First Graphite to focus on graphene battery technology

By Davide Ghilotti
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 applications.

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 power.

SCs allow the development of batteries with higher density, faster charge and discharge rates, and which can hold 10,000 cycles.

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 the technology.

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 commercial potential.

First Graphite produces graphene sourcing vein graphite from Sri Lanka, where it holds 13 exploration licenses in five projects.

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 (KGLL).

According to the terms of the deal, FGR will purchase 100% of Kahatagaha’s vein supply for two years.