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FINWIRES

AnteoTech Strikes Battery Design, Prototyping Deal With Airspeeder; Shares Down 4%

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AnteoTech (ASX:ADO) struck a supply deal for next-generation battery design and prototyping with Adelaide-based electric flying car business Airspeeder, according to a Tuesday filing with the Australian bourse.

Airspeeder, the world's first racing series for manned electric-powered flying cars, is establishing teams in several countries including Australia and the US. AnteoTech said it will be the foundational battery development consortium lead for the Australian team.

AnteoTech's lithium-ion battery technology will help improve the flight time and power performance of new electric vertical take-off and landing aircraft models, per the filing.

The company's shares fell 4% in recent Tuesday trade.

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