Mr. Craig Nicol reports

GMG PROVIDES COMMERCIALISATION UPDATE ON ENERGY SAVINGS COATING THERMAL-XR(R)

Graphene Manufacturing Group Ltd. has provided a business update on the commercialization progress of Thermal-XR, powered by Graphene Manufacturing graphene.

Nu-Calgon Launches CoolWorx (Thermal-XR) in United States

The company is proud to announce Nu-Calgon has held its official launch of the CoolWorx powered by Graphene Manufacturing graphene in the U.S. at the AHR Expo, one of the largest expositions for the heating, venting, air-conditioning and refrigeration (HVAC-R) industry in North America, with over 1,600 HVAC-R manufacturers exhibiting their products and services to more than 50,000 visitors in Chicago, U.S., from Jan. 22 to Jan. 24, 2024.

The product was launched under the new joint brand name Nu-Calgon CoolWorx powered by Graphene Manufacturing graphene. The joint brand was in line with Graphene Manufacturing Group's product commercialization process, corporate growth and channel strategy outlined in the company's announcement on Sept. 6, 2023.

Thermal-XR Canada approval

The Department of Environment and Climate Change Canada (ECCC) has noted that Thermal-XR, powered by Graphene Manufacturing Group graphene, is approved for import and use within Canada. This paves the way for Canadian businesses, operating in HVAC-R industry, to access this cutting-edge coating solution through the company's North American distributor, Nu-Calgon.

Thermal-XR U.S. approval

Thermal-XR is progressing through the U.S. Environmental Protection Agency's (EPA) approval process to import and sell in the U.S. All the required documentation has been submitted, and the EPA has assigned a case number as part of the thorough evaluation of the product's safety and environmental impact. The company believes the anticipated approval will be received in Q1 2024.

Craig Nicol, Graphene Manufacturing Group's managing director and chief executive officer, commented: "I am very excited to see Nu-Calgon officially launch the product at the Chicago AHR Expo and also to see the Canadian government approve Thermal-XR-powered by GMG graphene for importation and sale in Canada. The company is expecting the U.S. EPA approval in short order and then after this we can start selling into the largest HVAC-R coating market in the world -- the United States of America with -- our distributor partner Nu-Calgon."

Graphene Manufacturing Group's four critical business objectives are:

1. Produce graphene and improve/scale cell production processes;
2. Build revenue from energy savings products;
3. Develop next-generation battery;
4. Develop supply chain, partners and project execution capability.

About Thermal-XR powered by Graphene Manufacturing graphene

The Thermal-XR coating system is a unique method of improving the conductivity of corroded heat exchange surfaces and improving and maintaining the performance of new units at peak levels. The process coats and protects heat exchange surfaces while improving and rebuilding the lost corroded thermal conductivity and increasing the heat transfer rate by leveraging the physics of Graphene Manufacturing graphene, resulting in an efficiency improvement and a potential power reduction.

About Graphene Manufacturing Group Ltd.

Graphene Manufacturing Group is a clean-technology company which seeks to offer energy saving and energy storage solutions, enabled by graphene, including that manufactured in-house via a proprietary production process.

Graphene Manufacturing Group has developed a proprietary production process to decompose natural gas (that is, methane) into its elements, carbon (as graphene), 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. The company's present focus is to derisk and develop commercial scale-up capabilities, and secure market applications.

In the energy savings segment, Graphene Manufacturing Group has focused on graphene-enhanced heating, ventilation and air conditioning coating (or energy-saving paint), lubricants and fluids. In the energy storage segment, Graphene Manufacturing Group and the University of Queensland are working collaboratively with financial support from the Australian government to progress research and development (R&D), and commercialization of graphene aluminum-ion batteries.

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