Graphjet Technology expects to commission new facility by the end of Q2 2024, with revenues and production expected in 2024
Facility expected to transform 9,000 tonnes of agriculture waste annually to up to 3,000 tonnes of graphite per year
To meet growing demand for graphite following China’s decision to restrict graphite exports, Graphjet is poised to become a leading supplier of this strategic material
Graphjet is advancing construction of its first manufacturing plant in the Kuantan district of Pahang State in
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
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 withEnergem 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
$17.5B 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
About Graphjet Technology Sdn. Bhd.
About
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Cautionary Statement Regarding Forward-Looking Statements
Certain statements contained in this press release constitute “forward-looking statements” within the meaning of federal securities laws. Forward-looking statements may include, but are not limited to, statements with respect to (i) trends in the graphite and graphene raw materials industry, including changes in demand and supply related to Graphjet’s products and services; (ii) Graphjet’s growth prospects and Graphjet’s market size; (iii) Graphjet projected financial and operational performance including relative to its competitors; (iv) new product and service offerings Graphjet may introduce in the future; (v) the potential transaction, including the implied enterprise value, the expected post-closing ownership structure and the likelihood and ability of the parties to consummate the potential transaction successfully; (vi) the risk the proposed business combination may not be completed in a timely manner or at all, which may adversely affect the price of Energem’s securities; (vii) the failure to satisfy the conditions to the consummation of the proposed business combination, including the approval of the proposed business combination by the shareholders of Energem; (viii) the effect of the announcement or pendency of the proposed business combination on Energem’s or Graphjet’s business relationships, performance and business generally; (ix) the outcome of any legal proceedings that be instituted against Energem or Graphjet related to the proposed business combination or any agreement related thereto; (x) the ability to maintain the listing of Energem on Nasdaq; (xi) the price of Energem’s securities, including volatility resulting from changes in the competitive and regulated industry in which Graphjet operates, variations in performance across competitors, changes in laws and regulations affecting Graphjet’s business and changes in the combined capital structure; (xii) the ability to implement business pans, forecasts, and other expectations after the completion of the proposed business combination and identify and realize additional opportunities; and (xiii) other statements regarding Energem’s or Graphjet’s expectations, hopes, beliefs, intentions and strategies regarding the future.
In addition, any statements that refer to projections forecasts or other characterizations of future events or circumstances, including any underlying assumptions are forward-looking statements. he words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “outlook,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject, are subject to risks and uncertainties.
You should carefully consider the risks and uncertainties described in the “Risk Factors” section of Energem’s Registration Statement on Form S-4, any proxy statement relating to the transaction filed by
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Source:
2024 GlobeNewswire, Inc., source