Graphex Technologies LLC, the U.S. subsidiary of Graphex Group
Limited (NYSE American: GRFX | HKSE: 6128) (collectively
“Graphex”) and Northern Graphite Corporation (NGC:TSX-V,
NGPHF:OTCQB, FRA:0NG, XSTU:0NG) (“Northern”), today
announce that Graphex will participate in Northern’s previously
announced selection process (January 10, 2023) for a site suitable
for the construction of a large-scale graphite processing facility
in Baie-Comeau. The plant is planned to supply coated spherical
graphite anode material to the EV/battery markets in North America
and beyond. On December 21, 2022 Northern and Graphex announced the
signing of a non-binding letter of intent to negotiate a joint
venture agreement to build a North American mine-to-battery supply
chain.
Northern and Graphex will work closely with the Department of
Innovation and Development for the Manicouagan/Baie-Comeau region
of Quebec to identify and evaluate sites that could accommodate
processing facilities to produce up to 200,000 tonnes per year
(tpy) of battery anode material where they could conduct their
proposed joint venture. Northern would provide security of raw
mineral supply (graphite concentrate) and it is contemplated that
Graphex would license and/or contribute its technology, plans and
expertise for building and operating the plant(s). Construction of
the proposed battery anode material plant would be subject to
identification and acquisition of an appropriate site, receipt of
regulatory approvals and financing.
The Manicouagan/Baie-Comeau region presents uniquely
advantageous infrastructure and operating conditions for the joint
venture to achieve its objectives, including ample renewable energy
(hydro power), greenfield and brownfield locations, a deep-sea
international port, and most importantly a welcoming local,
regional, and national political and financial environment with
favorable incentive potential.
The current supply picture for natural graphite in North America
is marked both by a significant shortfall in the availability of
non-China-sourced graphite raw material that is needed to meet
projected demand, and the complete absence of experienced
commercial-scale downstream processing to transform that raw
material into battery-grade anode material. The collaboration
between Northern and Graphex seeks to solve both issues on an
industry-wide level by providing OEMs and battery makers with a
transparent, ESG compliant supply of quality product needed to meet
current and future demand.
Graphex has a decade-long history of processing mine
concentrates and produces 10,000 tpy of high yield, high quality
battery anode material. Graphex is the only current commercial
downstream processor of natural graphite into battery anode
material that intends to develop an anode material processing plant
in North America.
Northern owns the only graphite mine producing at commercial
scale in North America, with a current output of 15,000 tpy of
graphite mine concentrate. It also has three development projects
with the resources to produce over 100,000 tpy by 2025 and 300,000
tpy by 2027.
“The potential to secure an appropriate site in the Baie-Comeau
area in collaboration with Northern would allow Graphex to
accelerate the expansion of its experienced mid-stream processing
capabilities into North America,” said John DeMaio, CEO of Graphex.
“Given the need for large volumes of anode material and the
emphasis placed on creating domestic North American supply chains,
the Graphex-Northern-Baie-Comeau collaboration represents a
significant advancement toward making a domestic supply chain for
graphite anode material a reality sooner than later.”
“The addition of Graphex to the Baie-Comeau anode material
project is excellent news for the region and for the development of
the battery strategy in Quebec," explained Guy Simard, Director of
Industrial Development for Innovation and Développement
Manicouagan. "This partnership adds significant value to the
project by bringing together the expertise and capabilities of
Northern as a natural graphite producer with those of Graphex as an
anode material producer.”
“This is an integral step towards finalizing the terms of a
binding joint venture agreement with Graphex to produce Coated
Spherical Graphite Anode Material for the North American EV/Battery
market,” said Hugues Jacquemin, CEO of Northern Graphite. “Over the
next few months, we look forward to making further announcements on
this and other initiatives that are in advanced stages of
negotiation.”
About Graphex Graphex Group Limited, is a Cayman Island
company with its principal offices in Hong Kong and regional
offices in Shanghai and Royal Oak, MI, USA. Graphex is focused on
the development of technologies and products to enhance renewable
energy, particularly the production of spherical graphite and
graphene, 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 purified
spherical graphite. Current production is 10,000 tpa and an
expansion is underway to increase production to 20,000 tpa within
the next 12 months. Graphex intends to further expand existing
operations to 40,000 tpa over the next three years. Graphex is
currently among the top suppliers of specialized spherical graphite
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. www.graphexgroup.com
About Northern Graphite Northern is a Canadian, TSX
Venture Exchange listed company that is focused on becoming a world
leader in producing natural graphite and upgrading it into high
value products critical to the green economy including anode
material for lithium-ion batteries/EVs, fuel cells and graphene, as
well as advanced industrial technologies.
Northern is the only significant graphite producing company in
North America and is positioned to become the third largest outside
of China when its Namibian operations come back online. The Company
also has two large scale development projects, Bissett Creek in
Ontario and Okanjande in Namibia, that will be a source of
continued production growth in the future. All projects have
"battery quality" graphite and are located close to infrastructure
in politically stable countries. www.northerngraphite.com
To learn more about these initiatives and more from Graphex
Technologies, please visit www.graphexgroup.com
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,”
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“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.
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Media: FischTank PR
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