Graphex Group, which manufactures graphene products for lithium-ion batteries in China, recently announced a raise of $12 million. This exceeds the Company's plan to raise $8 million as part of its IPO on the US NYSE stock exchange.
The Company plans to use the net proceeds for improvement and expansion of production facility(ies) for the Group’s Graphene Products Business, repayment of short-term indebtedness and working capital and general corporate purposes.
Graphex manufactures natural spherical graphite and specialized graphite products that are used primarily in lithium-ion batteries, typically for electric vehicles and clean energy storage solutions. The company's graphene products operations are based in China and strategically located near a supply source of high-quality natural graphite. Graphex reports that it currently has approximately 30 customers in the PRC, primarily manufacturers of automotive batteries, conductive agents, refractory materials for the steel industry, and heat sink materials for precision electronics.