Graphjet Technology, developer of technologies to produce graphite and graphene directly from agricultural waste, and Energem closed their previously announced merger and on Friday, Graphjet’s ordinary shares start trading as .
Graphjet has raised $5.8 million through the transaction and said it anticipates that additional fundraising will be necessary to accelerate its growth strategy and expand its manufacturing capacity. “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,” Lee said. “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.
Graphjet’s stock advanced on the Nasdaq on Friday during a generally down day on the US market, affording the company a $1.76 billion market capitalization.Economy chief says Chile’s lithium products likely to get US subsidies