HydroGraph Clean Power Inc. has closed its previously announced non-brokered private placement of units of the company, under which the company issued 35,151,666 Units at $0.12 per Unit for aggregate gross proceeds of $4,218,199.96.
HydroGraph Clean Power Inc to fund and commercialize green, cost-effective processes to manufacture graphene, hydrogen and other strategic materials in bulk. The company acquired the exclusive license from Kansas State University to produce graphene and hydrogen through their patented detonation process.
HydroGraph will use the net proceeds of the Private Placement to increase commercial-scale production, continue to invest in business development teams, and develop and advance application partnerships.
In particular, the proceeds will provide capital to complete the build-out of the company’s modular commercial production cell for fractal graphene, the flagship product, producing 1 gram per second. Expected to be complete by 4Q 2022, the difference in output will be orders of magnitude higher than current production.
The funding will also initiate the development of the reactive graphene commercial production unit with a 200 kg per day capacity—compared to previously 2-4 kg per day—to be completed in 2023.
Haywood Securities Inc. and PowerOne Capital Markets Limited acted as finders with the Private Placement.
HydroGraph’s proprietary and patented detonation process manufactures the highest quality graphene and other strategic materials at the most competitive price points with the lowest environmental footprint in the industry.
Stuart Jara, CEO of HydroGraph, said, “We’re very pleased with the overwhelming demand for this financing which will allow us to invest in growing our commercialization team with talent from targeted industries and accelerating sales.”