Graphex Technologies Receives Environmental Permit and Provides Updates on Michigan Developments

By: Graphex Technologies, LLC via Business Wire

June 06, 2023 at 06:30 AM EDT

The international technology company announces key updates on Michigan site progress and further expansion of its domestic supply chain for graphite anode material

Graphex Technologies, LLC, a wholly owned subsidiary of Graphex Group Limited (collectively “Graphex”) (NYSE American: GRFX | HKSE: 6128) and a global leader in mid-stream processing of natural graphite for use in Lithium-ion (Li-ion) powered batteries, today shared updates on its Warren processing facility and other developments in Michigan, highlighting its progress in creating a stable domestic supply chain to meet unprecedented national demand for graphite.

Graphex’s Warren site has secured the necessary environmental permit from the Air Quality Division of the Michigan Department of Environment, Great Lakes, and Energy, allowing this project to move forward with final design and equipment orders for the Warren site. The permit award is another milestone and is indicative of the local community’s endorsement of Graphex’s presence in Warren, supporting the company’s efforts to establish Warren as a key player in the refinement and production of battery materials for the Detroit area’s emerging electric vehicle (EV) industry.

“Graphex’s plant in Warren will bring an influx of new jobs to the area along with training for the necessary skills and expertise in the fast-growing category of electric vehicle production and the batteries that power them,” said James R. Fouts, Mayor of Warren. “We’re happy to work closely with Graphex to secure local incentives to establish operations in the state of Michigan.”

In addition to greenlighting further development of the Warren facility, the permit enables Graphex to continue evaluation of potential locations in and around Warren for a shaping and purifying plant to correspond with its pitch coating plant. As major car manufacturers continue to make investments in Michigan to expand electrification, a localized end-to-end battery mineral supply chain nearby will be invaluable to reduce potential logistical challenges. Transforming raw material to finished product, Graphex will provide ready battery anode material for original equipment manufacturers (OEMs) and gigafactories as they ramp up production and meet nearly 400,000 tons of projected yearly demand for graphite.

“Our discussions and negotiations with OEMs and automakers have demonstrated the imminent and yet enormous supply/demand mismatch for graphite, and securing this permit is another milestone in our plans to bring needed end-to-end capabilities to the Detroit area and beyond,” said John DeMaio, CEO of Graphex Technologies. “We stand by our commitment to building out a robust domestic battery mineral supply chain in support of an electrified future and Warren is just the first step of many to come.”

Mayor Fouts continued, “We look forward to supporting Graphex’s efforts in continuing development of its graphite processing plants and embrace Warren’s status as a home for the evolving auto industry.”

Graphex has received offers of state and local incentives for the planned graphite processing plant in Warren and will be seeking additional financial support to bring robust economic benefits and to support job creation in the City of Warren and the state of Michigan.

To learn more about these initiatives and more from Graphex Technologies, please visit www.graphexgroup.com

About Graphex

Graphex is a multinational technology company focused on the development of technologies and products to enhance renewable energy, particularly the refining of natural spherical graphite, synthetic graphite, and graphene-related products - key components in EVs/Lithium-ion batteries as well as in other uses. Graphex has extensive commercial experience in the deep processing of graphite and producing battery grade graphite anode material. Current production is 10,000 tonnes per annum (tpa) with a current expansion underway to increase production to 30,000 tpa within the next 12 months. Graphex intends to further expand existing operations to 55,000 tpa over the next three years. Graphex is currently among the top suppliers of specialized graphite anode material to the EV and renewable energy industries and holds patents in areas including products, production methods, machinery design, and environmental protection. Graphex’s strategy is to expand its operations globally to support energy transition and electrification efforts worldwide.

In addition, Graphex notes that additional information is available in its annual report on Form 20-F for the annual period ending December 31, 2022 that was filed with the SEC on May 10, 2023. This annual report is available at www.graphexgroup.com/investors/presentations/. Shareholders may request a hard copy of the complete audited financial statements free of charge upon request.

Forward Looking Statements

All statements contained in this presentation other than statements of historical fact, including statements regarding our future results of operations and financial position, our business strategy and plans and our objectives for future operations, are “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the safe harbor in Section 27A and 21E of the Securities Act of 1933 and the Securities Exchange act of 1934, respectively. You can identify some of these forward looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely,” “potential,” “continue” or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events that we believe may affect our financial condition, results of operations, business strategy and financial needs. We have based these forward looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short term and long-term business operations and objectives, and financial needs. These forward looking statements involve various risks and uncertainties. Information from third sources identified in this release are based on published reports for such information and we have assumed the accuracy of such reports without independent investigation or inquiry. This communication is for informational purposes only and is neither an offer to sell nor a solicitation of an offer to purchase any securities of Graphex Group Limited, including but not limited to its American Depositary Shares.