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Graphjet’s technology uses eco-sensitive methods in a circular solution using waste and its processes eliminate emissions and pollutions, it said. The company has a $30 million offtake agreement with Toyoda Gosei.

The company is advancing construction of its first manufacturing plant in the Kuantan district of Pahang state, expected to be commissioned by the second quarter of 2024.

The facility is expected to recycle up to 9,000 tonnes of palm kernels, which is agricultural waste, to produce up to 3,000 tonnes of graphite per year. Over time, the Graphjet said it expects to scale the facility to 13,000 tonnes of annual graphite production by the second half of 2026.

“There is incredible whitespace opportunity for the use of palm oil waste in Malaysia to be leveraged to produce graphite and graphene,” Graphjet CEO Aiden Lee said in a news release.

“This expedited construction and commissioning timeline for our facility will enable us to support our customer Toyoda and generate revenues in the near term,” Lee said. “We look forward to establishing ourselves as a leading supplier of graphite as our current and prospective customers seek alternatives to navigate China’s restrictions.”