GrafJet sustainably produces graphite from agricultural waste using proven commercial and patented technology, becoming the leading source of graphite and graphene for the U.S. market
Graphjet's vertically integrated, environmentally friendly solutions reduce carbon emissions by up to 83% and reduce costs by up to 80% compared to traditional processes.
Grafjet is well-positioned for growth as it begins production at its new facility in the second quarter of 2024 in support of its $30 million offtake customer agreement with Toyota.
KUALA LUMPUR, MALAYSIA, March 14, 2024 (GLOBE NEWSWIRE) — Grafjet 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 that they have completed their previously announced business combination (the “Business Combination”). The transaction, approved by Energem shareholders on February 28, 2024, creates the only pure-play publicly traded company in the direct biomass-to-graphite trade and positions the company as the leading source of graphite and graphene in the U.S. market. Establish.
Starting tomorrow, March 15, 2024, Grafjet common stock will begin trading on Nasdaq under the ticker symbol “GTI.” Grafjet's warrants will be delisted from Nasdaq on March 15, 2024 and will begin trading in the over-the-counter market under the symbol “GTIWW.” His CEO of Grafjet, Li Pingwei (Aiden Lee), and the remaining members of the company's current management team will remain in place. in a leadership position.
“We are excited to list Grafjet on Nasdaq, especially at this critical time of critical materials demand and limited availability in the U.S. market,” said Lee. “China dominates over 97% of all graphite production, and we look forward to becoming a key supplier to the U.S. market supporting the rapidly growing battery and EV industry. Our patented technology Graphite and graphene can be produced directly from waste, meeting a critical supply need for these highly strategic materials as demand is expected to continue to accelerate over the next few years. By comparison, Graphjet's proven commercial and patented vertically integrated technology and processes reduce costs by 80% while reducing carbon emissions by 83%. We are ready to leverage the graphite and graphene produced in the United States to pursue high-value applications of our technology across many sectors that can help build a more circular economy.”
Grafjet has raised $5.8 million through this transaction and expects to need additional financing to accelerate its growth strategy and expand its manufacturing capacity. These funds will enhance our financial flexibility as well as our ability to take advantage of organic and inorganic growth opportunities.
“Now, more than ever, we are well-positioned to execute on our growth strategy to become the leading graphite and graphene manufacturer,” Lee continued. “Following China’s decision to restrict graphite exports, we continue to have a high level of dialogue with our customers.Furthermore, based on our optimism about market demand, we are expanding our technology to a large scale in North America. We continue to explore opportunities to scale.”
“As we stated when announcing the transaction, Grafjet not only produces materials that are in high demand in a growing market, but also utilizes and produces waste materials that are commonly available in Malaysia,” said Energem CEO. said Swee Guan Hu, director and director. “We are excited that Grafjet and its team have reached this stage and believe they are poised to accelerate their market position as a public company.”
Doris Wong Sing EE, Executive Director of Energem Corp, added: “Graphene and its applied products have shown tremendous application potential in biomedical technology, energy storage, composite materials and coatings, and water and wastewater treatment industries. With Grafjet's ground-breaking patented technology for converting graphene and synthetic graphite, we believe Grafjet can deliver shareholder value and we look forward to seeing what they can achieve in this new phase of the company's life. ”
advisor
ARC Group Limited served as sole financial advisor, EF Hutton LLC served as Energem's capital markets advisor and Ogier (Cayman) LLP served as Cayman Islands counsel.
Nelson Mullins Riley & Scarborough LLP is serving as legal advisor to Graphjet Technology.
Rimon PC served as Energem's U.S. attorney in its initial public offering and as legal advisor to Energem in its business combination. Ong, Ric & Partners (Malaysia) acted as his Energem's local legal counsel.
About Graphjet Technology BHD.
