ENCP - Graphjet Technology The World's Only Direct Biomass-to-Graphite Producer Completes Transaction and Will Begin Trading on Nasdaq | Benzinga
Graphjet, utilizing its proven, commercial and patented technologies to sustainably produce graphite from agricultural waste, becomes the leading source of graphite and graphene for the U.S. market
Graphjet's vertically integrated environmentally friendly solution provides up to an 83% reduction in carbon footprint and up to an 80% reduction in cost compared to traditional processes
Graphjet is well positioned for growth, with a new facility beginning production in Q2 2024, to support a $30 million offtake customer agreement with Toyoda
KUALA LUMPUR, Malaysia, March 14, 2024 (GLOBE NEWSWIRE) -- Graphjet Technology ("Graphjet" or "the Company"), a leading developer of patented technologies to produce graphite and graphene directly from agricultural waste, and Energem Corp. ("Energem") (NASDAQ:ENCP, ENCPW)) today announced they have closed their previously announced business combination ("the Business Combination"). The transaction, which was approved on February 28, 2024, by Energem stockholders, creates the only pure-play publicly traded direct biomass-to-graphite company, establishing the Company as the leading source of graphite and graphene for the U.S market.
Beginning tomorrow, March 15, 2024, Graphjet's ordinary shares will start trading on Nasdaq under the ticker symbol "GTI." Graphjet's warrants will be delisted from Nasdaq and begin trading on the OTC market under the symbol "GTIWW" on March 15, 2024. Graphjet's CEO, Lee Ping Wei (Aiden Lee), and the rest of the Company's current management team are expected to remain in leadership positions.
"We are thrilled to list Graphjet on the Nasdaq, particularly at this crucial moment of critical material demand and limited availability for the U.S. market," said Mr. Lee. "With China dominating more than 97% of all graphite production, we look forward to becoming the leading supplier to the U.S. market to support its burgeoning battery storage and EV industries. Our patented technologies are capable of producing graphite and graphene directly from agricultural waste, which fills a critical supply need for these highly strategic materials, as demand is expected to continue to accelerate over the next several years. Compared to incumbent players, Graphjet's proven, commercial and patented vertically integrated technologies and process cuts the carbon footprint by 83% while reducing costs by 80%. We are poised to pursue high-value applications for our technologies across a multitude of sectors that can leverage our sustainably produced graphite and graphene from biomass waste to help create a more circular economy."
Graphjet has raised $5.8 million through the transaction and anticipates that additional fundraising will be necessary to accelerate its growth strategy and expand its manufacturing capacity. These funds will enhance the Company's financial flexibility as well as its ability to capitalize on organic and inorganic growth opportunities.
"Now, ...