01:45 PM EDT, 04/08/2024 (MT Newswires) -- Graphjet Technology ( GTI ) said Monday it plans to set up a commercial artificial graphite production plant in Nevada.

The facility is anticipated to recycle up to 30,000 metric tons of palm kernel material equivalent, generating approximately 10,000 metric tons of battery-grade artificial graphite annually. This output is anticipated to support the manufacturing of batteries for over 100,000 electric vehicles per year, the company said.

Graphjet ( GTI ) added that it plans to invest $150 million to $200 million into the plant.

The company aims to commission and commence production at the new facility in 2026.

Price: 7.97, Change: +0.32, Percent Change: +4.15