First Graphene Ltd (ASX:FGR, OTCQB:FGPHF) has completed the acquisition of USA-based MITO® Material Solutions, giving the advanced materials company an immediate commercial platform in the US and a broader graphene product portfolio targeting defence, aerospace and other high-growth markets.
The company acquired MITO’s assets, intellectual property, product lines and manufacturing capabilities, including 4 key product lines spanning thermoset, thermoplastic and composite materials, coatings, liquids, resins and nanomaterial additives.
The acquisition is expected to deliver immediate revenue, with First Graphene confirming that the first purchase order following the announcement of the deal has already been received.
MITO’s product lines have established commercial pipelines, predominantly in premium sporting equipment markets, while also expanding First Graphene’s reach into other advanced materials applications.
US presence expands market access
The transaction gives First Graphene a direct operational and commercial base in the US, strengthening its ability to pursue customer growth, partnerships and new revenue opportunities in the region.
The acquisition has expanded its capabilities in functionalising graphite, graphene and graphene oxide — processes considered important in enhancing materials performance in defence and aerospace applications.
First Graphene said its larger US footprint would improve access to the country’s defence sector, which it cited as being valued at more than US$1.18 trillion, as well as aerospace markets.
Functionalised graphene and graphene oxide are used to improve mechanical performance, conductivity, durability and multifunctionality across advanced material applications.
Haley Marie Keith joins First Graphene
MITO Materials chief executive officer Haley Marie Keith will join First Graphene as vice president of business development to drive US operations.
Keith co-founded MITO more than 10 years ago and has experience across the composites and nanotechnologies sectors. She holds a Master of Business Administration and has combined technical and commercial leadership roles throughout her career.
She is also a nominated industry expert for nanotechnologies, specifically graphene-related materials, under the International Organization for Standardization, and has served on the board of the Institute for Advanced Composites Manufacturing Innovation Consortium.
At First Graphene, Keith will focus on strategic business development, commercial engagement, brand development and market expansion in the US.
Broader graphene product portfolio
First Graphene said completion of the MITO acquisition created one of the broadest and most advanced graphene product portfolios globally.
Managing director and CEO Michael Bell said the acquisition represented a major commercial opportunity for the company.
“The acquisition of MITO® Material Solutions marks an immense commercial opportunity for First Graphene, accelerating revenue growth and commercial adoption of our products in the USA,” Bell said.
He said the company would now move to finalise the integration plan and present a stronger graphene product range to global clients across defence, aerospace, composites, coatings, polymers and energy applications.
Keith said MITO’s technology had reached a stage where global operations and manufacturing facilities were needed to support further adoption.
She said First Graphene’s manufacturing capabilities, global reach and graphitic materials portfolio made it well placed to advance MITO’s functionalisation platform alongside First Graphene’s PureGRAPH® range.
Next Steps
First Graphene has started work on an integration plan to unify MITO’s product lines, equipment and customer base.
The company said further updates would be provided as the integration progresses and as it seeks to expand commercial opportunities in the US and other global markets.