Written by 10:37 am Australia, Carbonxt, SLIDER

Carbonxt Chairman Details Progress and Potential at Annual General Meeting

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[ez-toc]Carbonxt Group Ltd (ASX: CG1) announces its Chairman, Mr Matthew Driscoll’s address to the shareholders in the annual general meeting.

Highlights of the Chairman’s Address:

Key Achievements

The signing of final documentation for constructing an advanced activated carbon facility in Kentucky. In collaboration with Kentucky Carbon Processing, LLC (KCP), Carbonxt Group LTD (CG1) is converting an existing waste-to-energy power station in Inez, Kentucky, into a state-of-the-art activated carbon (AC) manufacturing facility. This conversion minimises construction risks and significantly shortens the time needed to complete the facility. Operational readiness is anticipated in early 2024.

The new facility in Kentucky signifies Carbonxt’s strategic entry into the liquid phase of the activated carbon market. Specifically targeting the utility water market, this expansion is expected to increase significant market growth, with current estimates ranging from USD 300 million to USD 900 million. This growth is anticipated to be driven by increasing demand following per and polyfluoroalkyl Substances (PFAS) legislation, representing a group of over 4,700 chemicals known for their resistance to heat, grease, and water.

Project Details and Ownership

NewCarbon Processing, LLC, a newly established company, will own the manufacturing facility. Carbonxt invested a substantial amount, starting with USD 5.5 million for a 35.5% ownership share. They can increase this to 50% by investing an additional USD 4.5 million the following year. The funding for this project came from raising money in the first half of this year and getting a bigger loan of USD 15.0 million from Pure Asset Management.

Construction Progress and Collaborative Efforts

Construction is on track, and the combined efforts of the Carbonxt Group LTD (CG1) and KCP teams are vital for success. The expertise and dedication of the KCP team play a crucial role in ensuring the timely completion of the initial phase, aiming for a production capacity of 10,000 tons per year by early 2024.

Financial Outcomes and Future Prospects

Though operational challenges and delays in AC pellet purchases by the company’s primary customersin the last quarter of the year resulted in a 16% reduction in revenue, the expectations for the next fiscal year show a notable improvement in gross margins. Operational enhancements and new pricing structures show positive results.

Carbonxt Chairman Mr Matthew Driscoll

Mr Matthew Driscoll

CARBONXT LTD CHAIRMAN MR MATTHEW DRISCOLL

The chairman of Carbonxt Group LTD (CG1), Mr Matthew Driscoll, brings extensive knowledge gained across various sectors, including online technologies, financial services, fintech, cleantech, property, and resources. With over three decades of experience in capital markets and the financial services industry, he excels as a company director, contributing his expertise to listed and private companies.

His skill set encompasses international business growth, navigating mergers and acquisitions, overseeing equity and debt raisings, and fostering strategic alliances.

Mathew holds positions at NED Energy Technologies Limited (EGY), NED Blina Minerals (BDI), NED Eco Systems Limited (ESL), and NED Smoke Alarms Holdings.

Investor Outlook and Financials

  • The growing focus on sustainability favours Carbonxt Group LTD (CG1) as industries look for eco-friendly air and water purification solutions, mainly through activated carbon pellets.
  • Furthermore, being the only supplier of activated carbon pellets in the U.S. puts Carbonxt in a good position for future opportunities.
  • Carbonxt’s share price is AUD 0.065 per share as of November 27, 2023, with a 52-week range of AUD 0.046 – 0.105 per share.
  • Carbonxt’s market capitalisation is AUD 17.9 million as of November 27, 2023, with 275.3 million shares issued.

About Carbonxt Group

Carbonxt (ASX: CG1) produces activated carbon products that focus on capturing contaminants that release harmful pollutants in industrial processes.

Guided by its core values, the company has a dedicated team and efficient manufacturing logistics. Their advanced corrosion prevention technology effectively customises products to meet specific needs in capturing pollutants.

Under the guidance of Managing Director Mr Warren Murphy, Carbonxt has seen significant growth and success. His leadership has been crucial, especially in global projects that substantially impact the company and the industry. Under Mr Warren Murphy, Carbonxt Group Ltd. is well-positioned to continue growing and innovating.

Visit the official website for the latest news and updates.

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