First Graphite to focus on graphene battery technology
Published: Thursday, 23 February 2017
The graphene supplier is seeking funds to commercialise a graphene-oxide supercapacitor.
ASX-listed graphene supplier First Graphite Ltd (FGR) is
seeking to raise $3m in funds from investors to develop a new
type of graphene-based material suitable for battery technology
First Graphite’s final aim is to commercialise
graphene-oxide supercapacitor energy storage technology, which
is the basis of the Bolt Electricity Storage Technology
Batteries, or BEST.
The technology, which is currently being developed by
Australia’s Swinburne University of Technology in
partnership with private companies, is said to overcome the
energy density limitations of common batteries by using
supercapacitors (SC), able to store higher amounts of
SCs allow the development of batteries with higher density,
faster charge and discharge rates, and which can hold 10,000
Funding will be raised through the placement of 28m shares.
The funds will be employed as part of a binding heads of
agreement with Australian electronic engineering and engine
developer Kremford Pty, with whom FGR is teaming up to develop
As part of the terms of the deal, FGR can earn up to 60%
equity of Kremford, split into two 30% stages.
Over the next two years, the project aims to develop a
prototype graphene oxide thin-film energy storage device with
First Graphite produces graphene sourcing vein graphite from
Sri Lanka, where it holds 13 exploration licenses in five
Earlier this month, the company signed a 24-month sales
agreement with the Sri Lankan government to purchase graphite
volumes mined by state-owned Kahatagaha Graphite Lanka Limited
According to the terms of the deal, FGR will purchase 100% of
Kahatagaha’s vein supply for two years.