Graphjet Technology, The World’s Only Direct Biomass to Graphite Producer, Completes Transaction and Will Begin Trading on Nasdaq.
Graphjet 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 they have closed their previously announced business combination (“the Business Combination”). The transaction, which was approved on February 28, 2024, by Energem stockholders, creates the only pure-play publicly traded direct biomass-to-graphite company, establishing the Company as the leading source of graphite and graphene for the U.S market.
Graphjet’s ordinary shares will start trading on Nasdaq under the ticker symbol “GTI.” Graphjet’s warrants will be delisted from Nasdaq and begin trading on the OTC market under the symbol “GTIWW” on March 15, 2024. Graphjet’s CEO, Lee Ping Wei (Aiden Lee), and the rest of the Company’s current management team are expected to remain in leadership positions.
Lee Ping Wei (Aiden Lee), Graphjet’s CEO, said:
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We are thrilled to list Graphjet on the Nasdaq, particularly at this crucial moment of critical material demand and limited availability for the U.S. market.
“With China dominating more than 97% of all graphite production, we look forward to becoming the leading supplier to the U.S. market to support its burgeoning battery storage and EV industries. Our patented technologies are capable of producing graphite and graphene directly from agricultural waste, which fills a critical supply need for these highly strategic materials, as demand is expected to continue to accelerate over the next several years. Compared to incumbent players, Graphjet’s proven, commercial and patented vertically integrated technologies and process cuts the carbon footprint by 83% while reducing costs by 80%. We are poised to pursue high-value applications for our technologies across a multitude of sectors that can leverage our sustainably produced graphite and graphene from biomass waste to help create a more circular economy.”
Graphjet has raised $5.8 million through the transaction and anticipates that additional fundraising will be necessary to accelerate its growth strategy and expand its manufacturing capacity. These funds will enhance the Company’s financial flexibility as well as its ability to capitalize on organic and inorganic growth opportunities.
“Now, more than ever, we are well-positioned to execute on our growth strategy to become a top producer of graphite and graphene,”
“On the heels of China’s decision to restrict exports on graphite, we continue to engage in advanced conversations with customers. Further, based on our optimism about market demand, we continue to explore opportunities to deploy our technology, at scale, in North America.”
Swee Guan Hoo, CEO and Director of Energem, said:
As we noted when the transaction was announced, Graphjet not only produces high-demand materials in a growing market, but does so by utilizing a commonly available waste product in Malaysia.
“We are excited that Graphjet and its team have reached this stage and believe they are ready to accelerate their market position as a public company.”
Doris Wong Sing EE, Executive Director of Energem Corp, added:
Graphene and its applied products exhibit tremendous application potential in biomedical technologies, energy storage, composites and coatings, and water and wastewater treatment industries.
“We believe Graphjet’s breakthrough patented technology that transforms a renewable waste product to the highly valued artificial graphene and artificial graphite will allow Graphjet deliver shareholder value, and we are looking forward to seeing what they can accomplish in this new phase of the company’s existence.”
Advisors
ARC Group Limited acted as sole financial advisor, EF Hutton LLC served as Capital Markets Advisor to Energem, and Ogier (Cayman) LLP acted as Cayman Islands counsel.
Nelson Mullins Riley & Scarborough LLP is acting as legal counsel to Graphjet Technology.
Rimon P.C. served as U.S. counsel to Energem in its initial public offering and as legal counsel to Energem in the business combination. Ong, Ric & Partners (Malaysia) served as local counsel to Energem.
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Graphjet Technology, The World’s Only Direct Biomass to Graphite Producer, Completes Transaction and Will Begin Trading on Nasdaq. source
