First Graphene (ASX:FGR) announced on Monday (November 19) that through its jointly owned subsidiary 2D Fluidics, it has filed patent application with the Patent Cooperation Treaty (PCT) on thin-film processing of graphene oxide.

The company said the application includes the ability to manufacture graphene oxide in a process which doesn’t impact the environment the way existing methods do.

First Graphene said that the proprietary process invented by 2D Fluidics, a company jointly owned with Flinders University, allows for the fusion of graphene, graphene oxide and other nano materials.

While the standard manufacturing process of graphene oxide like Hummers involves the use of high-volume corrosive reagents and associated waste streams, the company claims to avoid these steps with its invention.

Graphene oxide is often used in water filtration, energy storage and electronics and is one material that companies around the world manufacture to offset the production of graphene, which is often expensive.

“This is an important milestone in the commercialisation of these unique processing tools,” Craig McGuckin, managing director of First Graphene, said in the release. “We are particularly excited about the opportunity to cost-effectively manufacture graphene oxide products to add to our portfolio.”

According to First Graphene, graphene oxide comprises of oxidised graphene layers while the patent application involves all the avenues in the manufacturing of the material straight from raw graphite.

“The ability to manufacture graphene oxide in a benign way has been a major challenge, and it is now a reality with the completion of an extensive programme of research,” Colin Raston, clean technology professor at Flinders, said in the release.

It has to be noted that IP Australia mentions the filing date of the application as November 15, 2017.

A report from Decision Database said that graphene oxide currently has a global market value of US$6 million as of 2017 and is expected to reach US$45 million by 2023. In particular, the firm said that material would witness a compound annual growth rate (CAGR) of 38.7 percent during the forecast period.

Following the announcement, shares of First Graphene were down 6.24 percent to close the trading session on Monday at AU$0.14. The stock opened at AU$0.15 and had a intraday price range of AU$0.15 to AU$0.14 with a volume of over 225,000 shares traded through the day. First Graphene has a “Sell” ranking on TradingView with 14 verticals against, 10 in neutral and four in favor.

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Securities Disclosure: I, Bala Yogesh, hold no direct investment interest in any company mentioned in this article.