LWP revs up revolutionary battery push with cash
LWP Technologies (ASX:LWP) has raised $1.6 million to bolster its cash position as it ramps up investment in next-tech graphene synthesis and aluminium-graphene battery technology.
LWP told its investors yesterday that it had raised the cash through the placement of 320 million shares at 0.5c per share, with the offer finishing oversubscribed.
It said that it didn’t accept the oversubscriptions though, as it only needed the $1.6 million and wanted to avoid shareholder dilution.
LWP also said it needed to bolster its cash position as the outlook in the oil and gas services market remained weak.
One of the company’s products uses recycled flyash in proppant for hydraulic fracturing operations.
As a result of the weaker outlook for the oil and gas services market, LWP said it would take the $1.6 million to pump up its investment next gen batteries through its 50% in GraphenEra Pty Ltd – which is developing an aluminium-graphene battery.
Aluminium-graphene batteries are being read as a rival to lithium-ion batteries – which are currently dominating the electric vehicle and energy storage markets.
GraphenEra possesses the rights to lodged Patents on the Aluminium-Graphene Synthesis and battery technology that LWP now has options on developing.
LWP says that an Al-graphene battery under development by the company offers 15% more power, 7.5 times the stored energy, eight times the range, and significantly shorter recharging time compared with lithium-ion batteries.
The technology is still early-stage and under development, though.
It is currently attempting to develop three patents in a 6-12 month timeframe and delivery of up to five battery prototypes for the market to evaluate.
The first prototype could be ready by the end of the year.