ROYAL OAK, Mich., June 07, 2022 (GLOBE NEWSWIRE) -- Graphex Technologies, LLC, a wholly owned subsidiary of Graphex Group Limited (collectively “Graphex”) (OTCQX: GRFXY | HKSE: 6128) and a global leader in mid-stream processing of natural graphite, which is used for electric vehicle (EV) lithium-ion (Li-ion) batteries, has finalized a joint venture with Emerald Energy Solutions, LLC (“EES”), following through on the previously announced MOU with EES to construct the future site of a new 150,000 square-foot graphite processing facility in Warren, Michigan.
EES, whose affiliated entity owns and operates the 27-acre industrial Emerald Business Park, will be responsible for acquisition, designs, permitting and regulatory approvals, construction, inspections, mechanical operation of the facility, as well as administrative corporate support for the joint venture. EES is comprised of local Michigan professionals experienced in handling all aspects of the development of state-of-the-art industrial and manufacturing facilities in the Detroit metropolitan area– from design and construction to regulatory and legal compliance, financial affairs, and supply sourcing. EES is continuing to redevelop Emerald Business Park to become a hub for innovation and business. Its team rehabilitated and built the industrial facility from dilapidated empty shells into first-class manufacturing and processing facilities.
With the global proliferation of EVs over the next decade, processing capacity for critical minerals such as graphite will need to accelerate to meet growing demand. The JV formation enables Graphex to bring its industry expertise and technology to produce high quality anode material at full commercial scale. The joint venture formation follows recent news of the White House’s latest plan to invoke the Defense Production Act to support the production of critical minerals, including graphite, in efforts to secure a localized supply chain.
The City of Warren was a strategic choice for the site selection of the plant due to its industrial character and proximity to auto manufacturers, which has received strong support from local officials. In his annual speech on the state of the city, Mayor James Fouts recently acknowledged Graphex and the intended investment in Warren, saying “..companies that maintain batteries for electric vehicles are moving to Warren so that one day we can sever ties with fossil fuels. Graphex chose Warren over all other cities for its first headquarters in the United States.” The new graphite processing facility will bring new modern technologies for the electric vehicle industry and continue to establish Warren as a leader in the next generation of automotive manufacturing.
“The formation of Graphex Michigan I is a key next step in bringing critical mineral supply chains into the U.S. and a strategic milestone in our global expansion and diversification roadmap. The influx of technology and jobs will positively affect the local community and the overall EV industry by providing the benefits of localized graphite supply, by mitigating external geopolitical risks, and by developing next-gen processing and materials here in the U.S.,” said John DeMaio, CEO of Graphex Technologies and President of the Graphene Division of Graphex. “It is equally exciting to be part of the on-shoring of EV technology and supply chain not only into the U.S., but specifically to engage with the city, county, state, and Federal agencies to contribute to the revitalization of the Warren area, which had previously experienced an exodus of automotive manufacturing.”
“As native Michiganders, the EES team has deep-rooted connections to the local communities and numerous strong relationships within the automotive industry and we welcome the opportunity to contribute to the revitalization of the industry and the area,” said David Halabu, Managing Director of EES. “Our straight-forward approach to project execution, coupled with local regulatory knowledge and experience, will ensure Graphex Michigan I is well positioned to enter the market and make an immediate positive impact to the industry and the community.”
The $75 million Warren plant constructed by Graphex and EES will operate 24 hours a day, and at full capacity, bringing about 125 new jobs to the area, ranging from production workers to mechanical, supervisory, and management roles. The plant is expected to be operational by the third quarter of 2023.
To learn more about Graphex, please visit www.graphexgroup.com
To learn more about EES, please visit www.emeraldenergysolutions.com
About Graphex Group
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 is currently producing over 10,000 metric tons of spherical graphite annually. 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.
About Emerald Energy Solutions
Emerald Energy Solutions LLC has its principal offices in Royal Oak, MI and is experienced in all aspects of site assessment and selection, inspections, acquisitions, regulatory approval, supply sourcing, legal and financial affairs for the design and construction of first-class manufacturing and processing facilities in the Detroit metropolitan area as well as other states. Its affiliated entity currently operates a 27-acre industrial park in Warren, MI featuring a 15-megawatt power substation and 400,000 rentable square feet. The complex was recently renovated into several manufacturing and first-class processing facilities.
Safe Harbor Statement
This press release is being made pursuant to, and in accordance with, Rule 135 under the Securities Act of 1933, as amended (the 'Securities Act'), and shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act.
Statements about the Company's future expectations and all other statements in this press release other than historical facts, are 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby.
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