GMG Doubles Energy Density of 6 Minute Charging Graphene Aluminium-Ion Battery

Graphene Manufacturing (“GMG” or the “Company”) is pleased to provide the latest progress update on the Graphene Aluminium-Ion Battery technology (“G+A CELLS”) being developed by GMG and the University of Queensland (“UQ”) under a Joint Development Agreement with Rio Tinto, one of the world’s largest metals and mining groups, and with the support of the Battery Innovation Center of Indiana (“BIC”) in the United States of America.

The GMG G+A CELLS have now demonstrated superior performance characteristics when compared to a representative market leading ultra-fast charging batteries, the Lithium Titanate Oxide (“LTO”) batteries, which can be sold at a premium price of up to US$1200/kWh.¹

Figure 1 shows the current energy density of G+A CELLS, based on BIC testing, and shows the doubling in performance (26 to 49 Wh/kg) since the previous announcement in December 2025² and in comparison, to a representative market leading fast charging high power LTO batteries.Figure 1: Increase in Energy Density for G+A CELLS since December ’25 Update

Figure 2 shows the charge and discharge curves for the G+A CELLS when charged in 6 minutes (10C) and 60 minutes (1C). The energy density of the cells for the G+A CELLS when charged in 60 minutes (1C) is now 101 Wh/kg when charging to 100% State of Charge (SOC) which is an increase from 58 Wh/kg from the previous update. This shows the G+A CELLS have a nominal voltage of approximately 3.2 Volts (an increase from 3.0 Volts in the previous update). The G+A CELLS maintained performance over hundreds of cycles at 6-minute fast charging rate (10C).

Bob Galyen, GMG Non-Executive Director and former CTO of CATL – the largest battery manufacturer in the world, commented: “With the possibility of charging from empty to full in around six minutes, this chemistry fundamentally changes how designers can think about electric vehicles, consumer electronics, and stationary storage. Instead of planning around long charge stops with large packs, engineers can optimise for rapid energy turnaround, with higher power, and safer, with GMG’s battery made from abundant raw materials. Lithium-ion will remain a key part of the energy landscape for years to come, but its limitations in fast charging, temperature tolerance, and critical-mineral supply are increasingly evident. By leveraging aluminium and graphene, the GMG team is demonstrating a pathway to reduce reliance on traditional lithium-based systems and or combinatorial systems with multiple battery technologies while delivering step-change improvements in charge time and power density. This is not an incremental tweak to existing cells – it is a new platform that can open markets and use cases that were previously uneconomic or impractical. The companies that adapt quickest to this shift will lead the next wave of electrification, and GMG intends to be at the centre of that transition with graphene aluminium-ion technology.”

Standard commercial Lithium Nickel Manganese Cobalt (“LNMC”) and Lithium Iron Phosphate (“LFP”) battery cells for electric vehicles and stationary storage are NOT designed for continuous 6-minute charging (10C); typical recommended charge rates are ≤1 hour (1C), often 2 hours (0.5C), with only limited fast charge operation. Only specialized high-power cell designs like LTO battery cells can tolerate charge rates of 6 minutes (10C).³

GMG has now developed a completely new hybrid electrolyte that is chloride free and non-corrosive, unlike common aluminium battery electrolytes, along with a complex cathode and anode technology that enables very stable fast charging over hundreds of cycles. The substrate for both the cathode and anode in the G+A CELLS is aluminium foil – which provides significant cost and weight savings compared with copper, the substrate material used in most lithium and sodium-ion batteries. GMG’s technology does not include the use of lithium or copper. The Company has submitted an additional patent application covering these new developments.

GMG believes that it has significantly met the key target specification requirements for use in heavy mobile equipment, as shown in Figure 3, its main targeted use case, including:

– Charging in under 6 minutes;
– Energy density > 100 Wh/kg after 1 hour of charging; and
– Safe (no Lithium).

The next battery development steps include the following activities:

– Test and show cycle life up to 10,000 cycles
– Test and show ambient temperature impacts
– Test and show standard safety testing
– Test and show no thermal battery management system needed

Craig Nicol, GMG Managing Director and CEO, commented: “This is a significant step up from where we were at with battery performance in December 2025 and we see the required performance for our targeted use case being largely met – which means we can start to put together the next stages of the battery maturation program – including partnerships and manufacturing plans.”

GMG management believes that the G+A CELLS can eventually achieve over 160 Wh/kg when charged in 1 hour, and over 80 Wh/kg when charged in 6 minutes with further development of the cathode, anode, electrolyte and component weights.

Figure 4 shows the latest G+A CELLS in pouch format:

Battery Technology Readiness Level

The battery technology readiness level (“BTRL”) of the G+A CELLS remains at Level 4, whilst significantly progressed through this level as shown in Figure 5. GMG is currently in the process of completing the optimization of the electrochemical behaviour for the pouch cells via ongoing laboratory experimentation. Through collaboration with BIC, it is anticipated that the battery technology readiness will ultimately progress to BTRL 7 and 8 since the equipment and processes needed to produce the G+A CELLS are the same as those employed to make Lithium-Ion Batteries, though no definitive timeline for achievement can be provided at this time.

