Graphene Manufacturing Group Ltd. (TSXV: GMG) ("GMG" or the "Company") is pleased to provide an update as to relevant changes following the recent Battery Joint Development Agreement (JDA) with Rio Tinto (17^th May 2023) and the growing sales of Energy Saving products. These changes are designed to further align development activities and support the progression of the Battery JDA and the ongoing expansion of Thermal-XR sales following the recently announced distribution agreements (24^th May 2023).

The Company had been working in parallel to progress its Graphene Aluminium Ion Battery technically while also seeking feedback from customers as to the highest priority applications. It became clear that pouch cell, rather than coin cell, batteries were of greatest interest to potential key customers. It is also clear that the progression of the battery from the current Battery Technology Readiness Level (BTRL) Level 2-3, (Scientific Proof of Concept into Electrochemical Development) could be accelerated by having key potential customer partners help define operating and design characteristics. 

The JDA with Rio Tinto crystalises both elements of obtaining feedback from customers and progressing the battery's technical development. It further provides a clear development roadmap including use specifications, development targets. In the battery industry it typically takes 3 years or more to move from Phase 1 to Phase 3 when using existing battery production manufacturing systems, materials and equipment as GMG expects to utilise. 

GMG is currently making single layer pouch cells to proceed to a 5 layer pouch cell testing and expects to have a >25 Layer Pouch Cell Prototype by H1 2024.

Graphene Manufacturing Group | www.graphenemg.com