Graphjet Technology (“Graphjet” or “the Company”), a leading developer of patented technologies to produce graphite and graphene directly from agricultural waste, today announced it has accelerated the timeline for its planned manufacturing plant in Malaysia.
Graphjet is advancing construction of its first manufacturing plant in the Kuantan district of Pahang State in Malaysia, which is expected to be commissioned by the second quarter of 2024. The completion of the facility will enable the Company to begin producing graphite to supply its customer Toyoda and generate revenues in 2024.
The facility is expected to recycle up to 9,000 tonnes of palm kernels, which is agricultural waste, to produce up to 3,000 tonnes of graphite per year. Over time, the Company expects to scale the facility to 13,000 tonnes of annual graphite production by second half of 2026. Graphjet’s green technology uses an environmentally friendly methods in a completely circular solution using waste and its processes eliminate emissions and pollutions.
“We are excited to accelerate our plans for our manufacturing capabilities and production at our plant in the Kuantan district of Pahang State to address the growing demand for graphite and graphene outside of China,” said Aiden Lee, Graphjet’s CEO. “There is incredible whitespace opportunity for the use of palm oil waste in Malaysia to be leveraged to produce graphite and graphene, which Graphjet is capitalizing on. This expedited construction and commissioning timeline for our facility will enable us to support our customer Toyoda and generate revenues in the near term. We look forward to establishing ourselves as a leading supplier of graphite as our current and prospective customers seek alternatives to navigate China’s restrictions.”
Graphjet’s facility is more than 91,000 square feet in size. The facility has created approximately 200 new jobs.
Graphjet Overview and Highlights:
- Graphjet has no direct comparable and has an implied pro forma enterprise value at closing of approximately $1.49 billion through its previously announced transaction with Energem Corp (“Energem”) (Nasdaq: ENCP, ENCPW).
- Graphjet plans to be the leading source of graphite and graphene for the U.S market, as currently there are no domestic producers and the country is seeking to reduce its dependency on China for these strategic, battery storage and anode materials.
- Graphjet’s manufacturing technology provides up to an 83% reduction in carbon footprint and up to an 80% reduction in cost compared to traditional processes.
- Graphjet’s proven, commercial and patented vertically integrated technologies produce graphite from palm kernels and then graphene from graphite:
- Graphite is used in semiconductors, battery storage, and many other applications, ranking ahead of lithium as the key ingredient in the lithium-ion battery.
- Graphene is a high-profile revolutionary new material known for its high conductivity, high strength and ultra-light weight. It has also been referred to as the “black gold” and the “king of new materials”.
- Graphjet is backed by several strategic customers, including a $30 million offtake agreement with Toyoda.
- The global market for graphite was $17.5 B in 2022, and is projected to reach a market size of $25B in 2027, reflecting a CAGR of 7.3%.
Following the closing of the business combination between Graphjet and Energem, the combined company will operate as Graphjet Technology and will trade on the Nasdaq under the ticker “GTI.” Subject to the satisfaction or waiver of the other customary closing conditions, the business combination is expected to close on or about March 6, 2024.
Source: https://www.graphjettech.com/