LWP Technologies has raised $1.185 USD million ($1.8 AUD) to ramp up investment in graphene synthesis and aluminium-graphene battery technology. LWP reports that it had raised the cash through the placement of 320 million shares at 0.5c per share, with the offer finishing oversubscribed (LWP said that it didn’t accept the oversubscriptions, though, as it only needed the $1.6 million and wanted to avoid shareholder dilution).
LWP said it would use the funds to pump up its investment next gen batteries through its 50% in GraphenEra – which is developing an aluminium-graphene battery. 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.
LWPT is currently attempting to develop three patents in a 6-12 month time frame 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.