Lead Acid Battery Market Growth to Be Driven By EV Demand
When most people think of electric vehicle (EV) batteries, the lithium-ion battery typically comes to mind. Although it’s true that EVs are powered by lithium-ion batteries, many don’t realize that these high-tech new vehicle models also use good old lead-acid 12-volt batteries.
That’s because EVs have electrical systems that require power all the time, like the locking system, engine control unit and 4G modem and a 12-volt battery is a cheaper, safer and more efficient option compared to using the main battery.1
When you consider all of the other financial and technical challenges involved in building an EV, using a 12-volt system for the vehicle's computers and accessories makes a lot of sense.
As the EV market grows, more batteries like these will be needed, but it isn’t just EVs that use lead acid batteries. In fact, lead acid batteries are among the most highly sought-after batteries in the world, with significant applications in automotive (ignition, lighting, and starting), emergency power for electrical installations, and submarine standby.
The global lead acid battery market is expected to rise to $47B per year in 2030.
HydroGraph Clean Power(CSE:HG) recently entered the graphene battery market through a partnership with Ceylon Graphene Technologies that could revolutionize that market by improving the charge capacity of lead acid batteries by 47%. This partnership is a "revolutionary" step forward for a vital part of the growing EV industry.
The Best Graphene on the Market
HydroGraph is one of the world's purest graphene producers and is currently positioned to be a global leader in commercializing graphene on a large scale.
On March 14, HydroGraph Clean Power announced its entrance into the battery market through a partnership with Ceylon Graphene Technologies Ltd. (CGT), a world leader in graphene materials. The partnership was formed through a letter of intent (LOI) with LOLC Advanced Technologies (LOLC AT), which owns a majority share of CGT through a joint venture with the Sri Lanka Institute of Nanotechnology (SLINTEC).
The partnership will be based on a new composite graphene blend that makes lead acid batteries accept charges 47% better. HydroGraph and LOLC AT agreed to make this product available to the public and go after the lead acid battery market, which is expected to be worth more than $47 billion by 2030, in part because electric vehicles need the product.
In the coming months, HydroGraph and LOLC AT will make the full structure of their partnership official. While HydroGraph's fractal graphene and CGT's reduced graphene oxide are being tested and analyzed, lead acid batteries will be built and tested with the composite graphene blend of HydroGraph's fractal graphene and CGT's reduced graphene oxide. HydroGraph will be in charge of selling and marketing the combined graphene product to the global market for lead acid batteries and other commercial uses.
HydroGraph and CGT have been working together for more than six months to find uses for their materials that work well together. The result is that the combined graphene products have better qualities that make them unique. HydroGraph and CGT will keep coming up with new ways to use the composite graphene blend in other markets.
The signing of this LOI is another illustration of HydroGraph's commitment to achieving its lofty commercialization targets for 2023. HydroGraph has adopted a very structured business development strategy to support applications and increase customer confidence in the highest purity graphene available today.
HydroGraph was recently approved for trading on the OTCQB Venture Market with DTC certification under the symbol "HGCPF", offering access to a broader US shareholder base.
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