THE combined entity of Graphjet Technology Sdn Bhd (Graphjet) and Energem Corp (Energem), a special purpose acquisition company (SPAC) identified under the ticker symbol ENCP has submitted its applications to the US Securities and Exchange Commission (SEC) for the approval of its merger.
The approval is estimated to take between four to eight weeks. Upon approval, the Nasdaq-listed entity will be re-named as Graphjet Technology Ltd (GTI) and will boast a market capitalisation of US$1.5 bil.
Meanwhile, GTI has also seen positive development in its plan to build a manufacturing plant in Malaysia with a production capacity of 10,000 tonnes of graphite and 60 tonnes of single-layer graphene which will contribute to a revenue of RM3.8 bil per annum.
This effectively transforms Malaysia from an import country to become an export country of graphite and single-layer graphene.
“It has been an exciting journey for Graphjet as we look forward to the merger with Energem Corp,” commented Graphjet’s chairman Lim Hooi Beng.
“In the meantime, we have taken proactive measures to accelerate the commercialisation of single-layer graphene using our revolutionary and green technology. The approval of the regulators reflects our patented technology’s commitment and success.”
Founded in 2019, Graphjet is an innovative single-layer graphene producer that has successfully developed a revolutionary patented technology that will transform palm kernel shell, a waste from palm kernel production, into single-layer graphene, at a significantly lower cost than the current production of single-layer graphene.
According to Graphjet’s executive director Jay Aw, the group’s success has put Malaysia on the world map as the first to transform renewable raw materials such as palm kernels into graphite and single-layer graphene.
“Graphene is also known as the super material and was attributed to the Nobel Prize in Physics in 2010,” he added. – Oct 6, 2022