Graphjet Technology (NASDAQ:GTI) rose 8.6% in its first day of trading after merging with SPAC Energem.
Graphjet has the world’s first patented technology to recycle palm kernel shells generated in the production of palm seed oil to produce single layer graphene and artificial graphite.
The Graphjet merger with SPAC Energem was first announced in August 2022. The deal comes at a crucial time for Graphjet after China banned the export of graphite last year, and the company is hoping to take advantage of that opportunity, CEO Aiden Lee told Seeking Alpha in an interview last week. Graphje is backed by several strategic customers, including a $30 million offtake agreement with Toyoda Gosei (OTCPK:TGOSY).
“We are thrilled to list Graphjet on the Nasdaq, particularly at this crucial moment of critical material demand and limited availability for the U.S. market,” Graphjet CEO Aiden Lee said in a statement on Thursday. “With China dominating more than 97% of all graphite production, we look forward to becoming the leading supplier to the U.S. market to support its burgeoning battery storage and EV industries."
Lee said he's talking to Fortune 500 companies in Japan and the U.S., including battery makers, to obtain other contracts for the Graphjet product.
"So we are in a good pipeline, good prospects," Lee said in the interview. "We are looking at such a good opportunity that China will start to ban the export of graphite and give us an opportunity to grow in North America."