First Graphene (FGR) has announced that it has signed a Deed of Variation with newGen Group for the supply of its PureGRAPH product line for inclusion into the newGen ArmourGRAPH protective products for the mining industry.
newGen recently launched its ArmourGRAPH protective mining wear liners and elastomeric coatings, based on successful trials whereby a six-fold extension of wear protection was documented. Following successful trials, newGen has now moved to a production phase.
The Deed of Variation ensures a minimum phased commitment to FGR of 4,800 kgs of PureGRAPH over 3 years. The Deed of Variation terms are worth between AUD$1,200,000 (around USD$886,000) to $1,440,000 (around USD$1,064,000) in revenue for FGR.
First Graphene Chief Executive Officer Michael Bell said: “Having successfully completed 62 weeks of in-field trials of the ArmourGRAPH wear liners and having greater certainty of the forecasted uptake, now is the most opportune time to establish a deeper engagement and growth strategy with newGen. We are excited to see our efforts solidify into production demand and look forward to working with newGen to be successful in the mining and protective liner space”.
newGen Group Managing Director Ben Walker said the increased commitment to FGR is an indication of demand in ArmourGRAPH protective products growing over the next 3 years and beyond.