Graphjet Technology announced it plans to build a commercial artificial graphite production facility in Nevada. This plant is expected to be a first-of-its-kind in the United States. The plant is expected to be capable of recycling up to 30,000 metric tons of palm kernel material equivalent - a widely abundant agricultural waste product in Malaysia - to produce up to 10,000 metric tons of battery-grade, artificial graphite per year.

This level of production is expected to be able to support the production of enough batteries to power more 100,000 electric vehicles (EVs) per year. In addition to producing graphite, Graphjet?s first commercial plant in Malaysia, which is on track to be commissioned in the second quarter of 2024, will process palm kernel shells into hard carbon, which will be shipped to Nevada. This eliminates a conversion step in Graphjet?s production process, which would enable its Nevada facility to produce graphite more quickly.

Graphjet is aiming to commission and begin production at the new facility in 2026. Nevada is a strategic location for Graphjet as it is located in close proximity to a large quantity of battery manufacturers and automotive OEMs, which will require a significant amount of graphite for future EV battery production. Graphjet's Nevada manufacturing facility is expected to create more than 500 high skilled labor positions.

Furthermore, Graphjet expects to invest between $150 million and $200 million into the facility and is currently evaluating financing and strategic options to fund the plant.