GMG Announces Battery, Team and Related Updates

GMG Announces Battery, Team and Related Updates

Graphene Manufacturing Group Ltd. (TSXV: GMG) ("GMG" or the "Company") is pleased to provide an update as to relevant changes following the recent Battery Joint Development Agreement (JDA) with Rio Tinto (17th May 2023) and the growing sales of Energy Saving products. These changes are designed to further align development activities and support the progression of the Battery JDA and the ongoing expansion of Thermal-XR sales following the recently announced distribution agreements (24th May 2023).

The Company had been working in parallel to progress its Graphene Aluminium Ion Battery technically while also seeking feedback from customers as to the highest priority applications. It became clear that pouch cell, rather than coin cell, batteries were of greatest interest to potential key customers. It is also clear that the progression of the battery from the current Battery Technology Readiness Level (BTRL) Level 2-3, (Scientific Proof of Concept into Electrochemical Development) could be accelerated by having key potential customer partners help define operating and design characteristics.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/8082/167657_6db1225214b69ae7_001.jpg

Figure 1

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8082/167657_6db1225214b69ae7_001full.jpg

The JDA with Rio Tinto crystalises both elements of obtaining feedback from customers and progressing the battery's technical development. It further provides a clear development roadmap including use specifications, development targets. In the battery industry it typically takes 3 years or more to move from Phase 1 to Phase 3 when using existing battery production manufacturing systems, materials and equipment as GMG expects to utilise.

GMG is currently making single layer pouch cells to proceed to a 5 layer pouch cell testing and expects to have a >25 Layer Pouch Cell Prototype by H1 2024.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/8082/167657_gmg2.jpg

Figure 2

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8082/167657_gmg2en.jpg

In the context of this strategic move, the Company is aligning its organisation by having all scientific, product development and operations teams combined under the Chief Operating Officer. The mandate for the sale of all products is now the responsibility of the General Manager Sales. This will provide a stronger battery deep science to product performance linkage, prioritise activities and leverage learning across all product performance and also a streamlined engagement with customers with a single point of call for all products.

In addition, the Chief Financial Officer, Frederick Kotzee, after leading a successful raise last year and supporting the company's strategic steps of establishing sales and selecting a battery development focus, has decided to leave the company and resign as a Director due to a desire to move back to the resources sector and/or more flexible work arrangements effective on 31 July 2023 and hence the company has commenced an executive search for his replacement. We thank Frederick for all his work to get us into our current position over the previous year and we wish him well in his future endeavours.

The Company has also recently secured an additional 1,200 square metres of laboratory, storage and office space adjacent to the existing factory, to support the increasing analysis and development work needed for ongoing battery development. The additional facilities will also improve logistics for production, storage and dispatch of anticipated TXR and Lubricants sales, and support the technical development of potential new applications for energy saving TXR and Lubricants.

The previously announced upgraded, expanded and relocated Phase 1 graphene manufacturing project is underway, although completion is expected to be delayed until the second half of 2023. Costs have also increased to around A$2m, as a result of inflation and some scope changes. The Company is also considering further upgrade to its Battery Development Centre (BDC) and related equipment, including any relevant needs arising from the Rio Tinto JDA.

GMG's 4 critical business objectives remain to:

  1. Produce Graphene and improve/scale the production process
  2. Build Revenue from Energy Savings Products
  3. Develop Next-Generation Battery
  4. Develop Supply Chain, Partners & Project Execution Capability

About GMG

GMG is a disruptive Australian-based clean-tech company listed on the TSXV (TSXV: GMG) that produces graphene and hydrogen by cracking methane (natural gas) instead of mining graphite. By using the company's proprietary process, GMG can produce high quality, scalable, 'tuneable' and no/low contaminant graphene - enabling demonstrated cost and environmental improvements in a number of world-scale planet-friendly/clean-tech applications. Using this low input cost source of graphene, the Company is developing value-added products that target the massive energy efficiency and energy storage markets. The Company is pursuing additional opportunities for GMG Graphene, including developing next-generation batteries, collaborating with world-leading universities in Australia, and investigating the opportunity to enhance the performance of lubricant oil and performance enhanced HVAC-R coating system.

For further information please contact:

  • Craig Nicol, Chief Executive Officer & Managing Director of the Company at craig.nicol@graphenemg.com, +61 415 445 223
  • Leo Karabelas at Focus Communications Investor Relations, leo@fcir.ca, +1 647 689 6041

www.graphenemg.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this news release.

Cautionary Note Regarding Forward-Looking Statements

This news release includes 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 management of the Company 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 will "potentially" or "likely" occur. This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding sales growth in the Company's energy saving products including Thermal-XR, market demand for the Company's products, the Company's focus on developing certain products, the value of the JDA including its impact on progressing the battery's technical development generally and along the BTRL, the advantages of the strategic realignment of the organisation, and the expected benefits of the additional facilities on battery development and the production and sales of TXR and lubricants.

