Gratomic Inc said it has signed a Memorandum of Understanding (MOU) with Millennium Metals Ltd (TM2) and an undisclosed third party (the buyer) to supply graphite over 60 consecutive months.
In a statement, Gratomic said the supplying will begin upon commencement of commercial production at its Aukam Graphite project in Namibia.
"Bringing a buyer into the partnership between Gratomic and TM2 continues to build our vision of creating opportunities and becoming a lead player in the electric vehicle battery sector, with the right partners," said Gratomic CEO Arno Brand.
Gratomic and TM2 forged a strategic partnership with the intention of being the first to industrialize graphite as a commodity and signed an indicative term sheet on February 8, 2022, to set the groundwork for the current MOU.
TM2 is the world's first spot market where direct investment in technology metals is possible. It is quickly becoming the one-stop-shop for electric vehicle (EV) battery manufacturers and OEMs.
Gratomic said the parties have agreed to enter into a long-form agreement within six months under which Gratomic will commit to supplying 600 tons per month of graphite SG16 Uncoated or other grade in the initial three months of supply. Gratomic also will supply 1,200 tons per month of graphite SG16 Coated or Uncoated or other grade after the initial three-month period for 60 consecutive months from the date that the company's Aukam Graphite Plant officially enters commercial production.