On February 9, 2024, Graphene & Solar Technologies Limited (GSTX) entered into a non-binding Memorandum of Understanding (MOU) with American Solar Manufacturing Company. The MOU outlines general terms and conditions for GSTX and ASMC to establish a Joint Venture Corporation (JVCO) to manufacture silicon wafers for supply to the solar industry. Under the terms of the MOU, GSTX will own 75% of the JVCO equity and ASMC will own 25% of the JVCO equity.

GSTX will fund an initial $10M for working capital, and ASMC will provide world leading technical expertise and executive management to JVCO. It is agreed that if negotiations become successful upon completing necessary due diligence and verifications, the parties would proceed accordingly with a definitive agreement within 60-days of signing the MOU. ASMC specializes in providing a hands-on team of internationally recognized executives, senior managers, engineers and technologists, all leaders in their fields, to help build Semiconductor and PV supply chains.