Graphene Manufacturing Group Ltd (TSX-V:GMG, OTCQX:GMGMF) announced that its THERMAL-XR graphene coating solution is being applied to air conditioning units at two luxury residential towers under construction on Australia’s Gold Coast in Queensland.
The project involves coating between 300 and 600 air conditioners at GMG’s spray booth facility in Brisbane.
The company said the coating is designed to improve energy efficiency, reduce corrosion and extend the operating life of HVAC equipment.
"Great to see two of the largest towers in Australia using THERMAL-XR on their air conditioners to save energy for the apartment owners and tenants as well as limiting corrosion and extending the air conditioners' life,” GMG CEO Craig Nicol said in a statement.
Jack Perkowski, GMG’s non-executive chairman, described the project as a sign of growing commercial adoption for the company’s technology in Australia.
“Seeing our graphene coating applied to up to 600 air conditioners across two of Australia's most prestigious luxury towers is a significant milestone,” Perkowski said, adding that the project demonstrates the potential value of the company’s products for the broader HVAC-R industry.
GMG said THERMAL-XR ENHANCE is designed to improve heat exchange performance in systems such as air conditioners, refrigeration systems, heat pumps and data centres. The company added that the coating has passed up to 20,000 hours of salt sea spray corrosion testing and may help reduce power consumption by improving thermal conductivity and heat transfer rates.
Shares of GMG added nearly 6% in Canada on Monday morning.