Graphene Manufacturing Group Limited provided a business update on the commercialisation progress of THERMAL-XR powered by GMG Graphene. GMG has now received forward orders of over USD 400,000 for THERMAL-XR from various distributors and customers worldwide. Most of the value of these orders is conditional on the in-country approval for the THERMAL-XR to be imported from Australia and sold into that country for the product's initial launch.

The Company also continues to progress negotiations with a wide range of distributor and direct industrial end-use customers for a range of applications and hopes to make further announcements soon. Preparations for the early 2024 product launch in the USA by Nu-Calgon are advanced with marketing, sales and customer engagement activities well progressed supported by continuing demonstrations of successful energy savings results. A recent demonstration project in Texas achieved an estimated 36% energy savings result.THERMAL-XR® is progressing through the USA Environmental Protection Agency's (EPA) approval process to import and sell in the USA.

All the required documentation has been submitted, and the EPA has assigned a case number as part of the thorough evaluation of the product's safety and environmental impact. The Company believes the potential approval will be received in Q4'23. GMG has also successfully passed Stage One (Gap Analysis) of the ISO 9001 accreditation process and is on track to complete the final stages and receive full accreditation for ISO9001, for Quality Management, in H1 2024.

GMG sees ISO 9001 accreditation as an important table stake to become a commercial manufacturing operation for energy saving and energy storage products while also providing a structured basis for continuous improvement for company's operations and customer satisfaction.