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GMG Announces Phase 1 Expansion Project to Graphene Manufacturing Facility for Energy Saving Products and Batteries
Brisbane, Queensland, Australia--(Newsfile Corp. - August 17, 2022) - Graphene Manufacturing G...
About this update from Graphene Manufacturing Group Ltd
[{"type":"text","content":"GMG Announces Phase 1 Expansion Project to Graphene Manufacturing Facility for Energy Saving Products and BatteriesBrisbane, Queensland, Australia--(Newsfile Corp. - August 17, 2022) - Graphene Manufacturing Group Ltd. (TSXV: GMG) (FSE: 0GF) (\"GMG \" or the \"Company\") is pleased to advise that the Company has taken a Final Investment Decision (\"FID\") on Phase 1 of its graphene manufacturing expansion project. The expansion project includes an executed 5 year lease to expand total office and warehouse space to 3,500 square metres, the next generation of the Company's proprietary graphene production technology with enhanced automation, a micro-grid with energy storage component to improve commercial and environmental electricity supply for the production process, and an infrastructure corridor to allow rapid scaling of further graphene manufacturing capacity during future phases of the graphene manufacturing expansion project. The project will be managed and executed by the Company's engineers with Wood engineering (the Company's graphene manufacturing scaling engineering service supplier) providing safety, assurance and design review services. Following positive potential customer feedback from G+AI battery coin cell prototype testing, and ongoing enhancements to the Company's unique graphene production process, the Company believes enhanced and expanded production facilities are now appropriate. The lease commitment of the additional new office and warehouse space of 1,500 square metres, which is adjacent to the existing Company leased 2,000 square metre office and warehouse, is intended to accommodate new staff and expand graphene manufacturing capacity. The Phase 1 expansion project is expected to provide ample graphene supply for the production of the Company's graphene aluminium-ion battery (\"G+AI Battery\") coin cells, as well as the Company's energy saving liquid graphene products. The total investment of approximately AU$1.5 million is expected to be fully commissioned by first half of 2023. This project was envisaged in the September 2021 market raise but now also includes costs to relocate all of GMG's existing graphene manufacturing capacity adjacent to its new headquarters and Battery Development Centre (\"BDC\") in Brisbane, Australia. GMG's Managing Director and CEO, Craig Nicol, commented: \"Taking FID on thi...