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The rental commitment of the additional new office and warehouse space of 1,500 square meters, which is adjacent to the existing office and warehouse of 2,000 square meters leased by the Company, is intended to accommodate new employees and to increase graphene manufacturing capacity.
The Phase 1 expansion project is expected to provide sufficient supply of graphene for the production of the company’s graphene aluminum-ion battery (“G+AI battery“), as well as the company’s energy-saving liquid graphene products. The total investment of approximately A$1.5 million is expected to be fully commissioned by the first half of 2023. This project was contemplated in the September 2021 market raise, but now also includes the costs of relocating all of GMG’s existing graphene manufacturing capacity adjacent to its new headquarters and battery development center (“BDC“) in Brisbane, Australia.
GMG Managing Director and CEO Craig Nicol commented, “Taking FID on this project is not only a reflection of the level of confidence we have in manufacturing high-quality graphene for our large-scale applications. scale is also a reflection of our confidence in marketing energy. savings and short-term energy storage applications. It is very nice to see that we are now increasing our capacity to manufacture graphene using the proprietary process that we have been developing ourselves since 2017.”
A potential subsequent FID for expanded graphene production, which is expected to be located in the new warehouse space, will be considered as targeted commercialization opportunities for the company’s G+AI battery and liquid graphene products mature at energy saving. The newly leased site should have enough space to accommodate multiple production increases.
By increasing the use of solar power, cogeneration and energy storage systems, the electricity supply will be largely self-sufficient and reduce the carbon footprint of the generating facility.
About GMG
GMG is a clean technology company that seeks to offer energy saving and energy storage solutions, made possible by graphene, including those manufactured in-house through a proprietary production process.
GMG has developed a proprietary production process to break down natural gas (i.e. methane) into its elements, carbon (such as graphene), hydrogen and certain residual hydrocarbon gases. This process produces high-quality, low-cost, scalable, “tunable” and low-to-non-contaminant graphene suitable for use in cleantech and other applications. The company’s current focus is to reduce risk and develop capabilities for commercial scaling and securing market applications.
In the energy savings segment, GMG focused on Graphene-enhanced heating, ventilation and air conditioning (“HVAC-R”) coatings (or energy-saving paint), lubricants and fluids . In the energy storage segment, GMG and the University of Queensland are working with financial support from the Australian government to advance the R&D and commercialization of graphene aluminum-ion batteries (“G+AI batteries”).
For more information, please contact:
– Craig Nicol, Managing Director and Company Managing Director at craig.nicol@graphenemg.com, +61 415 445 223
– Leo Karabelas at Focus Communications, info@fcir.ca, +1 647 689 6041
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Caution Regarding Forward-Looking Statements
This press release contains certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of the Company’s management regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends”, “expects” or “anticipates”, or variations of such words and phrases or statements. that certain actions, events or results “may”, “could”, “should”, “would” or “potentially” or “probably” occur. Such information and statements, referred to herein as “forward-looking statements”, are not historical facts, are made as of the date of this press release, and include, but are not limited to, statements regarding discussions of future plans, estimates and forecasts and statements such as management’s expectations and intentions regarding, among other things: the FID for Phase 1 and a subsequent second phase of the manufacturing plant expansion project; Wood’s participation in the expansion project; the schedule and cost for completion of phase 1; improvements to the production facility resulting from the completion of Phase 1 and subsequent phases; the expansion project’s ability to supply sufficient graphene to produce G+AI battery button cells and liquid graphene products; the production, marketing, scaling, quality and application of G+AI battery button cell and theThe company’s energy-saving liquid graphene products; and the impact, use and capacity of the expanded facility.
These forward-looking statements involve numerous risks and uncertainties, and actual results may differ materially from the results suggested in the forward-looking statements. These risks and uncertainties include, among others, risks relating to uncertain demand for the Company’s products, the effectiveness of the deployment of the Company’s resources, including its personnel, the Company’s intention to develop and produce certain products, that the Company will not be successful in expanding the production facility as planned, uncertainty regarding the costs of expanding the facility, that the results of the expanded facility will not align with the expectations of management, and that the production, marketing, scale-up, quality and application of the G+AI coin cell battery and theThe company’s energy-saving liquid graphene products will differ from expectations.
In making the forward-looking statements in this press release, the Company has applied several important assumptions, including, without limitation, assumptions regarding the deployment of the Company’s resources and personnel, which the Company will be able to expand the production facility as planned, the accuracy of the Company’s expectations regarding the effect of Phase 1 and subsequent expansion, and its impact on production, marketing, scale-up, quality and application of the Company’s products.
Although the Company’s management has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements or information, there may be other factors that cause the results are not those anticipated, estimated or intended. . There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on this information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statements, forward-looking information or financial outlook which are incorporated by reference herein, except in accordance with applicable securities laws. We seek refuge.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/134079
