Last week, Graphjet Technology (NASDAQ: GTI) revealed its plans to construct an artificial graphite manufacturing facility in Nevada. The company develops patented technologies for the sustainable production of graphene, graphene-based anode materials and graphite from agricultural waste.
The facility will be the first-of-its-kind in the United States and will have the capacity to recycle up to 30,000 metric tons of agricultural waste, with an annual production aim of 10,000 metric tons of artificial graphite. This is expected to be able to support production of batteries to power over 100,000 electric cars annually.
Graphjet Technology’s Malaysia plant, which is to be commissioned later this year, will also process palm kernel shells into hard carbon, then ship them to Nevada. This does away with one step in the production process and reduces time required to produce graphite in Nevada. The company anticipates commissioning the Nevada facility and commencing production by 2026.
Nevada is an ideal location for the plant because it is located near a number of automotive original equipment manufacturers (“OEM”) and battery manufacturers that will need a considerable amount of graphite for future production of electric vehicle batteries. Graphjet Technology CEO and cofounder Aiden Lee stated that the company was well-positioned to become the leading graphite source for America and was thrilled to venture into the market with Nevada as its launch pad.
Lee added that the company was already in discussions to enter into offtake agreements for its products and was focused on bringing commercial production online as soon as possible.
Graphjet plans to create local green-energy jobs in Nevada and invest in the region while building the next-generation graphite production facility. This manufacturing facility is expected to create more than 500 high-skilled labor positions. Additionally, the company expects to invest more than $150 million into the Nevada facility and is already evaluating strategic and financing options to finance the plant.
Graphjet expects to offer cost-effective, environmentally friendly and sustainable solutions that can support the needs of leading automotive and battery OEMs while also addressing the increasing demand for graphite.
Currently, the company’s technology produces only 2.95 CO2 emissions per every kilogram of graphite. This is in comparison to 9.2 CO2 emissions produced for every kilogram of natural graphite in Canada and 17 CO2 emissions produced for every kilogram of synthetic graphite in China. The technology primarily relies on palm kernel shells from palm seed oil production to produce artificial graphite and single layer graphene.
Other companies, such as Reflex Advanced Materials Corp. (CSE: RFLX) (OTCQB: RFLXF), are focusing on extracting natural graphite to address the market that prefers the natural form over the synthetic version of this critical mineral.
NOTE TO INVESTORS: The latest news and updates relating to Reflex Advanced Materials Corp. (CSE: RFLX) (OTCQB: RFLXF) are available in the company’s newsroom at https://ibn.fm/RFLXF
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