(Yicai Global) Nov. 28 -- The graphene lithium-ion battery storage container jointly developed by Chinese Academy of Sciences new materials institute in Ningbo, East China's Zhejiang province, and the new materials subsidiary of CRRC Corp Ltd. [SHA: 601766] has won approval from the relevant departments, which can significantly improve the performance of new energy vehicles (NEV) batteries.

The product got good feedback from users, with the main technical performance in line with the requirements of use and eligible for mass production for the market, and the technology has reached advanced international standards, said China's ministry of information and technology on its website.

New energy vehicles currently have short mileage with batteries that require a long time for charging. As graphene is the world's thinnest, lightest and strongest new material with excellent storage performance, which can achieve ultra-fast charge and discharge and cycle charging, it will bring disruptive changes for NEV batteries.

Global graphene application will grow to CNY100 billion (USD15.1 billion) market by 2020, and China is expected to dominate the market, predict reports by various research institutes. China's new energy vehicle market is already leading in the world and is expected to continue its rapid growth in the future.