HydroGraph ties up with LOLC Advance Tech to tap $47 Bn graphene, market
LOLC Advance Technologies Private Limited (LOLC AT), a wholly owned subsidiary of LOLC Holdings PLC and HydroGraph Clean Power Incorporation, a commercial manufacturer of high-quality graphene, have recently entered into a Letter of Intent (LOI) to commercialize a jointly developed graphene blend that has shown significant improvements in battery performance.
Through a collaborative effort with the Sri Lanka Institute of Nanotechnology (SLINTEC), LOLC AT, holds a controlling stake in Ceylon Graphene Technologies (CGT), through which the group engages in graphene related research, innovations and undertakings over the years.
Under the terms of the LOI, LOLC AT and HydroGraph will work together to scale up production of the graphene blend and bring it to the market. The partnership will centre around a novel composite graphene blend that improves the charge acceptance of lead acid batteries by 47%. With such stellar game-changing results, HydroGraph and LOLC AT agreed to commercialize this product and pursue the lead acid battery market, projected to be worth more than $47 billion by 2030, driven in part by electric vehicle dependency on the product.
The partnership will leverage their expertise in graphene production to accelerate commercialization and drive adoption of the technology. Danesh Abeyrathne, Chief Executive Officer of LOLC Advanced Technologies said, “This partnership demonstrates our commitment to investing in cutting-edge technologies that have the potential to transform industries and drive economic growth. LOLC, as one of the most diversified multinational conglomerates in Sri Lanka, has been investing in advanced technologies for the past many years.”
This partnership with HydroGraph represents a significant milestone in the development of graphene-based materials for commercial applications in endorsing our potentiality across the international arena.”
For more than six months, HydroGraph and CGT have collaborated on exploring the potential applications of combining their materials. As a result, the combined graphene products now possess enhanced and distinctive properties. Moving forward, HydroGraph and CGT aim to further advance the development of other applications for this composite graphene blend across various markets.
Manju Gunewardene, Chief Executive Officer, CGT stated, “When we were first introduced to HydroGraph’s graphene, we immediately recognized that combining it with CGT Reduced Graphene Oxide (RGO) would result in a unique and enhanced graphene product. Our belief was validated through extensive R&D and application work conducted at CGT’s advanced laboratories and this joint venture will result in a game-changing product that will transform the graphene market.”
Stuart Jara, Director/ Chief Executive Officer of HydroGraph stated, “The work HydroGraph and CGT have done together and the LOI show the power of our strategy, and the importance of leveraging different but complementary competencies that each party brings to the partnership. We will continue to leverage this association to explore other applications; this is a big step
in the process of bringing the highest quality and most cost-effective graphene to the world.”
In the upcoming months, HydroGraph and LOLC AT will work on finalizing the complete partnership framework. Meanwhile, CGT will conduct all necessary tests and analysis on the product, including the development and testing of lead acid batteries using the composite graphene blend of HydroGraph’s fractal graphene and CGT’s reduced graphene oxide. HydroGraph will take charge of leading and organizing the sales and marketing of the combined graphene product in the global lead acid battery market and other potential commercial applications.