Published On: September 13th, 2023
Carbonxt Group LTD (ASX: CG1) (‘Carbonxt’ or ‘the Company’) appoints Mr Nicholas Andrews as the Independent Director to strengthen its management board.
Independent Director Nicholas Andrews said,
“I would like to thank Carbonxt for the opportunity to join the Board and help oversee this next exciting phase of the Company’s evolution – highlighted by the forthcoming construction and development of its best-in-class activated carbon production facility in Kentucky. I believe my direct experience in the global industrials sector, together with my capital markets and listed company experiences leaves me well positioned to assist Carbonxt execute on this next phase of its growth. I look forward to applying that knowledge and experience in my capacity as an Independent Director.”
Mr Andrews has in-depth strategic and operational expertise in the global industries sector, with leadership roles in the industrial and financial sectors, which positions him as a strategic governance advisor to the company. He was the Executive Chairman and CEO at Magontec Limited (ASX: MGL), a global magnesium industry company specialising in magnesium alloy ingots and manufacturing magnesium and titanium anodes. His tenure at Magontec has contributed to his extensive knowledge of industrial operations.
Before his tenure at Magontec, Mr. Andrews served as a Non-Executive Director of Advanced Magnesium Limited from 2007 to 2009, which later transformed into Magontec Limited.
Mr. Andrews has held several high-ranking positions in the financial services industry, including investment management and investment banking. He served as a Managing Director at UBS Investment Bank between 1996 and 2005, overseeing the global distribution of Australian and New Zealand Equity products. From 1989 to 1996, Mr Andrews held the role of Chief Investment Officer at LGT Investment Management, managing investment portfolios in the Australasian region.
Mr. Andrews is actively engaged in the International Magnesium Association (IMA), where he serves on the Board and is a Member of the Executive Committee. Since 2017, he has taken on the role of Honorary Treasurer within the IMA.
With over 10 years of experience as an ASX executive within the global industrials sector, he is seen as an exceptional asset to Carbonxt Group. Mr Andrews’ appointment to Carbonxt Group reflects the company’s strong commitment to maintaining high standards of corporate governance.
Managing Director Warren Murphy said,
“It is my pleasure to announce the appointment of Mr Andrews to the Board of Carbonxt as an Independent Director. As the Company embarks on an exciting phase of growth and development, we have prioritised strengthening the composition of our Board. In that context, Mr Andrews’ skill set and career experience provide the ideal complement to the respective strengths of the other Board members, and we look forward to collaborating with him closely over the coming months and years as Carbonxt executes its exciting growth opportunities.”
Carbonxt Group LTD (CG1) Managing Director Warren Murphy possesses a remarkable career spanning various sectors, particularly the financial industry. He has significantly contributed to esteemed energy organisations such as the Australian Infrastructure and Project Finance Group, Alinta Limited, and Sydney Gas Limited.
Managing Director Warren Murphy‘s guidance and leadership have played a pivotal role in Carbonxt’s continuous growth and success. His involvement in global projects underscores his significant impact on the company and the broader industry. Under Managing Director Warren Murphy’s leadership, Carbonxt Group Ltd. is poised to maintain its trajectory of growth and innovation well into the future.
Investor Outlook and Financials
- The growing emphasis on sustainability and pollution control presents a substantial market opportunity for Carbonxt.
- In its joint venture with Kentucky Carbon Processing, LLC (KCP), the construction of an advanced activated carbon facility plant is well-progressed and on schedule in Kentucky, USA. KCP is taking the cost overrun risk of delivering the plant.
- This step positions CG1 to possess a 50% stake in a plant capable of producing 10,000 TONS PER ANNUM of premium activated carbon products, with the possibility of future expansion.
- With its expertise in carbon solutions for pollutant capture and corrosion prevention, Carbonxt Group LTD (CG1) is well-positioned to cater to the increasing demand for innovative and eco-friendly technologies.
- Carbonxt’s share price stands at AUD 0.067 per share as of September 12, 2023, with a 52-week range movement of AUD 0.046 – 0.120 per share.
- The Company’s market capitalisation is AUD 18.4 million as of September 12, 2023.
- Carbonxt Group LTD (CG1) has 275.3 million shares in the issue.
About Carbonxt Group
Carbonxt (ASX: CG1) is a cleantech firm specialising in developing and marketing specialised activated carbon products. The primary focus of Carbonxt is on capturing contaminants in industrial processes known for emitting substantial quantities of harmful pollutants.
Carbonxt Group LTD (CG1)’s core values, dedicated team, streamlined manufacturing logistics, and advanced corrosion prevention technology all come together to create highly effective products tailored to your needs in pollutant capture.
The company’s product portfolio includes powdered activated carbon and activated carbon pellets tailored for applications in industrial air purification, wastewater treatment, and various liquid and gas phase markets.
Visit the official website for the latest updates and details.
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