Haycarb has over the past three years significantly invested on R&D enhancing its value- added high margin product range which includes the activated carbon used in Electric Double Layer Capacitors (EDLC).
by Sanath Nanayakkare
Sri Lanka’s Haycarb Plc is expected to gain a material benefit from its partnership with Tesla, one of the pioneers in global electric vehicle manufacturing, a report released by First Capital (FC) Research revealed.
Haycarb is one of the largest activated carbon producers in the world owing to its market share of 16%. According to FC Research, Haycarb’s value added segment products which are in high growth segment such as supercapacitors, are expected to be led via Haycarb’s partnership with Tesla.
Supercapacitors are built in electric vehicles to create high energy density electrodes compared to conventional capacitors. As Tesla increases production of electric vehicles, there could be exponential developments in value added product segments such as supercapacitors thus providing a material benefit to Haycarb Plc and this development could be the growth story ahead for Haycarb, FC Research said.
Meanwhile, the Sri Lankan carbon producing company is likely to have a secured demand from Water and Air Purification Industry and Gold Mining as well.
“Expansion into supercapacitors can boost the company’s bottom line as it is considered to be one of the high margin products. Growing global demand for electric vehicles and high activated carbon requirement for the production of supercapacitors is likely to be a key revenue driver for Haycarb. Thus Tesla’s production expansion is expected to be a material benefit for Haycarb, FC Research said.