Highlights:
- Construction of the Pilot Battery Plant has commenced with commissioning expected in November, 2021.
- The company has purchased additional equipment to manufacture G+AI Battery prototypes in pouch pack cell format in addition to coin cell format.
- Commercial prototypes for coin cell and pouch pack batteries remain on target (see July 14, 2021 press release titled "GMG Announces In-House Battery Pilot Plant Investment").
- GMG has secured a site for a new headquarters and Pilot Battery Plant facility.
Brisbane, Queensland--(Newsfile Corp. - October 26, 2021) - Graphene Manufacturing Group Ltd. (TSXV: GMG) (FSE: 0GF) ("GMG" or the "Company") is pleased to provide an update on the pilot production and testing plant (the "Pilot Battery Plant") for GMG's graphene aluminium-ion batteries ("G+IA Batteries") announced in the Company's news release dated July 14, 2021.
Construction of the Pilot Battery Plant has commenced with commissioning of the facility expected to begin in November, 2021. The Pilot Battery Plant will be located in a recently secured new headquarters and production facility in Brisbane.
Further, the Company has committed additional expenditures to allow the Pilot Battery Plant to produce pouch pack cell format batteries in addition to the previously announced coin cell format. This addition to the facility is intended to potentially accelerate the development of G+AI Battery pouch packs and allow early collaboration with some of GMG's major customer prospects and their specific requirements. Pouch pack cells are typically used in personal electronics such as cell phones, laptops, as well as in electric vehicles and grid storage batteries. Revenue from the Pilot Battery Plant is not expected to be significant.
Pilot production of a prototype coin cell battery is targeted before the end of 2021 and a pouch pack commercial prototype battery is targeted before the end of 2022. Subject to successful commercial prototypes and a final investment decision, GMG expects to construct an initial commercial coin cell G+AI Battery manufacturing facility, followed by first production and sales of G+AI Batteries. The location of this manufacturing facility is not yet decided but will likely be in Australia where GMG's headquarters and existing operations are located.
GMG's Managing Director and CEO, Craig Nicol, commented: "We are excited to shortly be able to develop, manufacture and test our own G+AI Battery coin cell and pouch packs in-house, in continued collaboration with the University of Queensland. This will allow us to potentially accelerate the development of our G+AI Batteries, work with our future customers and further build on our internal expertise. Our new headquarters in Brisbane, Australia, will enable GMG to have graphene manufacturing, graphene fluid blending, the G+AI Battery pilot plant as well as our global headquarters all under one roof which will greatly enhance our overall efficiency."
About GMG
GMG is an Australian based clean-tech company listed on the TSX Venture Exchange (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, low cost, 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 also 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 and energy efficiency of engine oils, biodiesel and diesel fuels.
For further information, please contact:
- Craig Nicol, Chief Executive Officer and Managing Director of the Company 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) 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 discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things: commissioning of the Pilot Battery Plant; the timing of development of a commercial prototype coin cell battery and a pouch pack commercial prototype battery; and the construction of an initial commercial coin cell G+AI Battery manufacturing facility.
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, risks related to the deployment of the Company's resources, including its personnel, and the intention of the Company to research, develop and produce certain products.
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 ability to research, develop and test its products within anticipated timelines, and that results of testing and development data will be consistent with anticipated results and estimates.
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/100819
