GMG Announces In-House Battery Pilot Plant Investment
BRISBANE, QUEENSLAND, AUSTRALIA – TheNewswire - July 14th, 2021 - Graphene Manufacturing Group Ltd. (TSXV:GMG) (“GMG” or the “Company”) is pleased to announce that it is procuring equipment for a pilot production and testing plant for the manufacture of its Graphene Aluminum-Ion Batteries.
Following recently published exciting performance results and very encouraging customer feedback, production of a commercial prototype coin cell battery is targeted before the end of 2021. This pilot production and testing plant is an important next step in the Company’s battery technology development plan.
The Company is also evaluating the purchase of additional equipment to enable the manufacturing of Graphene Aluminum-Ion Batteries in a pouch cell format.
GMG’s Managing Director and CEO, Craig Nicol, commented: “GMG believes that its ability to manufacture Graphene Aluminum-Ion Batteries in-house allows us to directly control the production of coin and potentially pouch cell batteries for early customer testing and likely speed up the development and commercialisation of this exciting battery technology. The necessary equipment for our pilot production and testing plant is also readily available and the Company believes that it is cost effective as it’s the same standard equipment used for the manufacture of existing coin cell format batteries.”
“We have received a large number of inquiries about our promising battery technology from across the world and we look forward to working with potential customers to meet demand for next generation rechargeable battery technology. We continue to work closely with the University of Queensland to develop a commercial coin cell prototype by the end of 2021 and a pouch cell commercial prototype by the end of 2022. Having our own battery manufacturing capability provides the Company with an opportunity to accelerate the development timeline of the commercial production plant.” Craig Nicol said.
The Company believes that its performance testing results of early prototypes have shown very encouraging power and energy density results and that batteries are retaining full performance after more than 3000 charge and discharge cycles. Furthermore, the Company believes that such results show that the Graphene Aluminum-Ion Batteries are almost fully recyclable, have an extremely low fire risk and do not use lithium nor any rare earth metals.
GMG is an Australian based clean-tech disruptive company listed on the TSXV (TSXV:GMG) that produces graphene and hydrogen by cracking methane (natural gas) instead of mining graphite. By using the company’s proprietary process, GMG can produce high quality, low cost, scalable, ‘tuneable’ and no/low contaminant graphene – enabling demonstrated cost and environmental improvements in a number of world-scale planet-friendly/clean-tech applications. Using this low input cost source of graphene, the Company is developing value-added products that target the massive energy efficiency and energy storage markets.
The Company is also pursuing additional opportunities for GMG Graphene, including developing next-generation batteries, collaborating with world-leading universities in Australia, and investigating the opportunity to enhance the performance of lube oil, biodiesel and diesel fuels.
For further information, please contact:
- Craig Nicol, Chief Executive Officer and Managing Director of the Company at email@example.com, +61 415 445 223
- Leo Karabelas at Focus Communications, firstname.lastname@example.org, +1 647 689 6041
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. The forward-looking statements herein are made as of the date of this press release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information in this press release includes, but is not limited to statements relating to the development of its pilot production and testing plant and procuring equipment for the same, manufacturing of prototypes by GMG and the University of Queensland, anticipated timelines for commercial prototypes and customer testing, management's expectations from its testing results, the results arising from and application of GMG’s graphene aluminium-ion batteries, and the Company's pursuit of opportunities for GMG in Australia and internationally.
Such forward-looking statements are based on a number of assumptions of management, including, without limitation, assumptions regarding the accuracy of the Company’s cost and timing expectations, that the Company will be successful in the development of its pilot production and testing plant as expected, the Company will be able to procure equipment for the pilot production and testing plant, the Company and the University of Queensland will be able to manufacture prototypes and complete customer testing as anticipated and on the expected timelines, the Company's testing results will be aligned with management's expectations, the results and application of GMG’s graphene aluminium-ion batteries will be aligned with management's expectations, the Company will be successful in pursuing additional opportunities both in Australia and internationally, that the Company’s operations and ability to develop its products will not be adversely impacted by COVID-19, the Company’s ability to research, develop and test its products within anticipated timelines, and that results of testing and development data will be consistent with anticipated results and estimates.
Forward-looking statements and information are subject to various known and unknown risks and uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of GMG to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: that the Company will not be successful in the development of its pilot production and testing plant as expected, the Company will not be able to procure equipment for the pilot production and testing plant, the Company and the University of Queensland will not be able to manufacture prototypes and complete customer testing as anticipated and on the expected timelines, the Company's testing results will not be aligned with management's expectations, the results and application of GMG’s graphene aluminium-ion batteries will not be aligned with management's expectations, the Company will not be successful in pursuing additional opportunities both in Australia and internationally, that the Company’s operations and ability to develop its products will be adversely impacted by COVID-19, the Company will not be able to research, develop and test its products within anticipated timelines, that results of testing and development data will not be consistent with anticipated results and estimates, and the risk factors set out under the heading "Risk Factors" in the Company's final long form non-offering prospectus dated March 31, 2021 available for review on the Company's profile at www.sedar.com, many of which are beyond the ability of the Company to control or predict. Such risk factors may cause the Company’s actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including, assumptions regarding the Company’s ability to research, develop and test its products within anticipated timelines, and that results of testing and development data will be consistent with anticipated results and estimates. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.