Updates on graphex china expansion plan

Hong kong, nov. 19, 2024 (globe newswire) -- graphex group limited (“graphex group” or the “company”) (nyse american: grfx | hkse: 6128)) wishes to inform the shareholders and potential investors that the company and nanshu town government have intention of jointly working in the construction of the phase 2 of graphite deep processing project (“phase 2 project”) located in the graphite industry cluster area of nanshu town, laixi city, qingdao, shandong, prc (“location”). the phase 2 project will implement manufacturing facilities that produce 20,000 tonnes of natural graphite anode material used in lithium-ion batteries and 100 tonnes of graphene oxide used as additives in battery systems to enhance conductivities. phase 2 project involves an acquisition of a piece of land of around 80 mu (approximately 5.33 hectare) in the location and the construction of not less than 50,000 sq. meter (approximately 540,000 sq. ft.). nanshu town government has principally agreed that the company may build its own renewable energy plant for its factory use. the total investment of the phase 2 project is estimated to be around us$ 30 million. the land to be acquired by the company for the phase 2 project will be put out for auction within 6 months after all relevant project plans and approvals are ready. the company estimates the construction of the phase 2 project will start within 4 to 6 months after the land auction if the company successfully acquires the land.
GRFX Ratings Summary
GRFX Quant Ranking