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Gianni Di Poce provides an overview of what he considers to be the most important earnings report for the market today.Benzinga Insider Get his weekly expert insights and stock picks with his report Try it now for $0.99.
graphjet technologyA Malaysian private limited company has accelerated the schedule for its planned manufacturing plant in Malaysia.
last week, Energem Corporation (NASDAQ:ENCP) announced that its shareholders have voted to approve its previously announced business combination with Grafjet Technology.
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Graphjet has an implicit pro forma business The transaction was valued at approximately $1.49 billion at closing. Through a previously announced transaction with Energem.
Grafjet is building its first manufacturing facility in Kuantan, Pahang, Malaysia, and is expected to begin operations by the second quarter of 2024.
Upon completion of this facility, the company will be able to begin producing graphite to supply customer Toyota Motor Corporation and begin generating revenue in 2024.
The facility is expected to recycle up to 9,000 tonnes of palm kernels and produce up to 3,000 tonnes of graphite per year.
Over time, the company plans to expand the facility to an annual graphite production capacity of 13,000 tonnes by the second half of 2026.
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Aiden Lee, CEO of Graphjet, said: “We are pleased to be able to accelerate our manufacturing capacity and production plans at our plant in Kuantan, Pahang to meet the growing demand for graphite and graphene outside of China. I’m excited about it.”
Grafjet’s facility measures more than 91,000 square feet. The facility created approximately 200 new jobs.
With no current domestic producers, Graphjet will become the primary source of graphite and graphene for the U.S. market, reducing the U.S.’s dependence on China for these strategic materials, battery storage materials, and anode materials. trying to reduce.
GrafJet is supported by several strategic customers, including a $30 million offtake agreement with Toyota.
The global graphite market was $17.5 billion in 2022 and is projected to reach a market size of $25 billion by 2027, reflecting a CAGR of 7.3%.
Upon completion of the Grafjet and Energem business combination, the combined company will operate as Grafjet Technology and trade on the Nasdaq under the ticker “GTI.”
The business combination is expected to close on or about March 6, 2024.
Price action: ENCP stock rose 18.1% to $4.13 during the pre-market session at last check on Monday.
What are the most important earnings reports this year?
Gianni Di Poce provides an overview of what he considers to be the most important earnings report for the market today.Benzinga Insider Get his weekly expert insights and stock picks with his report Try it now for $0.99.
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