First Graphene (ASX: FGR) has announced an agreement to acquire the assets, intellectual property, product lines and manufacturing capabilities of US-based MITO Material Solutions for up to $850,000, in a move aimed at strengthening its presence in North America and expanding its graphene offering.
MITO is an advanced materials company with established graphene-based products and manufacturing operations in the United States, meaning the transaction enhances both First Graphene’s commercial footprint and its technical capabilities. The acquisition will extend First Graphene’s portfolio beyond its PureGRAPH powders and dispersions into functionalized graphene and graphene oxide products. MITO’s offerings include E-GO, LIGRA, OMEGA and DELTA, which are used across thermosets, thermoplastics, composites, coatings, resins and liquid systems. The deal also adds capabilities in functionalizing graphite, graphene and graphene oxide, along with access to manufacturing equipment, licenses and know-how.
In addition, the acquisition provides First Graphene with a direct operational and commercial base in the United States, marking a shift from its previous distributor-led model in North America. The company noted that this could improve access to US defense and aerospace opportunities, supported by MITO’s existing customer engagements and testing pipeline.
MITO brings an established customer base, with its products already deployed by US sporting goods brands such as Parlor Skis, Folsom Custom Skis and St. Croix Rods. While these deployments do not necessarily indicate large-scale revenues, they demonstrate commercial use. The company also reports more than 25 clients in late-stage testing across multiple sectors, which may help accelerate the transition from technical trials to repeat orders.
The total consideration of up to $850,000 includes $275,000 in cash and up to $575,000 in contingent share-based payments over 24 months. The earnout is split into two tranches, up to $250,000 after 12 months and up to $325,000 after 24 months, both linked to revenue attributable to MITO. The share component is subject to shareholder approval; if approval is not obtained within 60 days of each milestone, the company will pay the equivalent amount in cash. First Graphene has not disclosed detailed financial information for MITO, including current revenue, margins or integration costs.
While this acquisition is modest in size, it is said to be strategically significant, as it combines product expansion, manufacturing capability and direct US market access in a single step.
