(Yicai Global) Sept. 12 -- The share price of Tunghsu Optoelectronics Technology jumped after the display and new energy vehicles maker said that its unit has developed China's first graphene battery for forklifts, which could boost the energy efficiency of industrial vehicles. 

Tunghsu's [SHE: 000413] share price rose by 6.8 percent to CNY5.49 (US 80 cents) by noon. 

Tungshu's subsidiary Tanyuan Huigu New Materials Technology has penned agreements with three customers regarding 3,000 lithium-ion batteries that contain graphene, the Beijing-based parent said in a statement, without disclosing financial details. The firm has developed nine types of such products. 

In 2016, Tanyuan Huigu achieved its first breakthrough in using the semimetal to improve batteries' energy density. However, the firm was able to use the technology only for small devices or electric bicycles.

Tanyuan Huigu plans to mass-produce graphene power units by the end of this year and industrial vehicles that carry this technology are expected to hit the market next year. The implementation of artificial intelligence in industrial automation will broaden the market for such types of batteries, it added.

Editor: Emmi Laine