Proactive Investors - Graphene Manufacturing Group Ltd (TSXV:GMG) (GMG), the clean-tech company, is set to receive a grant of AU$2 million from the Queensland government to help fund its proposed battery plant.
A critical minerals and battery technology fund agreement was signed by GMG and the State Government of Queensland, aimed at helping the company with its planned automated battery pilot plant.
The plant is being produced to help GMG manufacture its graphene aluminium ion battery, an alternative to lithium-ion batteries that may hold longer battery life and charge much faster.
Cash from the grant is expected to cover 50% of the capital cost for the proposed plant, which is targeted to be built at GMG’s Richland manufacturing facility.
The grant is conditional and includes preconditions including GMG making an investment decision on the proposed facility.
Craig Nicol, GMG’s chief executive said: “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."
Cameron Dick, deputy premier of the Queensland government said: “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."