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Carbonxt Limited (ASX:CG1) - Managing Director, Warren Murphy - The Market Herald
Managing Director, Warren Murphy
Warren Murphy (pictured on the right)
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  • Activated carbon manufacture Carbonxt (CG1) has signed a commercial agreement with United States manufacture Kentucky Coal Processing
  • Through the partnership, Carbonxt will expand its manufacturing capacity to produce activated carbon pellets (ACP) on an industrial scale
  • The agreement with Kentucky will allow the company to purchase ACPs at a cost rate basis
  • Notably, an investment group will construct a speciality ACP plant, which is expected to be fully operational before the second quarter of 2022 financial year
  • On market close, Carbonxt is up 2.17 per cent and trading for 23.5 cents per share

Carbonxt (CG1) has signed a commercial agreement with United States manufacture Kentucky Coal Processing.

Carbonxt develops activated carbon pellets (ACP) that reduces environmental pollutants.

Through the partnership, Carbonxt will expand its manufacturing capacity to produce ACP on an industrial scale.

An investment group will construct a speciality ACP plant to expand its current capability. This is expected to be fully operational before the second quarter of the 2022 financial year.

The agreement with Kentucky will allow the company to purchase ACPs at a cost rate basis. Notably, any sales that are made will be split between the two companies.

Carbonxt says the new venture will allow it to focus on the Adren Hills facility, allowing it to sell more specialised pellet products with higher resultant margins.

"We are delighted to be able to double our capacity and eliminate financial bottlenecks, as well as reducing inventory levels and freeing up further cash that have held back the growth of our industrial pellet business. This partnership will enable Carbonxt to focus on technology and marketing," Managing Director Warren Murphy said.

"The alliance also frees up capacity at the Arden Hills pellet facility and allows that facility to focus on fewer products with higher efficiencies with our current tolling relationship. We look forward to a long and successful relationship," he added.

On market close, Carbonxt is up 2.17 per cent and trading for 23.5 cents per share.

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