A letter of Offer was signed for a 20-acre of prime land in Phase 3 of the Malaysia-China Kuantan Industrial Park
The facility is for the production of graphite and single-layer graphene, which is expected to produce job opportunities for up to 700 people
The total investment required is around RM400 million, and it will have a capacity to produce 10,000 tonnes of graphite and 60 tonnes of single-layer graphene annually
The production plant in the East Coast Economic Region is expected to generate RM3.6 billion of revenue per year for Graphjet Technology
KUALA LUMPUR, 29th DECEMBER 2022 – NASDAQ-bound Graphjet Technology Sdn Bhd (“Graphjet Technology”), the world’s leading graphite and single-layer graphene producer, has recently signed a Letter of Offer to build its RM400 million production facility in the Phase 3 of Malaysia-China Kuantan Industrial Park.
A signing ceremony between Graphjet Technology and the East Coast Economic Region Development Council (ECERDC) was held recently. The ceremony was graced by Chief Executive Officer of ECERDC YBhg Dato’ Baidzawi Che Mat.
Graphjet Technology is the first and only in the world to transform palm industry waste materials, palm kernels, into graphite and single-layer graphene. Graphene is known as the super material and was attributed to the Nobel Prize in Physics in 2010.
The revolutionary patented technology will transform palm kernel shell, a waste from palm kernel production, into single-layer graphene, at a significantly lower cost than the current production of single-layer graphene.
The production plant is expected to produce 10,000 tonnes of graphite and 60 tonnes of single-layer graphene annually.
It is expected to generate a revenue of RM3.6 billion per year for Graphjet Technology.
Graphjet Technology’s Founder and Chairman Mr Lim Hooi Beng, said, “Today’s signing heralds a substantial beginning of our first plant producing graphite and single-layer graphene. The new 20-acre plant integrated plant (upstream and downstream) is expected to be completed within 18 to 20 months after the IPO, and this project is expected to generate up to 700 jobs over the next four years.
We have great growth ambitions for Graphjet and will not only stop with one plant. We expect the first products to come online in the first quarter of 2025 and serve customers across Asia, Europe, and the United States in automotive and renewable energy businesses.”
Graphjet Technology’s Chief Executive Officer, Mr Aiden Lee Ping Wei expressed gratitude towards the ECERDC for their active recommendations and support that helped contribute to today’s development.
“Our project will lead and drive innovation and investment in the downstream new energy industry. This will play a vital role in advancing the development of new technology, future materials, and energy industry in Malaysia. We believe that the impact of our investment will have a far-reaching and positive spill-over effect in the country,” Mr Aiden Lee said.
“We are also optimistic that the development of the production plant in the East Coast Economic Region will create a greater economic effect on the local community,” Mr Aiden Lee added.
According to the White Paper for Global Graphite and Graphene Markets by Frost & Sullivan that was released in November 2022; “Graphene is seen as the wonder material of the 21st century due to its extraordinary properties as well as the wide applications in various downstream areas such as energy, electronics and bioengineering.
However, extremely high cost and potential pollution during the production process are the major restraints of graphene's large-scale commercialization, thus finding a cost effective and sustainable way to produce synthetic graphite and graphene has become more urgent,” the white paper stated. https://finance.yahoo.com/news/frost-sullivan-released-white-paper-210000707.html
“Our technology’s to use industry waste as raw materials to produce graphite and single-layer graphene will be a game changer to accelerate the adoption of this wonder material of the 21st century.
This will help achieve a green, recyclable, low-carbon environmental production plant. The revolutionary patented technology will help us to achieve low-cost, high-quality automated mass production of graphene and artificial graphite.
We believe that the setup of the production plant based on our patented technology will increase the added value of Malaysia’s palm oil industry by-products and generate a greater economic effect to the local community and the country,” Mr Aiden Lee added.
This content is provided by Aegis Communication Sdn Bhd.