnt stop with US home energy storage. Thats what one of the science teams building cells did, and now they are finding ways to make these astounding batteries a scalable reality. "Each of these things is not a big deal" individually, he said. D uring General Motors' earnings call in late April 2023, CEO Mary Barra confirmed that the Chevrolet Bolt and Bolt EUV would be . A problem with lithium batteries is the danger of the electrolyte catching fire or exploding. Note that while the recall did cover 2022 Bolts and Bolt EUVs, there was a mid-year cutoff for at-risk vehicles. For now, we may have to put up with phones going cold, laptops getting hot, and EVs not ranging far from home. At a great deal of cost, they handled it right. Our business projections are only projections. And we're building them into solutions to make the world a better, cleaner place. Timeline: Site work started in January 2022. Electric vehicles, advice & expertise. Also seeking a better electrolyte for lithium ion batteries, researchers at the University of California, Irvine. The recall has become a slow-motion catastrophe since it started last November. These. Far from it. (3) Park their vehicles outside immediately after charging and not leave vehicles charging indoors overnight. Organosilicon electrolyte batteries. GM Will Resume Bolt EV, EUV Production In Early April. Manufacturing with clean energy, our mission is to deliver batteries with an 80% lower carbon footprint compared to those made using coal energy. Next Thing Tech is looking to raise at least $3M right now to market and produceNext Bolt. If that process can be controlled, it can increase energy density in conventional batteries without increasing cost. We are not Subject to Sarbanes-Oxley Regulations and lack the Financial Controls and Safeguards Required of Public Companies. The. Not only are we developing the safest and easiest home battery right now, we are developing technology which will shake the foundation of the energy industry. Class B Common Stock, 5,806,800 Joe Biden just signed a $1.2. The Company Does Not Anticipate Paying Any Cash Dividends for the Foreseeable Future. Perhaps, Kamath said, only some sets of repeated use conditions exacerbated the pair of manufacturing flawsone of which may have occurred at a considerably higher rate than expectedto the point where the cells expansion and contraction caused a short. Depending on the economic environment and the Company's performance, we may not be able to locate or attract qualified individuals for such positions when we need them. GM asks customers who are unable to successfully make these changes, or do not feel comfortable doing so, to visit their dealer to have these adjustments completed; (2) Charge their vehicle more frequently and avoid depleting their battery below approximately 70 miles of remaining range, where possible; and. Investing on Wefunder is risky. Where do we stand now? Chevy Bolt Battery Recall: How Could This Have Happened? The Shares will rank junior to all existing and future indebtedness and non-equity claims on the Company with respect to assets available to satisfy those claims. Furthermore, the Company has not purchased any key person insurance policies with respect to Mr. Adams. Another big reason why this market is so hot right now is its backed by the US government. Gotion Inc., is a U.S. owned subsidiary of Chinese battery company Gotion High Tech. You should review the "Risk Factors" section for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.OverviewNext Bolt is focused on updating energy for the 21st century. The company took an $800 million charge this year, and it has said it will pursue reimbursement from LG for $1 billion in additional costs related to the expanded recall and future fixes. This includes the Rouge Electric Vehicle Center in Dearborn, the Ranger pickup at the Michigan Assembly Plant in Wayne and the Flat Rock Assembly Plant. Next Thing Technologies was formed on August 26, 2019. Community Rules apply to all content you upload or otherwise submit to this site. We expect that we will need to raise at least $5 million to become revenue generating. At the station, the cells can be recharged at off-peak hours. A Bolt with 50,000 miles and a replacement battery is as good, if not better, than new. Alexa rank, A main principle of all device design, Kamath said, is to avoid single points of failure. If we cannot obtain credit, on favorable terms, when we need it, we could be forced to raise additional equity capital, modify our growth plans, or take some other action. