Nanoxplore expands capacity in Quebec plant to accommodate higher customer volumes and announces the nomination of Pierre-Yves Terrisse, Vice-President corporate development

MONTREAL, Jan. 30, 2024 (GLOBE NEWSWIRE) -- NanoXplore Inc. (“NanoXplore” or “the Corporation”) (TSX: GRA and OTCQX: NNXPF), a world-leading graphene company, is pleased to announce that it has increased the production capacity of its St-Clotilde, QC plant to meet an existing customer’s need for increased graphene-enhanced SMC parts in an active program.

This capacity expansion, which is part of its 5-year strategic plan and related to the SMC lightweighting initiative, begins immediately. This expansion, in two phases, will contribute $2M in incremental revenues during calendar 2024 and once fully scaled-up, is expected to contribute $8M to $10M annually beginning in calendar 2025. Moreover, a significant part of the capacity expansion costs will be assumed by the customer. Our customer has committed to purchase the additional equipment required for this program and consequently, the previously announced SMC lightweighting initiative capex of $30M to $35M will now be in a range of $25M to $30M.

Soroush Nazarpour, President and Chief Executive Officer, said: “Demand is very strong for our graphene-enhanced composite products, up to the level that customers are covering capital costs to access larger production volumes. This expansion is the first step in increasing our graphene-enhanced SMC parts manufacturing capabilities and a big step towards achieving our 5-year plan in SMC lightweighting.”

The Corporation is also pleased to announce the recent appointment of Pierre-Yves Terrisse as Vice-President of Corporate Development.

In his role Pierre-Yves will be responsible for NanoXplore’s function and strategy of investor relations, including articulating the Corporation’s growth plan, business and financial objectives to the investment community. His network of institutional investors, sell-side financial community, combined with his expertise, will reinforce the Corporation's profile and strength. Finally, Pierre-Yves will engage and evaluate M&A opportunities, as well as participate in financing structure.

Pierre-Yves has more than 25 years of experience in the investment industry in various role spanning from financial analyst to MD Investment banking. Pierre-Yves holds a Bachelor of Business Administration from Université du Québec à Montréal.

Soroush Nazarpour, President & Chief Executive Officer, said: "Pierre-Yves' career reflects his ability to play a key role to drive NanoXplore’s recognition in the capital market landscape. His knowledge and understanding of the North American capital market ecosystem will add to the strong executive team we already have in place and contribute to the firm's success. 2024 will be a busy year for NanoXplore with a solid plan for profitable growth as well as continuously look for new business opportunities."