Graphene Manufacturing Group Ltd (TSX-V:GMG, OTC:GMGMF) is expecting a significant uptick in commercial sales after receiving a key regulatory green-light in Australia.
The Brisbane-headquartered Toronto-listed graphene firm, in a statement on Monday, announced it had received full and final approval from the Australian Industrial Chemicals Introduction Scheme (AICIS).
It means that the company can significantly increase the production and sale of its GMG graphene-enhanced products, the company highlighted.
CEO Craig Nichol told investors it allows GMG to “enter the next phase of its commercial maturation” and that it can now focus on the development, production, and marketing of its suite of products – which include coatings (Thermal-XR), automotive fluids (G Lubricant and G Coolant), fuel (G Diesel).
With the approval now in place, GMG is able to produce and sell such products to industrial customers in Australia and in countries where no further international approvals are needed, whereas it was previously only able to sell smaller volumes to a restricted customer list.
And potentially the company intends to work on graphene aluminium ion batteries subject to further development, testing, and approvals.
“This is one of the first nanomaterials approved under the AICIS regulations which came into being on 1 July 2020 with significant revised nanomaterial chemical classification and introduction changes from the previous regulator scheme and is a credit to GMG's technical staff in achieving this approval,” Craig Nichol added.