PETALING JAYA: The combined entity of Graphjet Technology Sdn Bhd and Energem Corp, a special-purpose acquisition company, has submitted its applications to the United States Securities and Exchange Commission for the approval of its merger.
The approval is estimated to take between four to eight weeks. Upon approval, the Nasdaq-listed entity will be renamed Graphjet Technology Ltd (GTI) and will have a market capitalisation of US$1.5bil (RM6.95bil)
Graphjet chairman Lim Hooi Beng said the company had taken proactive measures to accelerate the commercialisation of single-layer graphene using revolutionary and green technology.
“The approval of the regulators will reflect our patented technology’s commitment and success,” he said in a statement yesterday.
Graphjet is a single-layer graphene producer that has developed a revolutionary patented technology that will transform palm kernel shell, a waste from palm kernel production, into single-layer graphene, at a significantly lower cost than the current production of single-layer graphene.
Executive director Jay Aw said Graphjet’s success puts Malaysia on the world map as the first to transform renewable raw materials such as palm kernels into graphite and single-layer graphene.
GTI, meanwhile, has also seen positive development in its plan to build a manufacturing plant in Malaysia with a production capacity of 10,000 tonnes of graphite and 60 tonnes of single-layer graphene, which will contribute to the revenue of RM3.8bil per year.
This effectively transforms Malaysia from an importing country to become an export country of graphite and single-layer graphene, said the statement. — Bernama