Grafoid Inc. announced today its acquisition of Braille Battery, Inc. a developer and manufacturer of advanced, lightweight lithium-ion automotive batteries. Under the terms of the agreement, Grafoid acquires a 75% ownership interest in Braille while Braille's founder, Mr. Blake Fuller, will continue to lead the company as President and Chief Operating Officer. Financial details of the acquisition were not released. Gary Economo, Grafoid's Chief Executive Officer said the purchase of Braille Battery paves the way for Grafoid's commercialization of high performance, next generation MesoGraf™ lithium batteries.
"Grafoid's high-energy performing MesoGrafâ„¢ graphene combined with Braille's cutting-edge engineering and manufacturing capabilities create a perfect fit for adapting a novel power source to the needs of our future electric vehicle manufacturing customers," Mr. Economo said. "In commercial terms, the benefits of a 100% controlled supply chain are immeasurable," Mr. Economo added. "MesoGrafâ„¢ holds the potential to become a powerful, high-performing energy source.
"And with supply chain control, Grafoid moves into a globally unique position to lead change in the electrification of transportation industries," Mr. Economo said. "While we will continue our focus on Formula 1, NASCAR and IndyCar markets, we'll also be pursuing all racing platforms."
Braille Battery is a global leader in the development, production and sales of ultra-lightweight lithium-ion high performance batteries and seller of the world's first environmentally sustainable AGM carbon fiber batteries for IndyCar, NASCAR, Formula 1 racing cars, motorcycles and batteries for the marine industry.
Mr. Fuller is a championship race car driver, engineer and developer of the first lithium starting battery and GO PUCK, a pocket sized mobile power supply. He founded Braille Battery in 2002 and continues to develop lightweight power solutions across all sectors. Braille Battery has a history of successfully commercializing new battery technologies. Mr. Economo said Grafoid intends to further expand its reach into the global battery industry by developing advanced battery applications and products for the medical, military and marine sectors.
Mr. Fuller described the transaction as "an exciting advancement in corporate development because it will allow us to take 21st century technologies and move them into the not-so-distant future." From our initial discussions with Grafoid's President and Chief Technology Officer, Dr. Gordon Chiu, it was very clear that Braille Battery was the perfect vehicle for winning the race to market for graphene technology," he said.
"The diverse capabilities of MesoGrafâ„¢ graphene will enable Braille Battery to improve not only lithium ion batteries, but other transportation power technologies," Mr. Fuller said.
