CG1 announces a binding Joint Venture Agreement with KCP

Carbonxt Group Ltd (ASX: CG1) has officially established a legally binding Joint Venture Agreement called 'NewCarbon' with KCP. This partnership aims to develop an advanced activated carbon production facility in Kentucky, USA, which has been highly anticipated. This agreement entails the establishment of a cutting-edge activated carbon plant, where CG1 will gradually increase its ownership stake to 50%.

As a result of this venture, CG1's annual production capacity will rise to 21,000 tons of high-quality activated carbon products. With the addition of the Kentucky plant, CG1 now possesses a diversified manufacturing portfolio in North America, complementing its existing plants in Minnesota and Georgia. The increased capacity from the Kentucky plant also enables CG1 to expand its customer base to new industries, particularly those in the water and wastewater sectors that stand to benefit from recent EPA regulatory changes.

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