Graphjet Technology Commences Operations at the World's First Agricultural Waste-to-Graphite Facility in Malaysia

The Company's first green graphite facility commissioned with production capacity of up to 3,000 metric tons of battery-grade graphite per year, sufficient to power approximately 40,000 EVs annually

Begins shipping green graphite samples to its customer; facility will also provide feedstock for Graphjet's planned facility in Nevada

Green graphite facility establishes Graphjet as a reliable, sustainable and cost-effective supplier to the EV and semiconductor markets

KUALA LUMPUR, Malaysia, Nov. 19, 2024 (GLOBE NEWSWIRE) -- Graphjet Technology ("Graphjet" or "the Company") (NASDAQ:GTI), a leading manufacturing company focusing on carbon-based materials, producing artificial graphite from biomass waste residues from the process of palm oil, today announced the start of operations at its first commercial-scale green graphite facility located in the Subang District in Malaysia. This facility is the world's first commercial-scale plant capable of recycling palm kernel shells, a highly abundant agricultural waste byproduct in Malaysia, to produce battery-grade graphite.

The new facility has the capacity to recycle up to 9,000 metric tons of palm kernel shells annually, producing up to 3,000 metric tons of graphite per year. This level of production is sufficient to support battery production for approximately 40,000 electric vehicles (EVs) per year. With a footprint exceeding 91,000 square feet, Graphjet's facility will support a local workforce of 200 jobs, underscoring the Company's commitment to job creation and economic growth.

Graphjet has received its first shipment of palm kernel shells and has begun shipping green graphite product samples to its customers. Additionally, the Company plans to produce hard carbon at the facility to provide feedstock for its planned green graphite facility in Nevada.

"The Graphjet team has achieved a monumental step towards the execution of our strategy and vision to become a reliable supplier of green graphite globally," said Aiden Lee, CEO and Co-Founder of Graphjet. "With this facility online, Graphjet is now the primary player in green graphite production outside of China, as the Company has the largest production capacity ex-China. This facility, which is the first green graphite facility to commence operations outside of China, demonstrates our ability to leverage our technology at scale, and we are proud to commence commercial operations at the world's largest green graphite facility of its kind. This facility will provide us with an ability to generate revenue by FY 2025, support our valued customers, and establish a strong foundation for a successful launch in the United States in Nevada."

"The opening of our facility is a clear indicator of the availability of green graphite production outside of China to support automakers and battery manufacturers," continued Aiden Lee. "With Graphjet now officially in commercial production, we are excited to support the transition to clean energy with our environmentally friendly and cost-effective processes and technology."

Graphjet's facility utilizes the Company's patented, sustainable and cost-effective technology to produce green graphite directly from palm kernel shells. This technology reduces the Company's operational carbon footprint by up to 83% and reduces costs by up to 80% compared to traditional processes. Per kg of graphite produced, Graphjet produces only 2.95 kg C02 emissions, compared to 16.8 kg C02 emissions and 17 kg C02 emissions from natural and synthetic graphite production, respectively, in China. Graphjet's technology is expected to have the lowest carbon footprint of any graphite production process in the world.

About Graphjet Technology Sdn. Bhd.

Graphjet Technology Sdn. Bhd. (NASDAQ:GTI) was founded in 2019 in Malaysia as an innovative graphene and graphite producer. Graphjet Technology 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. Graphjet's sustainable production methods utilizing palm kernel shells, a waste agricultural product that is common in Malaysia, will set a new shift in graphite and graphene supply chain of the world. For more information, please visit https://www.graphjettech.com/.

Cautionary Statement Regarding Forward-Looking Statements

The information in this press release contains certain "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "aim," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result" and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) changes in the markets in which Graphjet competes, including with respect to its competitive landscape, technology evolution or regulatory changes; (ii) the risk that Graphjet will need to raise additional capital to execute its business plans, which may not be available on acceptable terms or at all; (iii) Graphjet is beginning the commercialization of its technology and it may not have an accurate estimate of future capital expenditures and future revenue; (iv) statements regarding Graphjet's industry and market size; (v) financial condition and performance of Graphjet, including the anticipated benefits, the implied enterprise value, the financial condition, liquidity, results of operations, the products, the expected future performance and market opportunities of Graphjet; (vi) Graphjet's ability to develop and manufacture its graphene and graphite products; and (vii) those factors discussed in our filings with the SEC. You should carefully consider the foregoing factors and the other risks and uncertainties that will be described in the "Risk Factors" section of the documents to be filed by Graphjet from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward- looking statements, and while Graphjet may elect to update these forward-looking statements at some point in the future, they assume no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law. Graphjet does not give any assurance that Graphjet will achieve its expectations.

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A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b327fb2d-bed7-432e-91c9-941533eedef6