HydroGraph Clean Power (CSE: HG) is entering the battery business via a new partnership with Ceylon Graphene Technologies, a global leader in graphene-related materials.
The partnership comes via a letter of intent signed with LOLC Advanced Technologies, whom is a majority owner in Ceylon. Ceylon is a joint venture between LOLC, the largest diversified financial conglomerate in Sri Lanka, and SLINTEC, the Sri Lanka Institute of Nanotechnology, who is billed as a “pioneer in the field of innovative materials.”
The partnership with HydroGraph will see the parties focus on the lead acid battery market, which is estimated to be worth more than $47 billion by 2030. A novel composite graphene blend has been formed that reportedly improves charge acceptance of lead acid batteries by 47%.
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As part of the partnership arrangement, HydroGraph is to take lead on coordinating sales and marketing of the graphene to the global battery market and other commercial opportunities. Ceylon meanwhile will conduct required product tests, including building and testing batteries with a blend of HG’s fractal graphene and their own reduced graphene oxide.
“The work HydroGraph and CGT have done together and this 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 partnership to explore other applications,” commented Stuart Jara, CEO of HydroGraph.
WATCH: Hydrograph: Revolutionizing Graphene Production – With Stuart Jara
The parties have reportedly been working together for six months to develop the novel composite graphene blend used within the lead acid batteries, as well as on graphene blends for other applications. The parties are said to be continuing this development work for other potential markets.
HydroGraph last traded at $0.15 on the CSE.
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