Graphjet Technology Bhd. was established in Malaysia in 2019 as an innovative graphene and graphite producer. Graphjet Technology has the world's first patented technology to produce single-layer graphene and synthetic graphite by recycling palm kernel shells from palm seed oil production. Grafjet's sustainable production method using palm kernel shells, a common waste agricultural product in Malaysia, will revolutionize the global graphite and graphene supply chain. For more information, please visit https://www.graphjettech.com/.
About Energem Co., Ltd.
Energem is a blank check company formed for the purpose of effecting a merger, stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more energy companies and/or sustainable natural resource companies . In November 2021, Energem completed an initial public offering of 11.5 million units (reflecting the full exercise of the overallotment option by the underwriters). Each unit consists of one Class A common stock and one redeemable warrant, with each warrant giving the holder the right to purchase one Class A common stock, priced at $11.50 per share. is.
Cautionary note regarding forward-looking statements
Certain statements contained in this press release constitute “forward-looking statements” within the meaning of federal securities laws. Forward-looking statements may include, but are not limited to, statements regarding: (i) trends in the graphite and graphene raw materials industry, including changes in supply and demand related to Graphjet's products and services; (ii) Graphjet's growth prospects and his Graphjet's market size; (iii) Graphjet's projected financial and operating performance, including comparisons with competitors; (iv) offering new products and services that Graphjet may introduce in the future; (v) the potential transaction, including the potential enterprise value, anticipated post-closing ownership structure, and the parties' likelihood and ability to successfully complete the potential transaction; (vi) the outcome of any legal proceeding brought against Energem or Graphjet in connection with the proposed business combination or related agreements; (vii) the ability to maintain Grafjet's listing on Nasdaq; (viii) the price of Graphjet's securities; These include changes in the competitive and regulated industries in which Graphjet operates, fluctuations in operating performance among competitors, changes in laws and regulations affecting Graphjet's business, and changes in the combined capital structure. It is included. (ix) our ability to execute our business plans, forecasts and other expectations and to identify and realize additional opportunities following the completion of the proposed business combination; (x) any other statements regarding Energem's or Graphjet's expectations, hopes, beliefs, intentions and strategies regarding the future;
Additionally, statements that refer to predictions or other characteristics of future events or conditions, including underlying assumptions, are forward-looking statements. “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “outlook”, “may”, “might”, ” The words “plan,” “could,” “could,” “anticipate,” “predict,” “should,” “will” and similar expressions refer to forward-looking statements. Although a statement may be identified as such, the absence of these words does not imply that the statement is not forward-looking. Forward-looking statements are predictions, projections or other statements about future events that are based on current expectations and assumptions and, as such, are subject to risks and uncertainties.
as described in the “Risk Factors” section of Energem's Form S-4 Registration Statement, the proxy statement relating to the transaction that Energem files with the SEC, and other documents that Energem files with the SEC from time to time; Risks and uncertainties must be carefully considered. SEC, and Energem, Graphjet, and the risk factors provided to you in connection with the transaction. These forward-looking statements involve a number of risks and uncertainties, some of which are beyond the control of Grafjet and Energem, and other assumptions that may cause actual results and performance to vary. Forward-looking statements may differ materially from those expressed or implied. The statement you are looking for. Readers are cautioned not to place undue reliance on forward-looking statements, and Graphjet and Energem do not guarantee that forward-looking statements, whether as a result of new information, future events or otherwise, will We undertake no obligation, and do not intend, to update or revise any forward-looking statements. As required by securities and other applicable law. Graphjet and Energem provide no guarantee that Graphjet or Energem, respectively, will achieve your expectations.
Graphjet Technology Contact Information
Investor
GraphjetIR@icrinc.com
media
GraphjetPR@icrinc.com
Energem Co., Ltd.
Level 3, Tower 11, Avenue 5, No. 8,
Jalan Kerinci, Bangsar South
Wilaya Persekutuan, Kuala Lumpur, Malaysia
Address: Mr. Swee Guan Hu
chief executive officer
Phone number: + (60) 3270 47622
Source: Energem Corp. and Graphjet Technology
