Key Highlights

• AnteoTech will exclusively provide battery designs and prototype batteries to Airspeeder.

• The agreement covers development work but does not disclose revenue, volumes or contract duration.

• Ultranode 95 targets high-energy applications where battery weight and performance are central considerations.

• Future milestones include prototype development, technical validation and potential progression towards commercial supply.

Australia's flying-car racing circuit has quietly picked up an ASX-listed battery partner. On 8 September 2026 Brisbane-based AnteoTech (ASX:ADO) lodged an announcement headed "Next Generation Battery Design and Prototyping Agreement with Airspeeder", naming the company behind what it calls the world's first racing series for crewed electric flying cars.

The substance is narrower than the imagery. AnteoTech has agreed to exclusively Supply next generation Lithium-Ion Battery designs and batteries for prototyping to Adelaide-based Airspeeder Pty Ltd. No consideration, contract term or Revenue figure was disclosed, and the release was not flagged as price sensitive.

A development deal, not a Volume supply contract

What AnteoTech has committed to is design and prototype work. The company said it would draw on its international collaborators, contributing high-energy cell chemistry and design expertise, and would work with specialist cathode technology companies under joint development agreements covering cell manufacturing, piloting and prototyping.

AnteoTech will also act as foundational Next Generation Battery Development Consortium lead for Team Australia, one of the national teams Airspeeder is assembling from aerospace, motorsport, defence and aviation backgrounds alongside Queensland University of Technology and the University of Adelaide. Dell, NVIDIA and Intel are listed among Airspeeder's other partners.

Chief executive Merrill Gray described it as an exciting ground floor opportunity to raise market awareness of the potential of the Ultranode 95 anode. Airspeeder chief executive Matt Pearson said his company was pleased to welcome AnteoTech to its supplier list.

What AnteoTech is actually selling

Ultranode 95 is AnteoTech's high-silicon anode technology, pitched at applications where weight matters more than price. In May 2026 the company reported validation at the United States Battery Innovation Centre showing more than 390 watt-hours per kilogram in five amp-hour pouch cells, and more than 300 cycles at 70 per cent capacity retention.

Battery materials sit beside a life-sciences arm built on the AnteoBind surface-chemistry platform, and a product set spanning the Anteo X additive, the Anteo S separator coating and the Anteo C primer. A separator collaboration with South Korea's Xerabrid was executed in August.

The Balance Sheet leaves little slack

AnteoTech's unaudited full-year accounts, lodged on 31 August, show revenue of $467,589, down 52 per cent, and a net loss after tax of $4.93 million, a 27 per cent improvement. Cash stood at $5.7 million at 30 June 2026, plus a $5.5 million term deposit maturing in December.

The directors nonetheless recorded a material uncertainty that may cast significant doubt on the group's ability to continue as a going concern, while stating their belief that commercialisation progress, cost control and access to Capital would see it through. AnteoTech raised $3.5 million in a January Placement at 1.55 cents and in May underwrote the exercise of 214.3 million listed options at 3.5 cents.

Shares were quoted at 2.1 cents on 8 September 2026, capitalising the company at roughly $68 million against a 52-week range of 1.0 to 4.9 cents. The available evidence does not establish that the announcement moved the stock.

Milestones worth marking

Two dated events lie ahead. AnteoTech said it would exhibit at the Battery Show North America in Detroit from 13 to 15 October 2026 as part of an Austrade delegation, and Airspeeder has an international series race scheduled for November 2026.

The gap between a prototyping mandate and Recurring Revenue is the thing to weigh. Nothing disclosed obliges Airspeeder to buy production cells, no volumes are specified, and cells would still have to be built through AnteoTech's cathode partners. Governance has also been unsettled, with three changes of chief financial officer during 2026.

For a company carrying a going-concern flag and falling revenue, the value looks reputational before financial: a visible proving ground for an anode chemistry that still needs a large customer to commit.