Graphene Manufacturing Group (GMG) has announced it will be implementing a strategic organizational restructuring to reduce operating costs, while maintaining focus on key business objectives including graphene production, energy-saving product revenue, next-generation battery development, and supply chain enhancement.
The organizational overhaul is expected to cut operating costs by A$4.5 million (almost USD$3 million) per annum, according to a statement by the company.
To achieve the cost reduction target, GMG will merge its Projects and Operations teams and streamline operations at its newly established Modular Graphene Manufacturing Plant and Thermal XR Blending Plant.
GMG stressed that its main focus remains on achieving its goals of advancing graphene production and enhancing cell manufacturing processes, bolstering revenue from energy-saving products, spearheading next-generation battery development, and fortifying supply chain capabilities along with project execution.
GMG stated that despite already securing approval for graphene and THERMAL-XR sales in Australia and Canada, it is awaiting approval from the US Environmental Protection Agency (EPA) for its application with Nu-Calgon, its North American distributor, for a Pre-Manufacture Notice- Low Volume Exemption (PMN-LVE) for THERMAL-XR "Powered by GMG Graphene." The EPA has advised GMG to pursue a full PMN application for enhanced approval prospects, prompting the company to seek guidance from various service providers on the optimal approach.
Looking ahead, GMG is gearing up for potential investment in its Modular Graphene Manufacturing Plant Expansion Phase 2.0 and Automated Battery Pilot Plant. To finance these expansion endeavors, the company is engaging in discussions with potential strategic investors and pursuing government grants tied to its operations in the critical mineral and batteries sector.