Meta Materials (NASDAQ:MMAT) stock is down today despite reaching an important milestone. Yesterday, the functional materials company announced that it had filed its 500th patent.
This latest filing is titled “Batteries Utilizing Anode Coatings Directly on Nanoporous Separators,” and it may represent a significant advancement in the field of safe lithium battery technology. The company’s list of active patent documents now expands past 500 and includes 315 active patents. News of this accomplishment hasn’t helped MMAT stock rise today. However, that may be more due to the fact that Meta recently generated some controversy when it disavowed a statement by CEO George Palikaras regarding a potential reverse stock split.
What does this mean for the future of Meta Materials, and what can investors expect moving forward? Let’s take a closer look.
What’s Happening With MMAT Stock
It’s been a highly volatile week for MMAT stock, and today hasn’t been an improvement. As of this writing, shares are down more than 4% for the day and aren’t showing signs of a rebound. The former meme stock has spent the past month in a race to the bottom, shedding more than 30% of its value despite a large-scale purchase order from a confidential customer in the G-10 central banking world.
It’s hard to be optimistic about MMAT stock, but this patent news suggests that the company is making progress. Meta released a statement yesterday in which it noted:
“This new patent, US Pat. No. 11,605,862, was issued on March 14, 2023, and is entitled ‘Batteries Utilizing Anode Coatings Directly on Nanoporous Separators.’ It is directed at lithium batteries where the anode or negative electrode comprises a dispersion or ‘wet’ layer of the anode materials. A second-related Meta Materials patent, US Serial No. 17/733,235, has received a Notice of Allowance and will issue shortly.”
Palikaras noted the technology’s applications, citing recent problems with electric vehicle (EV) and electric bike fires. He claims that the company’s NCORE product can help make the batteries that power these vehicles more efficient and sustainable. The EV battery market is a lucrative one, expected to expand at a compound annual growth rate (CAGR) of 18.9% by 2030. However, for investor confidence in MMAT stock to be restored, the company will have to demonstrate these products can help spur sustainable growth.
On the date of publication, Samuel O’Brient did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.