By: Staff Writer
Colombo (LNW): Sri Lanka is set to begin commercialization of wonder material, graphene which is extracted from the locally mined world’s best high pure graphite using the latest technology by LOLC subsidiary Tech company in collaboration with a leading global company.
Ceylon Graphene Technologies, a joint venture of LOLC Group and Sri Lanka Institute of Nanotechnology (SLINTEC), has developed this latest technology two years ago with the aim of placing Sri Lanka in the global market for graphene and associated products.
LOLC Advance Technologies Ltd., (LOLC AT), 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 on a novel composite graphene blend that improves the charge acceptance of lead acid batteries by 47%.
Sri Lanka is exporting graphite without any value addition at a price of US$3 per kg whereas the value added graphene fetches a price of over $3000 per kg, industry sources said.
Sri Lanka has exported over 5,000 tonnes of graphite up to date. World demand for this product is expected to reach 4.48 million tons in volume and $17.56 billion in terms of value in 2020.
LOLC said 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.
The blend incorporates a unique combination of graphene and other carbon-based materials, resulting in an electrode with enhanced electrical conductivity, stability and durability.
LOLC AT CEO Danesh Abeyrathne said. LOLC as one of the most diversified multinational conglomerates in Sri Lanka, has been investing in advanced technologies for the past many years.
He expressed the belief that the combined expertise and resources of the two companies will now enable us to scale up production and bring this technology to the market, unlocking its capability to revolutionize the battery industry.”
For over six months, HydroGraph and CGT have collaborated on exploring the potential applications of combining their materials.
Ceylon Graphene Technologies CEO Manju Gunewardene said: “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.
HydroGraph Director/CEO Stuart Jara said: “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.