KUALA LUMPUR: Nasdaq-bound Graphjet Technology Sdn Bhd will build a RM400 million production facility in Phase 3 of Malaysia-China Kuantan Industrial Park in Pahang.
Graphjet said the plant would produce 10,000 tonnes of graphite and 60 tonnes of single-layer graphene annually.
It is expected to generate a revenue of RM3.6 billion per year for Graphjet.
Graphjet said it was the first and only in the world to transform palm industry waste materials, palm kernels, into graphite and single-layer graphene.
A signing ceremony for the project was held between Graphjet and the East Coast Economic Region Development Council (ECERDC) recently.
Graphjet founder and chairman Lim Hooi Beng said the signing marked a substantial beginning of its first plant producing graphite and single-layer graphene.
"The new 20-acre plant integrated plant (upstream and downstream) is expected to be completed within 18 to 20 months after the initial public offering (IPO), and this project is expected to generate up to 700 jobs over the next four years.
"We have great growth ambitions for Graphjet and will not only stop with one plant.
"We expect the first products to come online in the first quarter (Q1) of 2025 and serve customers across Asia, Europe, and the United States in automotive and renewable energy businesses," he said.
Graphjet chief executive officer Aiden Lee Ping Wei said the project would lead and drive innovation and investment in the downstream new energy industry.
"This will play a vital role in advancing the development of new technology, future materials, and energy industry in Malaysia.
"We believe that the impact of our investment will have a far-reaching and positive spill-over effect in the country.
"We are also optimistic that the development of the production plant in the East Coast Economic Region will create a greater economic effect on the local community," added Lee.