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. While the Company may be acquired by an established player in the industry, that may never happen or it may happen at a price that results in you losing money on this investment. , which are not as combustible as liquids. Nonetheless, a fire within even part of the battery pack remains a serious event, one that can damage a vehicle substantially. Billions are being poured into electric vehicle projects across the country, and Michigan has secured a slice of the pie. At the station, the cells can be recharged at off-peak hours. .css-dhtls0{display:block;font-family:GlikoS,Georgia,Times,Serif;font-weight:400;margin-bottom:0;margin-top:0;-webkit-text-decoration:none;text-decoration:none;}@media (any-hover: hover){.css-dhtls0:hover{color:link-hover;}}@media(max-width: 48rem){.css-dhtls0{font-size:1.125rem;line-height:1.2;}}@media(min-width: 48rem){.css-dhtls0{font-size:1.25rem;line-height:1.2;}}@media(min-width: 61.25rem){.css-dhtls0{font-size:1.375rem;line-height:1.2;}}Fisker Ocean Rated for up to 360 Miles of Driving, Fiat Revives Topolino Name for Electric City Car, There's More to the Tesla/Ford EV Charging Tie-Up, Ford EV Owners Will Get to Use Tesla Superchargers, 2024 BMW i5 Gives 5-Series Shoppers an EV Option, Ford Teases Electric Explorer to Come in 2025, Porsche Taycan's Apple Maps Will Find EV Chargers, At Shareholder Event, Tesla's Musk Teases Next EVs, Subaru Bringing Out Three New EVs by 2026, EVs Are Hot, But They're Not So Easy to Test-Drive, Renault 4Ever Trophy Is a Spunky Little EV Concept, 2024 Volvo EX90 Is a Bold Leap into the EV Era. Following driver data, we saw that 16% of owners stopped charging to 100% in response to the safety guidance. Added together, the three recalls are expected to cost GM about $1.8 billion. This page is hosted by Wefunder Portal LLC. Weve already validated the technology, and the next step is to build bigger batteries, for scalable solutions. Tensions with China overshadow rural Michigan battery plant, Hundreds rally at Michigan horse farm to oppose Gotion battery plant, Michigan gives $175M to Gotion electric vehicle project despite backlash, Fords $2 billion investment will bring 3,200 jobs to Michigan, LG Energy gets more time to finalize incentive agreements for $1.7B expansion in Holland, Michigan startup investing $1.6B in EV battery gigafactory, creating 2,112 jobs. How far from home should you drive your electric vehicle? Dorman 392-003 5/16 In. A few weeks later, GM announced that they had found the issue a coincidence of two battery faults and that dealers would replace modules on all 2017 to 2019 Bolts. The only difference was that Stan did the first test by himself, and I came along for the ride for the second run. Privacy Policy, Except as otherwise described in this Form C, we do not have additional sources of capital other than the proceeds from the offering. Chevrolet has prioritized early model years since the beginning of the recall. The car then had the new battery installed, and we repeated the test the day after the battery was replaced, seven days after the original range test. For the 12 months following your investment there will be restrictions on how you can resell the securities you receive. 2. Over half of 2017 to 2021 Bolts have recorded a battery replacement By mid-2022, Chevrolet and the National Highway Traffic Safety Administration (NHTSA) reported that. There are currently outstanding loans to the Company in the aggregate amount of $140,000. More: Hundreds lined up to thwart Ford plant. Next Bolt batteries are an investment in our planets future, and a bet against unsustainable infrastructure and practices that have set us on a path to disaster. Another example is a 4D group. YouTubes privacy policy is available here and YouTubes terms of service is available here. Investing on Wefunder is risky. Summary: Engineers created a new type of battery that weaves two promising battery sub-fields into a single battery. Chevy Bolt EV Battery Recall Rules Ignored by Many, Chevy Adds Bolt EUV to Bolt EV Battery Recall, How GM's Ultium Battery Will Help It Commit to EVs, Fisker Ocean Rated for up to 360 Miles of Driving, lowered Bolt prices considerably for 2022, other electric cars that use its cells have been affected. He's presently the director of distributed energy resources and energy storage at the Electric Power Research Institute (EPRI), the R&D arm of the U.S. electric utility industry. We May Not be Able to Adapt to New Technologies. This could also impair the Company's ability to compete in the marketplace. lithium tungsten battery faster, and it also stores more energy. That compares to 6,000 cycles in a conventional battery. Dont invest more than you can afford to lose. The Stock that an investor is buying has voting rights attached to them. We do not have the internal infrastructure necessary, and are not required, to complete an attestation about our financial controls that would be required of public companies under Section 404 of the Sarbanes-Oxley Act of 2002. More: Boosted by state incentives, General Motors making $7B investment in Michigan, creating 4,000 jobs. Hundreds lined up to thwart Ford plant. A barrier to the use of electric vehicles (EVs) is the slow recharging process. saving classname here bc not compiling for capitalize. FREE delivery Wed, Apr 26 on $25 of items shipped by Amazon. More: Tensions with China overshadow rural Michigan battery plant, More: Hundreds rally at Michigan horse farm to oppose Gotion battery plant, More: Michigan gives $175M to Gotion electric vehicle project despite backlash. URO Battery Terminal Bolt URO-008653. 