Written by 10:35 am Australia, Business News, Carbonxt, Company - Clients, Featured Business News, Interesting Reads, SLIDER

Carbonxt’s First Half-Yearly Update of Year 2024: Sustained Momentum and Growth Trajectory

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Carbonxt Group Limited (ASX: CG1) (Carbonxt or the Company), a pioneer in the cleantech industry, has announced its First Half-Yearly (1HY24) financial results, sparking interest and analysis across the investors community. 

With solid revenue, progress in its main production facility, and strategic market expansion, Carbonxt is set for a bright future in environmental leadership and innovation.

Carbonxt’s Operations 

Carbonxt displayed notable progress across key operational fronts. The construction of the Company’s flagship Activated Carbon production facility in Kentucky, in partnership with Kentucky Carbon Processing, LLC (KCP), reached significant milestones. The commissioning phase is underway, with production ramp-up in the upcoming quarter.

Carbonxt Financial Revenue Overview

Carbonxt Group LimitedFigure 1: Financial Overview For the Period of 1′st’ Half of 2024

Carbonxt Managing Director Mr Warren Murphy said,

“The half-year to December 31st was highlighted by several exciting developments across our existing operations and the advancement of the group’s state-of-the-art activated carbon production facility in Kentucky. The hard work of our operations team leaves the business well-placed to extract more robust margin growth from revenues generated by our established customer base, which will complement the pending commencement of production at the NewCarbon facility, which is expected to significantly expand the Company’s addressable market for best-in-class activated carbon products. 

“As previously stated, final commissioning works at Kentucky are now well advanced, with the field team overseeing the electrical fitout before the planned rollout of production samples for new and existing customers. The rapid pace of construction and development for the NewCarbon facility since the JV agreement was signed in May 2023 is a testament to the hard work and execution of all parties involved. Carbonxt remains excited by the opportunity to offer a significantly expanded manufacturing capacity to meet structural demand increases in the US market, underpinned by key US regulatory changes at the federal level directly targeting solutions to reduce PFAS levels nationally.” 

Carbonxt Managing Director Warren MurphyFigure 2:  Managing Director of Carbonxt Group Limited, Mr Warren Murphy

Carbonxt Managing Director Warren Murphy has extensive experience in acquisitions and financings in the energy, resources, and infrastructure sectors, including leading the development of over 2,000 MW of Greenfields power stations and acquiring over 3,000 MW of generation. 

Managing Director Warren Murphy was Co-Head of the Australian Infrastructure & Project Finance Group and Head of Energy at Babcock & Brown. During his tenure, he played a pivotal role in developing the energy sector capability in Australia and New Zealand, notably founding Infigen Energy.

Kentucky Plant Development

Construction progress at the new activated carbon plant in eastern Kentucky, USA, has been promising. With an initial capacity of 10,000 tons per annum, expandable to 20,000 tons, the plant represents a strategic investment for Carbonxt. 

Carbonxt Group Limited’s investment in NewCarbon Processing, LLC, alongside KCP, shows its commitment to expanding production capabilities and seizing growth opportunities in the US market.

Near-term sales efforts are showing promising results with a highly positive response. The joint venture project presents Carbonxt with a unique opportunity to leverage substantial investments in pollution reduction technologies within the US market.

Carbonxt’s Potential and Market Outlook

  • Carbonxt maintains a positive outlook about its prospects in pollution capture and reduction technologies
  • Ongoing efforts to expand activated carbon pellets production output at the Kentucky plant align with market demands for emission-reducing technologies
  • Carbonxt completed multiple capital-raising initiatives, including the non-renounceable pro-rata entitlement offer and additional placements, demonstrating investor confidence and financial soundness.
  • Carbonxt’s Stock Price was AUD 0.095 per share as of February 29th, 2024, with a 52-week range movement of AUD 0.045 – 0.120 per share
  • The Company’s market capitalisation is AUD 31.84 million, with 324.92 million shares issued and outstanding as of February 29th, 2024

About Carbonxt Group Limited

Carbonxt Group Limited focuses on developing innovative solutions for environmental challenges, particularly pollutant capture and reduction.

The Company specialises in engineering innovative custom-activated carbon solutions for partner utilities, leveraging company values, a skilled team, advanced manufacturing logistics, and corrosion prevention technology to create highly effective products for pollutant capture.

Visit Carbonxt’s official website for more detailed reports and updates.

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