Graphene Manufacturing Group Ltd. ("GMG") has recently secured a significant boost for its endeavours with the State Government of Queensland.
The company has agreed to the Queensland Critical Minerals and Battery Technology Fund, through which it will receive a grant of AU$ 2 million. This funding is earmarked for GMG's proposed Automated Battery Pilot Plant, explicitly designed to produce the company's pioneering Graphene Aluminium Ion Battery.
The State Government of Queensland instituted the Queensland Critical Minerals and Battery Technology Fund with a vision to empower Australian businesses in the global market. The fund aims to bolster the extraction and processing of critical minerals within Queensland, expedite the advancement of battery technologies, and foster the production of cutting-edge materials within the region. Ultimately, this initiative is geared towards supporting job creation and catalysing economic growth throughout Queensland.
GMG's CEO Craig Nicol stated, "We want to thank the Queensland Government and acknowledge its commitment to supporting the Critical Mineral and Battery Manufacturing Industry in the State. This is great recognition for GMG and GMG's next generation Graphene Aluminium Ion Battery and further shows the progress of the battery's development. We are very excited about this next phase of its maturation."
The AU$2 million grant from the Queensland Critical Minerals and Battery Technology Fund will cover 50 per cent of the capital expenses associated with GMG's planned Automated Battery Pilot Plant. This support, which is capped at a maximum of AU$2 million, is directed towards facilitating the production of GMG's Graphene Aluminium Ion Battery.
The proposed Pilot Plant will be built within GMG Richland's manufacturing facility. However, the grant's disbursement is contingent upon GMG fulfilling several prerequisites, one of which includes the company making a final investment commitment to the Battery Pilot Plant project.
"This represents further progress for the Company, and I congratulate GMG on its success in securing this grant. I also would like to thank the Queensland Government for recognising and supporting GMG in this phase of its battery's development,” stated GMG's Chairman and Non-Executive Director, Jack Perkowski.
Queensland Government Deputy Premier, Treasurer and Minister for Trade and Investment Cameron Dick commented, “The Miles Labor Government is propelling Queensland through an energy transformation that will create jobs. I am so pleased that this new plant will create 12 good quality jobs. Projects like this are helping set the path in creating thousands of secure jobs for Queenslanders while providing the clean, reliable and affordable energy every household and business needs.
The $100 million Queensland Critical Minerals and Battery Technology Fund is playing its part by supporting businesses across the supply chain like Redflow, Revolver Resources, and now GMG. GMG's innovative use of graphene, in partnership with UQ, is another example of our homegrown ingenuity that we will continue fostering here in Queensland. Their graphene aluminium-ion batteries could prove to be a real gamechanger on the world market and elevate Queensland's local battery industry to the next level."
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