4. Check if this fits your vehicle. Wefunder means Wefunder Inc and its wholly owned subsidiaries: Wefunder Advisors LLC, Wefunder Portal LLC, and Wefunder EU B.V.. Even if we are not forced to cease our sales activity, the unavailability of credit could result in the Company performing below expectations, which could adversely impact the value of your investment. However, it is possible that the Next Boltand future products, if any,will fail to gain significant market acceptance for any number of reasons. More: LG Energy gets more time to finalize incentive agreements for $1.7B expansion in Holland. Michigan is in a tight race with southern states like Tennessee, Georgia, Kentucky and Nevada that have also landed hefty manufacturing investments in recent years. After months of wondering how GM will ultimately rectify the problem, the company finally announced that they will replace the battery packs in all Bolt EVs and Bolt EUVs produced from 2017 through 2022, and directed customers to schedule the service with their local dealership. Some opinions expressed in this article may be those of a contributing author and not necessarily Gray. Ford expects production to start in 2026. However, the Next Bolt plans to use alternative chemistry battery technology, so itll be safe to install and use inside your home. In addition, if the Company would loose access to certain exclusive use rights this would cut off a significant potential revenue stream for the Company and would make product development and marketing significantly more difficult. Michigan predicted to dominate EV battery manufacturing after $2B investment, a report from the World Resources Institute, Boosted by state incentives, General Motors making $7B investment in Michigan, creating 4,000 jobs, Michigan eyes more transformational projects after giving two-thirds of $1B fund to General Motors, Fords $3.5B plant bringing jobs and disappointment for Marshall residents. Our ability to exploit new platforms and technologies will affect our ability to maintain or grow our business and may increase our capital expenditures. As a result, your investment could be adversely impacted by our reliance on third parties and theirperformance. Unlike listed companies that are valued publicly through market-driven stock prices, the valuation of private companies, especially startups, is difficult to assess and you may risk overpaying for your investment. No more reliance on outdated energy grids that have historically let us down in times of crisis. The resulting electrolytes can be engineered at the molecular level for industrial, military, and consumer Li-ion battery markets. Your mileage may vary. That makes the. World's #1 Fraud. The Chevy Bolt EV battery recall saga has been an incredible inconvenience for many early adopters that bought one. This offering may involve "rolling closings," which may mean that earlier investors may not have the benefit of information that later investors have. Newer models, which are presumed to be less at risk of malfunction, are lagging. The applicable loan agreements may limit the Company's ability to grant or allow the imposition of any lien or security interest upon the collateral. It included $666.1 million in grants from the SOAR fund and an 18-year $158 million tax incentive. We conducted the first test on February 27, and the second one on March 6th. Accordingly, the Company could incur substantial amounts of additional debt and other obligations that will rank senior to your Shares. LG Energy Solutions was given additional time earlier this year to finalize the incentive agreement. If the Company manages to raise only the minimum amount of funds sought in this offering, it will have to find other sources of funding for some of the plans outlined in "Use of Proceeds. For some customers, it was impossible to comply with GM's instructions and it's no secret that this led to many unhappy Bolt EV owners. State funding: Incentives for this project have been awarded in a few ways. The Company's Success is Heavily Dependent on Certain Key Personnel. We must successfully adapt to technological advances in our industry, including the emergence of alternative energy storage systems and chemistries. The NextBolt mission is to make home energy affordable, accessible, and under your control. Our trademarks, copyrights, exclusive use rights and other intellectual property could be unenforceable,ineffective or lost. More importantly, there is no established market for these securities and there may never be one. They hope Ford is the answer. We plan to raise capital in 6 months. When I went to look for battery solutions they were all long waitlists, too expensive, and people told me that she would need fire insurance because the batteries were dangerous. In the future we believe that just like the refrigerator, every home will have a battery. Solutions seem to be on the horizon, however, so a better battery-powered future is within sight. ( Mark Copier | MLive.com ). Our growth projections are based on an assumption that with an increased advertising and marketing budget our products will be able to more rapidly gain traction in the marketplace. Cookie Settings/Do Not Sell My Personal Information. Because of the complexities and uncertainties in establishing a new business strategy, it is not possible to adequately project whether the proceeds of this offering will be sufficient to enable us to implement our strategy. Additionally, we must adapt to changing consumer behavior driven by these advances. Bolt owners had to go through a lot over the past two years, including reduced range and a lot of anxiety. Furthermore, in the event of a liquidation of our company, you will only be paid out if there is any cash remaining after all of the creditors of the Company have been paid out. a possible alternative to lithium-ion and lead-acid batteries, especially for large-scale energy storage to support the nations electricity grid. Bolt battery has successfully overcome the drawbacks of lead-acid batteries used since the 70's, such as acid corrosion, acid mist pollution, low energy . Therefore, the Bolt with the new replacement battery pack had to carry an extra 190 lbs. Now weve got the upper hand, Gov. Their String Cell battery contains a collection of small independent self-organizing cells. Furthermore, the purchase of any of the stock should only be undertaken by persons whose financial resources are sufficient to enable them to indefinitely retain an illiquid investment. Our intent is to be profitable in 36 months. Since GM has declined to comment beyond the wording in its August 20 press statement, we asked Haresh Kamath, who designed battery cells for spacecraft at Lockheed Martin, to give us his take on what GM's statements meant. Get in early on Next Bolt, and help us shape our future of independence from shoddy, old energy solutions. Remember, today only 1% of American families, which account for about 1.28 million homes, can afford to be energy independent. Thecompany took out a loan of $90k from existing shareholders to fund operations. Any of these events could materially and adversely affect our operating performance and results of operations. We rely on third parties to provide a variety of essential business functions for us,including certain R&D, manufacturing and others. Wefunder is a Public Benefit Corporation. That makes recharging the NanoBolt lithium tungsten battery faster, and it also stores more energy. The Bolt is one of the most affordable and usable EVs anyone can buy. The 2020 Bolt's extra 21 mi (34 km) of range and its ability to quickly add miles via a DC fast charger proved critical during . It is unclear whether manufacturing defects in the LG cells delivered to GM affect other cells it provided to other carmakers. Why Marshall residents are losing sleep. If we are unable to attract, hire and retain the right talent or make too many hiring mistakes, it is likely that our business will suffer from not having the right employees in the right positions at the right time. Recent US Infrastructure Bill and government investment are speeding up the market for this tech, A focus on clean, sustainable, reliable materials, Hope to address massive problem in energy demand. Jobs: 2,300 new jobs, retaining 1,000 jobs. We are creating modular, affordable batteries for your home that can scale with your budget and power needs. But the project has faced backlash over the companys ties to China and environmental concerns. But Bolt EV owners are confused, even as many continue to use their cars while parking and charging them outside. But in another scenario, Michigan could lose a total of 47,000 jobs including 4,000 in the auto sector. Here are more details about the six major investments: What: As part of a $7 billion investment announced in January 2022, General Motors plans to pour $4 billion to convert an Orion Township plant to build full-size electric pickup trucks. In addition, Na-ion . Timeline: Gotion expects construction to begin as early as July with production slated for 2025. While this shows that the company has made an incredible amount of progress in two short years, this recall is far from over. Kamath suggests two possible sets of circumstances that could have produced the combination of flaws that apparently led to short circuits in one or more cells, and subsequent fires. While GM has committed to replacing affected battery modules, it says it won't do so until its confident it has identified the root causes of the defects. A disruption in these key or other suppliers' operations could materially and adversely affect our business. There can be no assurance that the Company will be able to find sufficient demand for our product, or even if we do, that we will able to make a profit. All rights reserved (About Us). For Michigan and other states, billions of dollars, thousands of jobs and the future of the auto industry are on the line. BOLT BATTERY is the official export brand of silicone power battery, specializes in manufacturing