FGR accelerates U.S. expansion, defense sector exposure with Mito acquisition

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First Graphene Ltd. (FGR, Sydney, Australia) has entered a binding sale agreement to acquire all product lines, manufacturing equipment and intellectual property (IP) of Mito Material Solutions Inc. (Indianapolis, Ind., U.S.)

The acquisition will expand First Graphene’s capability to functionalize graphite, graphene and graphene oxide — increasingly important materials used across a broad range of commercial and defense applications to enhance the performance of advanced material additives. It also establishes FGR with a direct operational and commercial platform within the U.S., positioning the company to pursue new areas for revenue growth, customer penetration and strategic partnerships.

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The agreement includes Mito’s E-Go, Ligra, Omega and Delta product lines, which represent a suite of thermoset, thermoplastic, composite materials, coatings, liquids, resins and nanomaterial additives. It builds on FGR’s materials portfolio with potential defense applications, including perovskite solar technologies for endurance drones through FGR’s partnership with Halocell, mechanically strengthened composites, carbon fiber technologies, and advanced conductive and electromagnetic compatibility (EMC) shielding additive systems.

Mito’s products are already deployed by multiple premium U.S. brands seeking advanced material performance enhancements, including Parlor Skis, Folsom Custom Skis and St. Croix Rods. Moreover, the business has already conducted 8 years of R&D and product development to deliver market-deployable materials readily manufactured and sold to existing customers. Future R&D and manufacturing capabilities will leverage FGR’s existing expertise, minimizing the impact of overheads while also providing an opportunity to toll manufacture in North America.

“The acquisition of Mito assets represents a transformational push into the U.S. market for First Graphene, immediately expanding the company’s product portfolio further into graphene oxide and functionalized graphene technologies — two rapidly emerging segments of the advanced materials market,” says Michael Bell, FGR managing director and CEO. “Combined with our existing PureGRAPH technologies, this acquisition creates a broad and advanced global graphene product portfolio.”

Under the agreement the acquisition will be completed for a cash-stock consideration, predominantly underpinned by a two-tranche allocation of FGR stock on achieving strict Mito product sales targets over a 24-month period.