Graphene Manufacturing Group Ltd (TSX-V:GMG, OTC:GMGMF) (GMG) announced that it has signed a non-binding agreement with Rio Tinto Group to collaborate on energy-saving and storage solutions.
Under the agreement, the parties will explore the use of energy-saving products in Rio Tinto's operations, explore working together to support GMG's development of Graphene Aluminium-Ion (G+Al) batteries, and collaborate on mining and other industrial applications.
GMG’s partnership with Rio Tinto is an important step towards GMG's goal of becoming a major global supplier of energy-saving products as well as G+AI batteries as the company continues to de-risk the commercial scale-up of its technology, GMG managing director and CEO Craig Nicol said in a statement.
"We are excited to be collaborating with Rio Tinto, one of the world's largest mining companies who are committed to leveraging leading technologies for efficient and low carbon operations. The collaboration with Rio Tinto adds another key element in GMG's leading partnerships to develop our G+Al batteries following recent agreements with Wood for scaling graphene production and Bosch for automated battery production,” he said.
In addition, Rio Tinto's supply of aluminium and development of material industrial battery applications will add to GMG's battery development plans.
Low carbon future
Under the agreement, GMG and Rio Tinto will discuss conducting trials of GMG's energy-saving products in both existing applications and new industrial applications, to deliver energy savings and associated carbon reductions to support Rio Tinto's decarbonisation objectives.
Rio Tinto will also explore supplying GMG with aluminum materials, one of the key components in the G+Al battery technology, with the aim of optimising and accelerating battery development.
"Our companies share a vision of a low carbon future and we see great potential in the partnership,” said Rio Tinto chief scientist Nigel Steward.
Both GMG and Rio Tinto will also investigate the use of G+Al batteries in various Rio Tinto mining and industrial applications, and if successful, could support Rio Tinto's transition to low carbon operations.
“We aim to develop a truly green battery from our low carbon aluminium, which could transform the way we supply and store energy to anything from a leaf blower to a mining haul truck,” Steward said.
Rio Tinto, a leading mining and metals company with operations in 35 countries, is committed to reaching net-zero by 2050 and is targeting a 15% reduction in scope 1&2 emissions by 2025, from a 2018 baseline, and a 50% reduction by 2030.
GMG is a clean-technology company offering energy-saving and energy storage solutions, enabled by graphene, including that manufactured in-house via a proprietary production process. GMG has developed a proprietary production process to decompose natural gas into its elements, carbon, hydrogen and some residual hydrocarbon gases. This process produces high quality, low cost, scalable, 'tuneable' and low/no contaminant graphene suitable for use in clean technology and other applications.
In the energy savings segment, GMG has focused on graphene-enhanced heating, ventilation and air conditioning (HVAC-R) coating (or energy-saving paint), lubricants and fluids. In the energy storage segment, GMG and the University of Queensland are working collaboratively with financial support from the Australian government to progress R&D and commercialization of G+AI batteries.
Contact the author at jon.hopkins@proactiveinvestors.com