FGR to launch PureGRAPH® CEM into China - Money Compass
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HighlightsMemorandum of Understanding (MOU) signed with Sixth Element Material Technology to distribute PureGRAPH®CEM across ChinaPotential distribution agreement to enable future joint venture for a local manufacturing facility in ChinaProposed agreement would establish a firm FGR presence in the largest cement and concrete industry in the world, /PRNewswire/ — First Graphene Limited (ASX: FGR; “First Graphene” or “the Company”) (FRA:M11) (OTCQB:FGPHF) is pleased to announce a Memorandum of Understanding (“MOU”) has been signed with The Sixth Element (Changzhou) Material Technology Co Ltd (“Sixth Element”). The MOU appoints the Chinese-headquartered company as a key distributor in China for First Graphene’s PureGRAPH®CEM additive. The agreement allows exclusivity for Sixth Element, subject to annual purchase targets being achieved, and will target the cement and concrete sector in China, which is the largest globally. The MOU also includes provisions upon sale of 200 tonnes of FGR’s product to negotiate a joint venture or licencing agreement to manufacture PureGRAPH®CEM at a dedicated manufacturing facility located in China. Once 500 tonnes of PureGRAPH®CEM product is sold in China, the joint venture or licencing agreement will commence, enabling PureGRAPH®CEM products manufactured in China to be distributed locally. There is also opportunity expand this joint venture or licencing structure to authorise Sixth Element to sell PureGRAPH®CEM globally. The cement and concrete industry in China is the largest globally at more than 2. 3 billion metric tonnes[1], representing a significant commercial opportunity for First Graphene. Cement production also generates up to 15% of China’s national carbon emissions[2], reinforcing the opportunity for First Graphene’s products to play a significant role in this nation’s emission reduction activity. First Graphene Managing Director and CEO, Michael Bell, said:“The MOU with Sixth Element represents the largest commercial growth opportunity in FGR’s global strategy, as we prepare for entry to the world’s biggest cement and concrete industry in the world. The scale of China’s cement industry represents a valuable opportunity, with the sector producing roughly 21 times more cement than the United States and 175 times more than the UK. For our Company, the potential to establish a localised manufacturing facility in China also provides a significant stepping stone towards further strengthening our presence in this market. We look forward to working closely with Sixth Element to promote the benefits of our PureGRAPH®CEMproducts to this expansive new market for our Company. ”References[1]SciOpen[2]Climate AnalyticsView original content to download multimedia:https://www. prnewswire. com/apac/news-releases/fgr-to-launch-puregraph-cem-into-china-302817871. htmlSOURCE First Graphene Limited