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新2足球网址:Graphjet Technology targets Nasdaq listing

admin2022-08-259

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Graphjet will merge with Energem Corp, a Nasdaq-listed SPAC, and in a statement, the companies said the merged entity, which will trade under the ticker symbol “GTI” will have a pro forma enterprise value of US$1.49bil (RM6.63bil) upon listing.

KUALA LUMPUR: Graphjet Technology Sdn Bhd, a research and development firm for the production of graphene and graphite, aims to raise US$115mil (RM512.1mil) for business expansion via a de-SPAC deal for a Nasdaq listing in October 2022.

A de-SPAC deal is a merger between a special purchase acquisition company (SPAC), a buying entity and a target private business.

Graphjet will merge with Energem Corp, a Nasdaq-listed SPAC, and in a statement, the companies said the merged entity, which will trade under the ticker symbol “GTI” will have a pro forma enterprise value of US$1.49bil (RM6.63bil) upon listing.

According to Graphjet, it has successfully developed a revolutionary patented technology that will transform palm kernel shell, which is waste from palm kernel production, into high-demand graphene materials, at a significantly lower industry cost.

The average selling price for graphene is US$300 to US$400 (RM1,336 to RM1,781) per gramme, but Graphjet’s first-of-its-kind technology is touted as lowering the price to US$20 to US$25 (RM89 to RM111.3) per gramme.

Graphjet chairman Lim Hooi Beng said the company’s technology will disrupt the advanced materials industry, given the massive potential of graphene in the applications of various high-technology industries.

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Graphene is the thinnest and lightest known material, has about 200 times the strength of steel and is also one of the best conductors of electricity and heat that is visually transparent.

Many applications are currently in development, with early success seen in smartphone touchscreens, batteries, electric vehicles, inks, and composite and filtration technologies.

“Our success will put Malaysia on the world map as the first in the world to transform renewable raw materials such as palm kernel into graphene,” said Lim at a signing ceremony here yesterday, witnessed by Science, Technology and Innovation Minister Datuk Seri Dr Adham Baba.

Meanwhile, Graphjet executive director Lee Ping Wei said the Nasdaq listing is expected to raise RM400mil to set up the group’s manufacturing plant in Kuantan, Pahang.

“The plant will be on 17 acres and we target to start operations in the second half of 2024.

“Annual production capacity will be 10,000 tonnes of graphite and 60 tonnes of graphene. Based on this, annual revenue is expected to be RM3.8bil,” said Lee.

“Given the ample source of raw materials (palm kernel) in Malaysia, this gives us a competitive advantage in terms of the logistics and sourcing of the raw materials for our production,” Lim said, adding that the gross profit margin can be 60% with the setup of the manufacturing plant.

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