Graphene Manufacturing Group announces "exciting" progress with THERMAL-XR

Graphene Manufacturing Group Ltd (TSX-V:GMG, OTC:GMGMF) has announced strong progress in the commercialisation of its THERMAL-XR energy-saving coating system.

In an update statement, the company said it has received forward orders of over A$400,000 from various distributors and customers worldwide.

It noted that most of the value of these orders is conditional on the in-country approval for the THERMAL-XR to be imported from Australia and sold into that country for the product's initial launch.

Additionally, it said it is progressing negotiations with a wide range of distributors and direct industrial end-use customers for a range of applications.

Preparations are also advanced for the product launch in the United States by local distributor Nu-Calgon in early 2024, including marketing, sales and customer engagement activities. The company said these have been supported by demonstrations of successful energy savings results, with a recent demonstration project in Texas achieving an estimated 36% energy savings result.

The company said it has submitted all the required documentation and hopes to receive Environmental Protection Agency (EPA) approval to import and sell THERMAL-XR in the US in the fourth quarter of 2023.

"The progress GMG is making is exciting. End customers and distributors are now starting to generate notable revenue for the company, and our THERMAL-XR product is now starting to be recognised as being an energy-savings solution for Heating, Ventilation, Air-Conditioning, Cooling and Refrigeration (HVAC-R) equipment as well as a range of industrial applications,” commented GMG managing director and CEO Craig Nicol.

“We continue to build capabilities to support these expected increased sales by upgrading our production facilities including our quality management systems.”

GMG said it has also successfully passed Stage One of the ISO 9001 accreditation process and is on track to complete the final stages and receive full accreditation for ISO9001, for Quality Management, in the first half of 2024.

“GMG sees ISO 9001 accreditation as an important table stake to become a commercial manufacturing operation for our energy saving and energy storage products while also providing a structured basis for continuous improvement for our company's operations and customer satisfaction,” the company added.

GMG is a clean-technology company that seeks to offer energy-saving and energy-storage solutions, enabled by graphene, including that manufactured in-house via a proprietary production process.