ROYAL OAK, Mich., Aug. 22, 2022 (GLOBE NEWSWIRE) -- Graphex Technologies LLC, a wholly owned U.S. subsidiary of Graphex Group Limited (NYSE American: GRFX | HKSE: 6128, collectively “Graphex”), a global leader in mid-stream processing of specialized natural graphite used for electric vehicle (EV) lithium-ion (Li-ion) batteries, today provided an update that reflects on milestones achieved in 2022 and its objectives for the remainder of the year.
The expansion of Graphex Technologies’ presence in the U.S. - and more specifically in Warren, MI, the heart of the automotive sector - comes at a critical moment in global transportation history as evidenced by the recent enactment of the Inflation Reduction Act of 2022, which is slated to provide the largest investment to combat climate change in U.S. history. As the demand projections for electric vehicles and other sustainable energy solutions are expected to grow, there will be a parallel increase in demand for the critical minerals necessary to manufacture the Li-ion batteries that power them. Equally as important, the tremendous impetus for the industry to move supply chains away from geopolitically sensitive or logistically challenging regions and to localize end-to-end processing and production capabilities in the U.S. is at the highest intensity in decades.
Graphex is currently among the top suppliers of specialized spherical graphite to the EV and renewable energy industries with a global expansion strategy that completely supports energy transition and electrification efforts worldwide.
Recent milestones and actions to achieve our business objectives include:
- Graphex is one of the largest specialized graphite processors in the world:
- Increasing production from 10,000 to 40,000 tonnes per annum to meet growing EV demand
- Diversifying upstream sourcing of raw materials to stabilize supply chains:
- Actively negotiating offtake agreements with sources of natural graphite away from politically sensitive and/or logistically volatile regions
- Pursuing new raw material sources around the world including the US, Brazil, Canada, Africa, Australia, Europe, and other locations through a combination of straight offtake agreements for raw materials and also through collaborative partnerships with the mining operations to construct mid-stream processing facilities near the raw material sources.
- Building mid-stream processing plants in North America:
- The previously announced joint venture with Emerald Energy Solutions LLC to construct a new 15,000 metric ton per year graphite processing facility in Warren, Michigan is progressing as planned. The first such plant to be built by an experienced commercial- scale mid-stream graphite processor in the US and the first of multiple facilities anticipated by Graphex, the Warren facility is expected to be operational in Q2/Q3 of 2023.
- Actively negotiating supply agreements to sell product to the battery manufacturers in the West:
- Graphex has entered into at least one confidential non-binding MOU with OEM EV battery manufacturers to supply anode material to their future gigafactories, including one in the US, and to evaluate the construction of co-located processing facilities near the OEM’s gigafactories. Graphex is engaged in similar ongoing discussions with other OEMs and battery manufacturers.
- Continuing our research of advanced battery chemistry and material science innovations:
- Collaboration with the Technology Institute to conduct an in-depth Study on Electrode Materials for Graphene-based Sodium Ion Batteries
“As we continue to pursue supply agreements and prepare to break ground at our new processing plant in Michigan in the heart of the automotive sector, we believe that the growth trajectory for Graphex is completely aligned with and supported by recent policy advances and funding opportunities for domestication of critical mineral processing,” said John DeMaio, CEO of Graphex Technologies and President of the Graphene Division of Graphex. “As we recently shared with the New York Times, we believe that the invocation of the Defense Production Act, the Bipartisan Infrastructure Law, and the newly enacted Inflation Reduction Act of 2022 will greatly assist companies like Graphex to accelerate the scale of domestic production to meet demand and in turn accelerate the transition to EVs and other sustainable energy solutions that utilize lithium-ion (Li-ion) batteries. Having experienced many campaigns for change over a long career in the energy transition arena, I am very encouraged to see such widespread foundational support for the electrification of mobility, and to see policy become legislation and legislation beget funding at a truly unprecedented pace.”
With over 10 years of commercial experience producing 10,000 metric tons per annum (tpa), Graphex is well positioned to bring experienced mid-stream capabilities online quickly in the U.S. We also continue our efforts to diversify the upstream sourcing of raw materials and further streamline, localize, and stabilize supply chains. This combination of technical capability coupled with the operational agility to form progressive downstream supply arrangements with OEMs and battery manufacturers uniquely positions Graphex to deliver needed critical graphene materials now and well into the future as the EV market expands globally.
To learn more about Graphex, please visit www.graphexgroup.com.
About Graphex
Graphex Group Limited is a Cayman Island company with principal and administrative offices in Hong Kong and subsidiary office in Royal Oak, MI. Graphex is a global leader in the industry focused on the development of technologies and products for the enhancement of renewable energy, particularly the enrichment of spherical graphite and graphene, key components for Electric Vehicle (EV) batteries, lithium-ion batteries, and other use cases. Proficient in commercial deep processing of graphite, Graphex has been consistently producing over 10,000 metric tons of spherical graphite annually for over 9 years. With a strategy to expand its global operations to support energy transition and electrification efforts worldwide, Graphex Group is currently among the top suppliers of specialized spherical graphite to the EV and renewable energy industries and holds patents in areas including products, production methods, machinery design, and environmental protection.
Forward Looking Statements
All statements contained in this presentation other than statements of historical fact, including statements regarding our future results of operations and financial position, our business strategy and plans and our objectives for future operations, are “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the safe harbor in Section 27A and 21E of the Securities Act of 1933 and the Securities Exchange act of 1934, respectively. You can identify some of these forward looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely,” “potential,” “continue” or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events that we believe may affect our financial condition, results of operations, business strategy and financial needs. We have based these forward looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short term and long-term business operations and objectives, and financial needs. These forward looking statements involve various risks and uncertainties.
Information from third sources identified in this release are based on published reports for such information and we have assumed the accuracy of such reports without independent investigation or inquiry.
This communication is for informational purposes only and is neither an offer to sell nor a solicitation of an offer to purchase any securities of Graphex Group Limited, including but not limited to its American Depositary Shares.
Ashley Willis
graphex@fischtankpr.com