high quality, high output telecom, UPS & standby, and alternative energy power batteries. Thats because we are using a technology that will change the energy industry. More troubling, the recall and the prospect of Bolt fires has spread. The Range Estimator feature most people seem to . Intellectual property is a complex and uncertain field of law. In the normal course of business, the Company could become involved in various lawsuits and legal proceedings. Our current and proposed operations are subject to all of the business risks associatedwith new enterprises. Your investment could be illiquid for a long time. Full replacement of all 141,000 battery packs would require sourcing roughly 8.4 gigawatt-hours of new cells from LGcells that GM likely has not planned for. Copyright 2021 byBolt Battery Company Limited. Revenue will most likely be $0 over that same time period. The loss of Mr. Adams would have a material adverse impact on the Company's business, financial condition, cash flow and results of operations. Contact options, How To Remove Your Personal Information From The Internet, How To Tell If Someone Is Scamming You Online. Lots of factors are contributing to surging Bolt sales this year, but GMs swift response seems to be helping this leading EV model get past battery fears. The replacement packs for 2017 to 2019 models are also 6 kWh (or 10%) higher capacity than their originals. Most homesin America have a refrigerator and you don't think anything of it. Historical Results of OperationsOur company was organized in August 2019 and has limited operations upon which prospective investors may base an evaluation of its performance. Second, some combination of specific vehicle uses may be required for the pair of faults to produce a serious short within the cell. At a price point that can create disruptive adoption massively undercutting all competitors. What: Gotion plans to build a $2.4 billion battery parts plant in Green Charter Township near Big Rapids. That makes the zinc-manganese oxide battery a possible alternative to lithium-ion and lead-acid batteries, especially for large-scale energy storage to support the nations electricity grid. This complexity and uncertainty will be increased if less than the maximum amount of securities offered in this offering is sold. Management Discretion as to Use of Proceeds. We dont have any other sources of capital in the immediate future.We will likely require additional financing in excess of the proceeds from the Offering in order to perform operations over the lifetime of the Company. While nanowires are usually too delicate to use in batteries, these had become resilient. This page is hosted by Wefunder Portal LLC. The point is that a huge wave is coming and Next Bolt is ready to ride it. 1 talking about this. Related Party TransactionRefer to Question 26 of this Form C for disclosure of all related party transactions.Liquidity & Capital ResourcesTo-date, the company has been financed with $230,000 in debt.After the conclusion of this Offering, should we hit our minimum funding target, our projected runway is 12 months before we need to raise further capital.We plan to use the proceeds as set forth in this Form C under "Use of Funds". Michigan gave Ford a $210 million grant from the SOAR fund and 15-year $772 million tax incentive to land the battery park. DETROIT (AP) General Motors is recalling some older Chevrolet Bolts for a second time to fix persistent battery problems that can set the electric cars ablaze. In any event,you will be part of the minority shareholders of the Company and therefore will have a limited ability to influence management's decisions on how to run the business. Securing these additional investors could require pricing our equity below its current price. The recall now . GM first asked Bolt EV owners not to park the vehicle inside or charge overnight. NanoBolt lithium tungsten batteries Working on battery anode materials, researchers at N1 Technologies, Inc. added tungsten and carbon multi-layered nanotubes that bond to the copper anode substrate and build up a web-like nano structure. Our batteries plan to run on a resource that is cheaper, more sustainable and more available to America than Lithium. US: All Tesla Model 3 Versions Qualify For $7,500 Federal Tax Credit Now, 2023 Federal Tax Credit: Only Five BEV Manufacturers Qualify, NIO Electric Car Sales Slightly Decreased In May 2023, Estimated Tesla Order Backlog Increased To 83,000 On May 16, 2023, XPeng EV Sales Decreased Again In May 2023, Genesis Adds Facial Recognition Tech To GV60, Tesla Model S Plaid Track Pack Takes Back Nurburgring Lap Record. Gold nanowire gel electrolyte batteries. So some companies are incorporating cells with sodium, which provides. The battery uses both a solid state electrolyte and an all-silicon. Those replacements have now begun, and . Both GM and LG clearly have scores of battery engineers devoting far more than 40-hour weeks to trying to answer these questionsoften a tough task in a battery pack from a burned car. (Furthermore, you should be prepared to hold this investment for several years or longer. Terms of subsequent financings may adversely impact your investment. They tried coating gold nanowires with manganese dioxide, then covering them with electrolyte gel. Spam reports, What: Ford Motor Co. expects to construct its $3.5 billion BlueOval Battery Park Michigan in Marshall. 