TORONTO, July 23, 2018 (GLOBE NEWSWIRE) -- Great Lakes Graphite Inc., doing business as NovoCarbon Corporation, (“GLK”, “NovoCarbon” or the “Company”) (TSX-V:GLK) (OTCQB:GLKIF) (FWB:8GL) today announces that the Company is pursuing graphite-related business opportunities from the US Department of Defense.
Highlights
- Graphite-related opportunities from the US Department of Defense have been identified.
- High level meetings related to one of the opportunities was conducted earlier this year.
- NovoCarbon is well positioned to fulfill a domestic requirement for battery grade graphite.
US Government Strategy to Secure Critical Minerals Creates Business Development Opportunities
The Defense Logistics Agency (DLA) is the procurement are of the US Department of Defense (DOD) and has been tasked with addressing a requirement to strengthen the supply chains for a number of critical minerals, including graphite. The following excerpt from a recent DLA Broad Agency Announcement (BAA) describes the requirement:
“The Defense Logistics Agency (DLA) is seeking to identify a domestic capability that demonstrates the ability to source and manufacture battery-grade graphite, both natural and synthetic. Specialty refined and upgraded graphite is a critical input material in multiple supply chains of the DLA. Graphite is an integral component in batteries (lithium-ion, alkaline, lithium primary and reserve types), conductive coatings, refractories, brake systems, lubricants, paints, powdered metal compounds and other critical parts. Defense weapon systems use various strategic and critical materials of which there is very limited domestic production of these materials and therefore a risk of foreign reliance.”
The BAA (DLA-18-BAA-RIF-0002) called for interested parties to respond by submitting white papers, which were due in early May. White papers are evaluated by the DLA and submitters who successfully meet the criteria to proceed will be invited to submit a full proposal. Proposals will be evaluated by the DLA and form the basis for one or more contract awards.
The financial support for this BAA comes from the Rapid Innovation Fund (RIF) which serves a number of Federal entities:
“The Rapid Innovation Fund provides a collaborative vehicle for small businesses to provide the department with innovative technologies that can be rapidly inserted into acquisition programs that meet specific defense needs.”
NovoCarbon Attends High Level Meetings in Washington, DC and Submits White Paper
Earlier this year, CEO Paul Gorman traveled to Washington, DC to participate in high-level meetings with personnel at the Department of Energy and also at the Department of Defense. The meetings provided an opportunity to obtain a better understanding of the overall goals that are being pursued to address supply chain issues and also to begin introducing the Company as a potential new supplier.
Following the meetings, NovoCarbon prepared a response to this first opportunity by completing the requirements in the initial phase. The Company submitted materials, including a brief white paper, that proposes initial steps to enhance the resiliency of the supply chain for highly processed graphite required for the manufacture of batteries and energy storage systems.
NovoCarbon is Well Positioned to Fulfill the Requirement for Battery Grade Graphite
CEO Paul Gorman said, “While there is certainly no guarantee of success, we are confident in our prospects and are highly encouraged by the preliminary feedback we have received in meetings with personnel at the Department of Defense. Meanwhile, we have become aware of additional opportunities that are available through the DOD and are preparing to pursue them. We are being supported by the team at J. A. Green & Company, whose assistance has been invaluable.”
About NovoCarbon Corporation: NovoCarbon is a Clean Technology Minerals Processing Company supplying customers with innovative, high quality value-added carbon products.
There is no significant graphite production in North America now. As pricing and demand continue to rise, NovoCarbon is one of the first new domestic suppliers to a growing regional customer base. We continually work to deliver products of the best quality with outstanding customer service.
The Company is party to an agreement for long-term supply of high quality natural graphite concentrate from Brazil. NovoCarbon is presently working with an established US-based processor for toll micronization services. The Company has partnered with Ashland Advanced Materials for commercial-scale purification operations at Ashland’s 110,000 square foot purification facility located in Niagara, New York.
Through our partner relationships, NovoCarbon began selling micronized synthetic graphite beginning in 2016 and now supplies micronized and high purity micronized natural flake graphite products to a growing customer base.
Further information regarding NovoCarbon can be found on the Company’s website at: www.novocarbon.com.
NovoCarbon trades as GLKIF on the OTCQB market in the US and as GLK on the TSX Venture Exchange in Canada. There are currently 132,656,830 shares outstanding.
Note: The current legal name of the corporation is Great Lakes Graphite Inc., which is doing business as NovoCarbon Corporation until final approval by the shareholders and the TSX Venture Exchange.
For more information, please contact:
Paul Gorman
Chief Executive Officer
Email: pgorman@greatlakesgraphite.com
Susan Murphy
Manager, Administration
Email: smurphy@greatlakesgraphite.com
1-800-754-4510 x101
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Caution Regarding Forward Looking Information: Certain statements in this press release may constitute "forward looking information" which involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward looking information. When used in this press release, such forward looking information may use such words as "may'', "will'', "expect'', "believe'', "plan'' and other similar terminology. Forward looking information is provided for the purpose of presenting information about management's current expectations relating to the future events and the operating performance of the Company, and readers are cautioned that such information may not be appropriate for other purposes. The forward looking statements involve a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, the ability of the Company to fulfill the orders and future orders, regulatory requirements, general economic, market or business conditions and future developments in the sectors of the economy in which the business of Great Lakes operates. The foregoing list of factors is not exhaustive. Please see the Company's financial statements, MD&A and other documents available on www.sedar.com , for a more detailed description of the risk factors. The Company undertakes no obligation to update publicly or revise any forward looking information, whether a result of new information, future results or otherwise, except as required by law.