These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things that the JDA will not result in the benefits management expects, that the Company's products will not develop as expected, that the impact of the JDA and the partnership with Rio Tinto will differ from management's expectations, that the strategic realignment of the organisation will not result in the advantages management expects, that the additional facilities will not enable improved production and sales of TXR and lubricants, changes to regional and global market trends, that the Company will be unable to research, develop and produce certain products and technologies, and risks related to the deployment of the Company's resources.

In making the forward looking statements in this news release, the Company has applied several material assumptions, including without limitation, assumptions regarding the Company's development of certain products, the market demand for the Company's products, the JDA and the expected benefits thereof, the advantages that will be derived from the strategic realignment of the organisation, the impact of the additional facilities acquired and its role in developing the Company's products and enabling production and sale of said products, and the Company's ability to research, develop and test its products within anticipated timelines.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as 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 such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/167657

News Provided by Newsfile via QuoteMedia

GMG:CA
The Conversation (0)
Graphene Manufacturing Group Appoints Former Chief Technology Officer of CATL Limited to its Board of Directors

Graphene Manufacturing Group Appoints Former Chief Technology Officer of CATL Limited to its Board of Directors

Graphene Manufacturing Group Ltd. (TSXV: GMG) ("GMG" or the "Company") is pleased to advise that Mr Bob Galyen, based in Indiana USA, will join the Company's board of directors effective 1 July, 2023. Mr. Galyen has been an advisory member of the Company's Technical Advisory Committee since June 2022.

Mr Galyen has global experience as a leading executive in the battery energy storage industry and science/engineering-based communities. Among his many roles Bob has been the Chief Technology Officer of Contemporary Amperex Technology Company Limited (CATL), which is the largest lithium ion battery manufacturer in the world, was Chair of the SAE International Battery Standards Steering Committee and is CTO and Chairman Emeritus of NATTBatt International. He serves on a number of Committees and Advisory Boards.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
GMG Announces Independently Verified Heat Transfer and Energy Savings Results from THERMAL-XR

GMG Announces Independently Verified Heat Transfer and Energy Savings Results from THERMAL-XR

Graphene Manufacturing Group Ltd. (TSXV: GMG) ("GMG" or the "Company") is pleased to release further results of Energy Savings Tests on a 4.3kw refrigeration system and Heat Transfer demonstrations on Aluminium and Copper. The results provide additional confidence in the potential benefits of THERMAL-XR® (TXR) in a range of applications.

ENERGY SAVINGS WHEN THERMAL-XR® APPLIED TO A NEW CONDENSER COIL

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
GMG Signs THERMAL-XR Distributor Agreements in 4 Asian Countries

GMG Signs THERMAL-XR Distributor Agreements in 4 Asian Countries

Graphene Manufacturing Group Ltd. (TSXV: GMG) ("GMG" or the "Company") is pleased to announce that GMG has signed distribution agreements with four separate distributors ("Distributors") to buy GMG's THERMAL-XR® and resell in their respective countries in the Heating Ventilation Air Conditioning and Refrigeration (HVAC-R) markets. The Distributors are focused on the following geographical markets: Thailand, Singapore, Indonesia and South Korea.

GMG and certain of the Distributors have successfully completed several THERMAL-XR® HVAC-R projects in South East Asia to provide case studies that illustrate the product's local benefits and customer value proposition in these countries.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
GMG Announces Battery Joint Development Agreement with Rio Tinto

GMG Announces Battery Joint Development Agreement with Rio Tinto

Graphene Manufacturing Group Ltd. (TSXV: GMG) ("GMG" or the "Company") is pleased to announce that GMG and Rio Tinto have signed a binding Joint Development Agreement ("JDA") with the goal of accelerating the development and application of GMG's Graphene Aluminium-Ion batteries in the mining and minerals industry. Rio Tinto will contribute technical and operational performance criteria and A$6 million, in exchange for preferential access rights.

Rio Tinto has put the net zero transition at the heart of its business strategy: combining investments in commodities that enable the energy transition with actions to decarbonise their operations and value chains. The JDA seeks to support the accelerated development of GMG's Graphene Aluminium-Ion Batteries for use in heavy mobile equipment and grid energy storage applications in the mining and mineral industry.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
GMG Announces Commercialisation Progress of THERMAL-XR

GMG Announces Commercialisation Progress of THERMAL-XR

Graphene Manufacturing Group Ltd. (TSXV: GMG) ("GMG" or the "Company") is pleased to announce the following business update of its ENERGY SAVINGS portfolio product - THERMAL-XR® (TXR) powered by GMG Graphene.

THERMAL-XR® is the Company's proprietary graphene enhanced heat transfer product that provides potential ENERGY SAVING benefits in a wide range of applications. Since the recent Australian Government approval for GMG to produce and sell Thermal-XR® at scale, the Company has driven sales activities and bolstered related production capacity. Important first sales at scale have recently been secured and the Company's efforts to widen potential market segments is finding positive reception providing strong encouragement for continued sales focus targeting near term notable revenues.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
person with a neuralink brain chip

Can You Invest in Elon Musk’s Neuralink?

In recent weeks, Elon Musk's Neuralink has captured the public’s attention and imagination with its futuristic vision of connecting the human brain to computers.

As Neuralink, which is registered as a medical research company, continues to make strides, investors are wondering how to get a piece of the action by investing in the neurotechnology venture.

