Malaysia's Graphjet Technology to set up graphite facility in Nevada

Malaysia's Graphjet Technology said on Monday it would build a commercial artificial graphite production facility in Nevada, as the U.S. looks to reduce its dependence on China for the electric-vehicle battery component.

Graphjet, which holds patents in producing graphite and graphene from agricultural waste, said the facility could produce 10,000 metric tons of battery-grade graphite - sufficient to power more than 100,000 electric vehicles per year.

China, the world's top graphite producer and exporter, has tightened exports of the key battery material used in nearly all EV battery anodes.

Graphjet expects to invest between $150 million and $200 million. The company aims to commission the facility and begin production in 2026.

"We are laser focused on getting our commercial production online as quickly as possible and are in discussions with several players to secure offtake agreements for our planned Nevada facility," CEO Aiden Lee said in a statement. - Reuters