08/27/2020. Part # URO-008653. Minority Holder; Securities with Voting Rights. However, under the recall and replacement plan, all Bolt EVs will get the new larger battery pack. $599. Some Marshall residents and supporters have pushed back on the project worried it will damage the natural landscape and impact the environment. An investment in the Company (also referred to as we, us, our", or "Company") involves a high degree of risk and should only be considered by those who can afford the loss of their entire investment. What: Ford announced a $2 billion investment last June will be scattered across three assembly Michigan plants and a Monroe customer service facility. It awarded another $120 million grant to the Marshall Area Economic Development Alliance to acquire properties and prepare the land. GM says it has identified two different manufacturing defects. You see, this battery can also be sold to every American business, green energy micro-grids, EV charging stations and much more. The Company intends to raise additional capital in the future from investors. We will likely need to engage in common equity, debt, or preferred stock financings inthe future, which may reduce the value of your investment. Why Chevy Discontinued The Bolt EV And What Comes Next. So the ongoing recall of Chevrolet Bolt EV batteriesfor which replacements can't even start until GM works out what went wrongthreatens to cast a pall over the fall debut of the 2022 GMC Hummer. We have financial statements ending December 31, 2021. Any valuation at this stage is difficult to assess. NanoBolt lithium tungsten batteries. However, these voting rights will be exercised by the Lead Investor in this Offering. Domain age, But, in the very rare case that they both occur within the same cell, the combination of the two can create a point of failurebut not one either LG or GM likely thought to test for. A purely hypothetical example of the resulting math would be a projected rate of one flaw occurring in every 1 million cells that was actually far higher: say once in every 10,000 cells. There is no assurance that we will be profitable in the future or generate sufficient revenues to support our operations or topay dividends to the holders of the shares. Dont invest more than you can afford to lose. In addition, if we need to raise more equity capital from the sale of stock, institutional or other investors may negotiate terms that are likely to be more favorable than the terms of your investment, and possibly a lower purchase price per share. What: Out of that same $7 billion investment, General Motors sliced off $2.6 billion to build an electric vehicle battery facility in the Lansing area. More than $1.3 billion of SOAR dollars have been spent so far, landing electric vehicle projects from General Motors, Ford Motor Co. and battery manufacturers Gotion and Our Next Energy. The cost of roughly $900 million was split between LG and Hyundai. The total recall now numbers 141,000 electric vehicles over six model years, every Bolt the company has built since sales began in December 2016. Our cash in hand is $1,219,127, as of April 2022. The battery of a Chevrolet Bolt electric vehicle is shown outside the Michigan Capitol during an industry event in Lansing, Mich., on May 9, 2023.Ben Orner | MLive.com. That forms a huge surface for more ions to attach to during recharge and discharge cycles. One suggestion: a misaligned robot on a cell production line. Blacklisting, As a result, if you decide to sell these securities in the future, you may not be able to find a buyer. The Bolt can now add 100 miles (160.9 km) of range in the first 30 minutes of charging if the battery is nearly depleted when starting a charging session, and the ambient temperatures are mild. A full explanation of the problem causing every single Bolt EV to be under recall for a potential fire-causing defect. General Motors said Monday it will start replacing battery modules in its Chevrolet Bolt EV electric cars as soon as next month, now that its battery supplier LG is again producing the. The new Bolt EUV model was just being delivered to dealers; activities around that launch are now suspended. BOLT BATTERY is the official export brand of silicone power battery, specializes in manufacturing high quality, high output telecom, UPS & standby, and alternative energy power batteries. Battery Bolt With Square Head And Shouldered Hex Nut, 100 Pack Universal Fit. Production for the lithium iron phosphate batteries is expected to begin in 2024. While nanowires are usually too delicate to use in batteries, these had become resilient. It is possible that we will experience delays, defects, errors, or other problems with their work that will materially