Because it is privately held, Neuralink isn't accessible to the average person — but that doesn't mean getting exposure is impossible. Read on to learn how to participate in the growth of this exciting business.

Keep reading...Show less
Nextech3D.ai Expands AI Tech Team and Doubles Office Space as Demand Increases for GPT AI Platform and 3D Model Production in Hyderabad, India

Nextech3D.ai Expands AI Tech Team and Doubles Office Space as Demand Increases for GPT AI Platform and 3D Model Production in Hyderabad, India

Company is Negotiating Major Licensing Deals For its GPT AI 3D Modeling Technology

Nextech3D.ai (OTCQX:NEXCF)(CSE:NTAR)(FSE:1SS), a Generative GPT AI-Powered 3D model supplier for Amazon, P&G, Kohls, Miele and others including major e-commerce platform integrations with Shopify, BigCommerce and WooCommerce is pleased to announce the expansion of its AI tech team by doubling its office space in Hyderabad, India, to accommodate its expanding team. The Company is also in negotiations for a major license of its GPT AI 3D modeling CAD to 3D and texturing technology. Nextech3D.ai will continue to supply 3D models to the largest brands and .platforms as it gears up increasing revenue and profit margins by signing licensing deals with global manufactures that have CAD files.3D GPT AI Licensing TechnologyThe Company's strategic move to license its GPT AI tech is set to remove the traditional barriers of price and volume that have long restricted the accessibility of high-quality 3D modeling technology for e-commerce and other industries. Nextech3D.ai has leveraged its groundbreaking GPT AI powered technology to dramatically slash the cost of 3D models from CAD files to $10 to 20 while producing the highest quality 4K quad mesh photo realistic models, enabling scalability while being highly profitable

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Nextech3D.ai Featured in Syndicated Broadcast Highlighting Launch of Next Era of GPT AI 3D Solutions

Nextech3D.ai Featured in Syndicated Broadcast Highlighting Launch of Next Era of GPT AI 3D Solutions

Via IBNNextech3D.ai (CSE: NTAR) (OTCQX: NEXCF) (FSE: 1SS) a Generative AI-Powered 3D model supplier for Amazon, P&G, Kohls, Miele and others including major e-commerce platform integrations with Shopify, BigCommerce and WooCommerce, today announces that it has been featured in a broadcast via NetworkNewsAudio ("NNA"), a solution that delivers additional visibility, recognition and brand awareness in the investment community via distribution to thousands of syndication points. The audio news release covers Nextech3D.ai's recent announcement of the launch of the next era of GPT AI 3D product solutions leveraging proprietary algorithms.

To hear the audio production, visit: https://www.nnw.fm/VFivh

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
XReality Group

xReality Group expands Operator XR to Mexican Market

xReality Group Limited (ASX:XRG) is pleased to announce that it has formalised a partnership with a key technology partner in Mexico for the distribution of Operator XR’s VR technology for Law Enforcement and Military markets.

Tecnología en Sistemas de Apoyo SA (TSA) are a trusted provider to State Police and Judicial agencies across Mexico, having successfully designed, built and implemented the standard judicial recording system used across the majority of Mexican states. Founded in 1999, TSA is a skilled technology services company, trusted by Mexico state agencies, and offers Operator XR access into key Law Enforcement Agencies across Mexico.

Keep reading...Show less
Nextech3D.ai Launches Next Era of GPT AI 3D Solutions Led by Former Microsoft Executive

Nextech3D.ai Launches Next Era of GPT AI 3D Solutions Led by Former Microsoft Executive

Transformative GPT AI Suite of a dozen 3D-AI Solutions To Lead Companies Growth

Nextech3D.ai (OTCQX:NEXCF)(CSE:NTAR)(FSE:1SS), a Generative AI-Powered 3D model supplier for Amazon, P&G, Kohls, Miele and others including major e-commerce platform integrations with Shopify, BigCommerce and WooCommerce is pleased to announce it is launching the next era of GPT AI 3D product solutions of proprietary Artificial Intelligence (AI) algorithms. The initiative will be led by former Microsoft Executive Hareesh Achi, who is Nextech3D.ai's current Head of Product Operations. The Company believes that the AI opportunity is in the early stages, and that the shift from 2D to 3D modeling for e-commerce is part of a major multi-decade transformation that is being led by AI. The Company is working on annual enterprise licensing deals for its suite of GPT AI solutions for 3D models and 3D maps

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
hand touching screen saying "edge computing"

Is Now a Good Time to Invest in Edge Computing?

In today’s rapidly evolving digital landscape, the concept of edge computing has emerged as a critical technology that promises to revolutionize the way data is processed and analyzed.

At its core, edge computing involves bringing computing power closer to where data is generated and used, rather than relying solely on centralized data centers. This distributed approach to computing offers several advantages, such as faster response times, improved data processing efficiency and reduced network congestion.

According to Markets and Markets, the size of the global edge computing market will reach US$53.6 billion in 2024 and grow to US$111.3 billion by 2028, achieving a compound annual growth rate of 15 percent.

Keep reading...Show less

Latest Press Releases

Related News

×