Graphene Nanochem announced that it received the first two commercial orders for its high-value graphene-enhanced PlatQuartZ oilfield material. The first order is a small one (380 drums), while the second is six times larger (2,640 drums) and valued at $5.6 million.
NanoChem also announced that it facing new delays on their graphene-enhanced PlatDrill drilling fluid - due to regulatory and testing constraints. This means that the company is likely to miss market expectations for 2015 (in fact results for 2015 are lkeyl to be "significantly" below current market expectations).
NanoChem recently signed a licensing and offtake agreement for the entire production of PlatDrill under the Scomi-Platinum joint venture. As part of the agreement, Graphene Nanochem will supply around 135,000 tons of PlatDrill in the next five years, in addition to some specialty chemicals.