The Company is confident it can meet the overall timeline, as seen in Figure 6, of its battery cell roadmap that calls for testing of cells with customers in 2026 and small commercial production with support of various partners, including BIC, in 2027.

Next Steps Toward Commercialisation & Market Applications

Jack Perkowski, GMG Non-Executive Chairman and Director, commented: “I am extremely proud that GMG has progressed its battery to this stage – the Company is getting very close to final commercialisation steps. We look forward to providing further updates as GMG progresses the development of its battery technology.”

The Company continues to see a broad range of potential applications for a completed G+A CELLS – utilising its ultra-high power-density and economic energy density characteristics. Along with Rio Tinto, a range of global companies have confidentially expressed their interest in working with GMG in the following vertical sectors:

Currently, GMG believes it will use a plastic battery pack design, similar to Figure 8, to hold the battery pouch cells – reducing the weight, cost and complexity relative to using a metal case. Using a plastic battery pack is possible for two main reasons – GMG believes that its battery will not require a thermal management system or the fireproofing precautions provided by the metal case in a lithium-ion battery. Using plastic will increase the comparative energy density of G+A CELL packs when compared to lithium-ion batteries.

Comparison and Market Review: LTO Batteries

As shown in Figure 9 below, the performance of GMG’s G+A CELL technology is already very similar to representative LTO batteries.

LTO batteries are sold at a premium to LFP and LNMC batteries, which are the main chemistries used in electric vehicles and energy storage systems, and are also widely used in other electronic applications due to their high performance and long cycle life. The material and manufacturing costs for G+A CELLS are expected to be similar to, or less than, the cost to manufacture standard lithium-ion batteries, but substantially lower than the costs to produce LTO batteries.

LTO batteries have energy density ranging from 50 – 80 Wh/kg.⁶ The LTO product is sold globally for use in many applications — with a total of US$5.6⁷ billion sales per annum in 2025. Sales of LTO batteries are expected to grow at 16.9% per annum to an estimated US$ 12.5 billion by 2030. The major manufacturers of LTO batteries include Toshiba, Gree, Microvast and CATL.

Further details on applications for the LTO battery from Mordor Intelligence⁷ are described below. In many of the use cases for LTO batteries, GMG believes that its G+A CELLS can be substituted at a substantially lower cost.

• Commercial Vehicles: Automotive, primarily buses, refuse trucks, and drayage tractors rather than passenger cars, is the largest user of LTO batteries. Fleets realize five-year total-cost-of-ownership parity once fuel savings and lower maintenance offset higher upfront prices.
• Fast-charging Electric Buses and Trucks: Transit authorities need battery systems that accept repeated high-power “opportunity charges” during short layovers. LTO cells replenish 80% capacity in roughly five minutes, allowing operators to shrink fleet size without sacrificing route frequency. U.S. Low-No Emission Bus grants earmark more than US$1.5 billion per year, with bid specifications that explicitly reference rapid-charge capability. Parallel subsidy programs in China reimburse up to CNY 80,000 (US$ 11,396) per new-energy bus, accelerating volume deployment in provincial capitals.
• Hybrid and BEV: Regenerative braking and high-C-rate acceleration favour the use of LTO batteries. Use in fast-charge EV stations is growing rapidly as ride-hailing fleets adopt swap-ready models.
• Stationary Storage: Utility-scale batteries now cycle multiple times per day for frequency regulation, peak shaving, and voltage support. Energy-storage-system integrators adopt LTO batteries for grid-frequency response where state-of-charge swings are shallow but frequent.
• Industrial Robotics: LTO batteries are used in continuous-duty forklifts that require partial charges during operator breaks.
• Aerospace and Defense: Unmanned aerial vehicles, missile auxiliaries, and soldier-worn power banks operating from -40 °C to +60 °C ambient.
• 5-minute Battery-Swap Stations: Battery-as-a-service platforms require ultra-fast turnaround and high cycle life. CATL confirmed plans to install 1,000 swap stations in 2025 and 30,000-40,000 by 2030, each requiring packs that tolerate thousands of rapid exchanges without degradation.
• Sub-10 kWh Packs: Cordless construction tools, autonomous ground vehicles, and medical carts select LTO batteries to bypass daily pack swaps.
• 12V starter replacement to Lead acid: GMG’s G+A CELLS battery technology would be a viable 12 V starter-battery replacement for lead-acid, offering lower weight, longer cycle life, good low-temperature performance and improved cold-cranking capability, together with excellent tolerance to storage at 0% state of charge. In suitable system designs, the chemistry’s stable voltage behaviour can also reduce balancing requirements and simplify battery management, helping to lower overall system cost.
• Lifecycle Procurement Preference: Many government procurement frameworks now weigh lifecycle reliability higher than purchase price. For example, New Mexico awarded a US$ 400 million bus electrification contract that included stringent thermal-runaway resistance metrics. Europe’s Clean Industrial Deal allocates capital for storage technologies that stabilize renewables, aligning well with LTO batteries’ fast-response profile.
• Cylindrical Cells: accounted for 37.7% of LTO battery sales in 2024 as entrenched production lines and robust steel casings satisfied heavy-duty demand. Pouch designs address aerospace weight requirements and constrained dashboards in autonomous robots.