Graphene Manufacturing Group Ltd. (GMG) (GMGMF) ("GMG" or the "Company") announces that the Company has signed a Queensland Critical Minerals and Battery Technology Fund Agreement with the State Government of Queensland for a grant of AU$ 2 million towards the funding of GMG's proposed Automated Battery Pilot Plant for the manufacture of GMG's Graphene Aluminium Ion Battery.
The State Government of Queensland established the Queensland Critical Minerals and Battery Technology Fund to support Australian business to compete globally by enhancing the extraction and processing of critical minerals in Queensland, accelerating the development of battery technologies and production of precursor or advanced materials in Queensland and supporting Queensland jobs and economic growth.
The grant is for the payment of 50% of the capital cost of GMG's proposed Automated Battery Pilot Plant, up to a maximum of AU$ 2 million, for the manufacture of GMG's Graphene Aluminium Ion Battery. The Pilot Plant would be constructed at GMG Richland's existing manufacturing facility, and the grant is conditional on various preconditions including GMG taking a final investment decision in the Battery Pilot Plant project.
GMG's CEO Craig Nicol stated, "We want to thank the Queensland Government and acknowledge its commitment to supporting the Critical Mineral and Battery Manufacturing Industry in the State. This is great recognition for GMG and GMG's next generation Graphene Aluminium Ion Battery and further shows the progress of the battery's development. We are very excited about this next phase of its maturation."
GMG's Chairman and Non-Executive Director, Jack Perkowski, commented: "This represents further progress for the Company, and I congratulate GMG on its success in securing this grant. I also would like to thank the Queensland Government for recognising and supporting GMG in this phase of its battery's development."
Queensland Government Deputy Premier, Treasurer and Minister for Trade and Investment Cameron Dick said:
"The Miles Labor Government is propelling Queensland through an energy transformation that will create jobs."
"I am so pleased that this new plant will create 12 good quality jobs. Projects like this are helping set the path in creating thousands of secure jobs for Queenslanders while providing the clean, reliable and affordable energy every household and business needs."
"The $100 million Queensland Critical Minerals and Battery Technology Fund is playing its part by supporting businesses across the supply chain like Redflow, Revolver Resources, and now GMG."
"GMG's innovative use of graphene, in partnership with UQ, is another example of our homegrown ingenuity that we will continue fostering here in Queensland."
"Their graphene aluminium-ion batteries could prove to be a real gamechanger on the world market and elevate Queensland's local battery industry to the next level."