Graphjet Technology Becomes First Malaysian Company to Join the World Economic Forum
Graphjet Technology Sdn. Bhd. (GTI), the world's first and only graphene and graphite producer using innovative waste to super-material conversion technology, announced that it has joined and partnered with the World Economic Forum (WEF). The WEF is an international non-governmental and lobbying organization based in Switzerland. Graphjet is the first Malaysian company to join the WEF.
The WEF describes Graphjet Technology as a "dynamic high-growth company championing new business models, emerging technologies, and sustainable growth strategies in the Fourth Industrial Revolution.
Since its founding in 1971, the WEF has sought to improve the state of the world by engaging business, political, academic, and other leaders to shape global, regional, and industry agendas. The WEF is widely known for its annual meeting in Davos, bringing together major corporations and thought leaders to address the most pressing issues of global concern.
Aiden Lee Ping Wei, CEO and founder of Graphjet, said: "The World Economic Forum is the global thought leader on critical issues such as energy transition and carbon emission reduction, directly aligned to Graphjet's mission to provide sustainably sourced graphite and graphene critical to new energy innovation and net-zero contribution programs essential to fighting global climate change. We believe that sustainably sourced, low carbon emission graphite and graphene production at a price up to 80% less than traditional producers can transform and accelerate innovation critical to the new energy economy."
Privately held Graphjet has also previously announced a projected $1.5 billion business combination with Energem Corp, a special purpose acquisition company, by which Graphjet will become a United States based holding corporation listed on Nasdaq.
"Graphjet's sustainability goals align directly with the missions of the WEF and the most forward thinking corporate citizens around the world. Based in Malaysia, which is the second largest producer in the world of palm kernel oil, our innovative conversion technology uses the agricultural waste from this process as feed stock for the production of high grade and affordable super materials at mass scale necessary to drive energy and carbon-zero technologies to scale. We are establishing an industry in Malaysia that can be replicated worldwide to bring sustainability to the forefront of everyday thinking. From carbon emission reduction to economic development to supply chain resiliency for developed and underdeveloped nations alike, Graphjet is excited to join with other leading global innovation companies seeking to revolutionize entire industries through responsible corporate citizenship," said Aiden Lee Ping Wei.
The Graphjet-Energem Proposed Combination
The proposed business combination, which has been approved by the boards of directors of Energem and Graphjet, is expected to be completed in early 2023, subject to, among other things, the approval by Energem's shareholder, satisfaction of the conditions stated in the definitive agreement and other customary closing conditions, including a registration statement being declared effective by the SEC and approval by The Nasdaq Stock Market to list the securities of the combined entity.
Upon the closing of the business combination between Energem and Graphjet, Energem expects to be renamed Graphjet Technology and, as a publicly listed holding company, with Graphjet as its wholly-owned subsidiary, be listed on the Nasdaq Global Market under the ticker symbol "GTI."
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