THERMAL-XR(R) Sales in the United States to Commence After GMG Receives U.S. EPA Approval

Executive Summary

• The U.S. Environmental Protection Agency (EPA) issued a consent order approving the import, export, distribution and sale of GMG’s THERMAL‑XR® graphene‑based coating system in the United States.
• The approval enables GMG and its exclusive North American distributor Nu‑Calgon to commence commercial sales of THERMAL‑XR® products for HVAC‑R, data centres, LNG plants, automotive and electronics applications across the U.S. market.
• The first shipment of THERMAL‑XR® has been dispatched to Nu‑Calgon for distribution in North America, marking a major milestone toward capturing a large, high‑value market opportunity.

Key Details

• EPA Consent Order: Pre‑manufacture notice PMN P‑25‑0018 approved under TSCA §5(e); authorises unlimited export, sale and use of the new chemical substance used in THERMAL‑XR® ENHANCE.
• Commercial Impact: GMG can now sell THERMAL‑XR® in the U.S.; product will be marketed by Nu‑Calgon as “Nu‑Calgon CoolWorx® powered by GMG® Graphene.”
• First Shipment: Initial batch of THERMAL‑XR® dispatched to Nu‑Calgon for North American distribution.
• Market Opportunity: Management cites the U.S. HVAC‑R coating market as the largest in the world, with a total addressable market estimated at > US$28.4 billion (per prior company disclosures).
• Quotes:
• Craig Nicol, CEO & Managing Director: “We believe that this EPA consent order is a major milestone… it allows us … to commence commercial sales of THERMAL‑XR® in what we see as the largest HVAC‑R coating market in the world.”
• Jack Perkowski, Chairman: “With regulatory clearance now in place, we can begin converting strong customer interest into revenue and leverage Nu‑Calgon’s extensive distribution network across North America.”
• Product Overview: THERMAL‑XR® ENHANCE improves conductivity of corroded heat‑exchange surfaces, boosts heat‑transfer rates, and delivers efficiency gains and potential power reductions. Patented for 20 years in Australia; pending patents internationally.
• Regulatory History Highlights:
• Sep 2022 – IP acquisition; Dec 2022 – University of Queensland verification; Feb 2023 – Australian AICIS approval; July 2023 – Nu‑Calgon distribution agreement; Dec 2025 – EPA approval conditions accepted (now formalised).

Notable Quotes

• “We believe that this EPA consent order is a major milestone for GMG… to commence commercial sales of THERMAL‑XR® in what we see as the largest HVAC‑R coating market in the world.” – Craig Nicol, CEO & Managing Director
• “With regulatory clearance now in place, we believe that we can begin converting the strong interest … into revenue, while leveraging Nu‑Calgon's extensive distribution network…” – Jack Perkowski, Chairman and Non‑Executive Director