Hazer Group Limited has signed a non-binding Memorandum of Understanding (MOU) with Mitsui & Co., Ltd. to jointly investigate the potential markets for the application of Hazer's graphitic carbon (Hazer graphite). Under the MOU, Hazer and Mitsui have agreed to conduct an initial marketing survey of applications of Hazer's low emissions graphite in the steel making and chemicals industries, utilising Mitsui's global network. This MOU is a result of an extensive period of technology review and market assessment conducted by Mitsui.

Hazer and Mitsui will jointly explore potential customers, applications, and partners in Asia, Oceania, Northern America, Europe and the Middle East to establish the potential value for Hazer graphite and to contribute to the decarbonisation of existing industrial supply chains and manufacturing processes. In addition to the initial marketing survey, Hazer and Mitsui have agreed to jointly explore other potential commercial opportunities on mutually agreeable terms. The MOU has an initial term of one year and can be extended by mutual agreement. Each party has agreed to cover their own costs incurred and the arrangement does not restrict either party from discussing, entering into or implementing a similar transaction or similar relationship with third parties.