Graphex and Gratomic sign LOI to negotiate terms of a Joint Venture

Graphex Group and its U.S. subsidiary, Graphex Technologies announced they have entered into a non-binding Letter of Intent, or LOI, with Gratomic, a graphite company based in Toronto, Ontario. The intent of the LOI is to combine Gratomic’s raw material supply capabilities with Graphex’s proven downstream processing expertise to solve an industry wide supply-demand gap by delivering an end-to-end supply of graphite from mine to battery with facilities to be located in North America. Pursuant to the LOI, Graphex and Gratomic intend to negotiate the terms of a Joint Venture, including management and ownership structures, to jointly produce coated spherical graphite anode material for the EV/battery market. Graphex will license and/or contribute its technology and expertise to the Joint Venture and Gratomic will provide security of raw material supply. It is contemplated that Graphex will provide all the technology, plans and expertise for building and operating the plant.