Graphene Manufacturing Group ("GMG") has announced its Board of Directors has approved the investment of an additional AU$1.4 million (around US$993,000), which is expected to complete the construction of the Company's Gen 2.0 Graphene Manufacturing Technology plant capable of producing 10 tons of graphene per annum. The total capital cost for the Gen 2.0 Plant is an estimated AU$2.3 million.
The Company's Board is reportedly happy with progress to date and is confident that the Gen 2.0 Plant project is on track to meet its original budget and expectation to be online by the middle of 2026. The early work and procurement of the long lead items is substantially complete, and engineering and design has commenced.
The Gen 2.0 Plant is expected to be largely self-powered from standalone energy generation that utilizes renewable sources, an energy storage system and hydrogen enriched natural gas provided by tail gas power generation.
GMG's Managing Director and CEO, Craig Nicol, commented: "We are very excited with the progress to date of the Gen 2.0 project and are looking forward to bringing the plant online - on time and on budget."
GMG's Chairman and Director, Jack Perkowski, commented: "A successful Gen 2.0 project will form the basis for the Company's future expansion plans."