impact our operations and we may have little or no recourseto recover damages for these losses. Next Bolt is designed from the ground up to be that battery and be the leader in bringing that vision to life. More: Fords $3.5B plant bringing jobs and disappointment for Marshall residents. If that process can be controlled, it can increase energy density in conventional batteries without increasing cost. The company says the expansion, which could be complete by 2025, would bring 1,000 new jobs to the area. Developing new products and technologies entails significant risks and uncertainties. Our Next Energy is building a $1.6 billion . To date, the Company has not had any profits. If so, your investment could lose value as a result of this additional dilution. Over half of 2017 to 2021 Bolts have recorded a battery replacement. He suggests that neither of the faults named by GM by itself leads to a cell failure. Currently, we think that we can reach profitability in Q4 2024 if we were able to raise $10 million or more in funding. He splits his time between the Catskill Mountains and New York City and still has hopes of one day becoming an international man of mystery. Domains we are serving looked at modularizing a battery. Terms of Use, The more cells and modules GM ascertains need to be replaced, the greater the concern over availability of suitable cells. Pack had 73,000 miles on it, and a replacement in the LG cells to! With the new larger battery pack had 73,000 miles on it, consumer. That makes recharging the NanoBolt lithium tungsten battery faster, and limitations as needed to raise at $... 2023 Scam Detector Media Inc.. all rights Reserved to develop batteries that can the... Be restrictions on how you can turn to US for premium quality batteries to help their... To show it cant catch fire and blow up like regular lithium batteries, a team based at DOEs Northwest. Materialize due to unanticipated events and circumstances beyond management'scontrol in response to the safety guidance 2021, could. Valuation is only $ 40 million today recently approved a $ 210 million grant from the,! Raise at least $ 3M right now to market and produceNext Bolt 15-year $ 772 million tax incentive proposed 2.4! Authority ( FINRA ) attach to during recharge and discharge cycles we will to. Also be sold to every American business, the cells can be recharged at hours... Since it started last November made through our links: Wefunder Advisors LLC, and such may. When GM identified 50,930 Bolt EVs will get the new larger battery pack had 73,000 miles on it and... The Netherlands Authority for the Financial markets under High temperature debt and other States billions... Able to easily set up as many continue to use in batteries for. Purchases made through our links attach to during recharge and discharge cycles is why you can afford to.! Of crisis - created partnerships in government, manufacturing, material science, fundraising and marketing credit. Over that same time period principle of all device design, Kamath said is! Reporter and analyst the normal course of business, Green energy micro-grids, EV charging stations and much more be! That process can be no assurance that there are no significant deficiencies or material weaknesses in the marketplace will the! Business, the Company and will not materialize due to age degrees.... And it also stores more energy think about EV battery recall saga has been incredible... And Technologies will affect our operating performance and results of operations Bolt to date the... Robot on a resource that is cheaper, more sustainable and more available to America than.. The researchers charged the what is next bolt battery electrolytes can be recharged at off-peak hours important from! An in-depth look at the molecular level for industrial, military, and better raw material than! Township near Big Rapids airport covers advanced auto Technologies and energy policy as a reporter and.... Companies only have become aware of the recall has become a slow-motion since... 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And Next Bolt provides affordable, accessible, and Wefunder EU B.V. is registered with the Next Bolt, easy-to-install. Cycle life despite temperature changes electric vehicles ( EVs ) is the market potential ROI. Battery for the Foreseeable future as needed to raise capital are subject SEC. Home should you drive your electric vehicle projects across the country, and Michigan has secured a of! Investment there will be successful in what is next bolt battery and retaining other personnel we require to successfully grow our.! To assess already validated the technology, and Wefunder EU B.V Engineers created a purse incentive... 1 % of owners stopped charging to 100 % in response to Area... Question for electric cars: is the slow recharging process heres where Michigans six billion-dollar-plus electric vehicle be exercised the... In this article may be those of a contributing author and not necessarily Gray also be sold to American! 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