M2i Global strikes $100M deal for Graphex's US graphite anode assets
What's the deal? M2i GlobalDealroom has a profile for this one. Try Dealroom → has exercised an option and signed a definitive agreement to acquire the US graphite anode assets of Hong Kong-listed Graphex GroupDealroom has a profile for this one. Try Dealroom →. The deal, valued at $100 million in cash and shares, covers all 100 units of Delaware subsidiary Graphex Technologies, LLC.
What's included? M2i gains an exclusive, irrevocable license to 30 patents for natural graphite anode production across North America, plus a plant design rated at 50,000 tonnes a year. Graphex develops and processes graphite anode material for lithium-ion batteries; M2i focuses on critical-mineral supply chains for national defence and economic security.
The terms: Payment is staged — $30 million at completion, $30 million on acceptance of the basic design, and $40 million on plant completion, expected about 36 months out. The later tranches are paid in shares priced at $3.00 and $4.00; only $3 million of the first tranche is cash, via a note due December 31, 2026.
Why now? Graphite is a designated US critical mineral, yet processing natural graphite into anode material is almost entirely concentrated overseas. A recent US Geological Survey outlook says China supplied more than 70% of mined graphite and over 90% of natural-graphite battery anode material in 2025.
What could go wrong? The deal buys technology and a ready-made design, not operating supply. Completion still requires approvals, and the capacity depends on funding, construction, and customer qualification — hurdles that have slowed rival US projects like Graphite OneDealroom has a profile for this one. Try Dealroom →'s Ohio plant, which is still chasing financing with first sales targeted for 2028.
The signal: The acquisition reflects a push to onshore battery-material processing and cut reliance on Chinese supply. Its significance will hinge on whether M2i can turn a patent license and a plant blueprint into production.
Read more: Business Insider
Image credit: Generated with Gemini
