HydroGraph ties up with LOLC Advance Tech to tap US $ 47bn lead acid battery 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 commercialise 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 percent. 

With such stellar game-changing results, HydroGraph and LOLC AT agreed to commercialise this product and pursue the lead acid battery market, projected to be worth more than US $ 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 commercialisation and drive adoption of the technology. 

The blend incorporates a unique combination of graphene and other carbon-based materials, resulting in an electrode with enhanced electrical conductivity, stability and durability.

“We are excited to partner with HydroGraph to bring this game-changing technology to the market,” said LOLC Advanced Technologies Chief Executive Officer Danesh Abeyrathne.

“This partnership demonstrates our commitment to investing in cutting-edge technologies that have the potential to transform industries and drive economic growth.”

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. The LOI is a significant step in HydroGraph achieving its ambitious commercialisation goals for 2023, driven by a meticulous business development strategy that prioritises the development of applications and establishing customer trust in the highest quality graphene available in the market.

CGT Chief Executive Officer Manju Gunewardene stated, “When we were first introduced to HydroGraph’s graphene, we immediately recognised 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, CGT is thrilled to be at the forefront of this groundbreaking partnership and the company is confident that the joint venture will result in a game-changing product that will transform the graphene market.” Commenting on the partnership, HydroGraph Director/Chief Executive Officer Stuart Jara 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.”