Investing in Graphene Companies

1. Black Swan Graphene (TSXV:SWAN)

Market cap: C$64.71 million

Black Swan Graphene describes itself as an emerging powerhouse in the bulk graphene business targeting end uses such as concrete and polymers. Black Swan’s offerings include its GraphCore graphene nanoplatelets products and polymer-ready graphene-enhanced masterbatches (GEM).

UK-based global chemicals manufacturer Thomas Swan & Co. holds a 15 percent interest in Black Swan and brings a portfolio of patents and intellectual property related to graphene production. Through this partnership, which the pair expanded in August 2025, Black Swan is building out a fully integrated supply chain from mine to graphene products.

Black Swan is in the process of more than tripling its production capacity from 40 metric tons of high-quality graphene annually to 140 metric tons per year by installing further capacity at its Thomas Swan facility in the UK.

In 2024, the company formed a commercial partnership with advanced materials engineering company Graphene Composites that will see Black Swan’s graphene used in the fabrication of GC Shield, a patented ballistic protection technology. It also secured a distribution and sales agreement with UK-based manufacturer of plastic materials Broadway Colours to incorporate Black Swan’s graphene nanoplatelets in the manufacture of graphene enhanced masterbatches for plastic manufacturing.

Black Swan made further deals in 2025, including a strategic partnership with thermoplastic compounds and concentrates manufacturer Modern Dispersions (MDI). Under the preferred compounder agreement, Black Swan will provide graphene nanoplatelets to Modern Dispersions, which will manufacture Graphene Enhanced Masterbatch for graphene applications.

In July and August of last year, Black Swan grew its global distribution and sales network through agreements with METCO Resources and Ferro. Then, in September, Black Swan was granted a Canadian patent for its ‘apparatus and method for bulk production of atomically thin 2D materials, including graphene.’

2. CVD Equipment (NASDAQ:CVV)

Market cap: US$28.72 million

CVD Equipment produces chemical vapor deposition, gas control and other types of equipment and process solutions for developing and creating materials and coatings for a range of industrial applications. CVD’s processing can be used to produce graphene and nanomaterials such as carbon nanotubes and silicon nanowires.

The company is targeting demand for silicon carbide wafers used in electric vehicles and semiconductors, as well as high performance battery materials, aerospace engine components and semiconductors.

Its PVT200 system is a key tool designed to grow silicon carbide crystals for the manufacture of 200 millimeter wafers used in semiconductors. Its chemical vapor infiltration system can be used to produce advanced, energy efficient materials for use within gas turbine engines.

CVD Equipment has a range of industrial and academic partnerships. In October 2025, the company received an order from Stony Brook University for two PVT150 systems that will be used in the school’s new semiconductor research center.

The company’s revenue for the first three quarters of 2025 totaled US$20.8 million, up 7.1 percent over the prior-year period. Its best performance came in Q1, with the company reporting its revenues for the quarter were up by 69 percent year-over-year to reach US$8.3 million. As for Q3, its revenue of US$7.4 million was down 9.6 percent from the prior-year quarter, attributed to ‘lower MesoScribe revenues following the cessation of its operations in 2024.’

In the Q3 update, CVD announced a strategic shift as a response to fluctuations in order rates and decreased bookings for its CVD Equipment division. As part of the shift, the company will transition from a vertically integrated fabrication model for its equipment division to outsourcing fabrication of some components.

3. Directa Plus (LSE:DCTA)

Market cap: GBP 13.16 million

Leading graphene nanoplatelet producer Directa Plus makes products designed for commercial applications such as textiles and composites. The Italy-based firm has developed a patented graphene material named G+ Graphene Plus, which is both portable and scalable. Directa Plus casts a wide net, even using its graphene for golf balls with the aim of improving users’ control and swings using elasticity.

Directa Plus inked in December 2023 what it called a ‘landmark agreement’ to acquire a proprietary system for preparing graphene compounds for market-ready battery and polymer applications, opening up two more potential markets for Directa Plus products.

Its graphene products also include its proprietary Grafysorber nanoplatelets-based technology that can absorb 100 times its own weight to recover oil and hydrocarbons through treating water, sludge and emulsions. The company stated it is seeing market traction in environmental contracts through its subsidiary Setcar, which is an environmental services company, and its Grafysorber tech.

Setcar secured a 1.5 million euro contract in February 2025 with Midia International to provide tank cleaning and waste disposal services using Grafysorber for Midia’s offshore drilling campaign in the Black Sea. That same month, Setcar renewed a 1.1 million euro contract with Ford Otosan, a Romanian subsidiary of Ford Motor (NASDAQ:F), to deliver total waste management services. In April, Setcar reported another contract extension, this time with OMV Petrom worth 1.59 million euros for the use of Grafysorber technology to treat oil sludges, emulsions and contaminated water.

For its fiscal year 2025 ended December 31, Directa Plus reported revenues of 7 million euros, up 5.1 percent compared to 6.66 million euros in the year prior.

4. First Graphene (ASX:FGR,OTCQB:FGPHF)

Market cap: AU$66.92 million

First Graphene is an advanced materials company that has developed an environmentally sound method of converting ultra-high-grade graphite into the competitively priced, high-quality graphene in bulk quantities. First Graphene is part of a nine-member consortium working to develop and commercialize lightweight impermeable cryogenic all-composite tanks for the safe storage and transport of liquid hydrogen.

The firm is working with three Australian universities on developing graphene products and associated intellectual properties, including PureGRAPH, its graphene powder. First Graphene is vertically integrated, and applications for its products extend to fire retardancy, energy storage and concrete, among others.

First Graphene has secured funding for a collaborative research project aimed at commercializing its Kainos technology for the production of ‘high-quality, battery-grade synthetic graphite and pristine graphene from petroleum feedstock using a scalable hydrodynamic cavitation manufacturing process.’

First Graphene announced in early 2025 that its Kainos technology secured patents from the Australian and South Korean governments, and the company completed a AU$2.4 million private placement to help fund the acceleration of its global commercial pipeline.

In May 2025, the company secured an exclusive supply agreement with Indonesian industrial safety boots manufacturer Alasmas Berkat Utama. The contract will see First Graphene provide approximately 2.5 metric tons of PureGRAPH 10 masterbatch over the first two years to be used in safety footwear for workers in the Southeast Asia mining industry. The company’s fiscal year 2025 annual income was estimated at AU$1.2 million in its June 2025 quarterly report.

First Graphene initiated a 10 month project in partnership with Imperial College London and University College London in July 2025 aimed at incorporating graphene in the 3D printing of metal components for use in high-end applications in the aerospace and motor sports industries.

In October 2025, sustainable energy company Senergy launched a new solar technology and automotive product range that uses PureGRAPH for the UK market.

In its fiscal Q2 2026 ended December 31, First Graphene reported its best-ever quarter, with operating cash inflows jumping 423 percent quarter-over-quarter to AU$853,000 and customer cash receipts increasing 156 percent.

5. Graphene Manufacturing Group (TSXV:GMG,OTCQX:GMGMF)

Market cap: C$398.39 million

Graphene Manufacturing Group (GMG) is a clean-technology company bringing to market energy saving and energy storage solutions based on its proprietary graphene production process.

Its products include graphene enhanced energy-saving coatings for HVAC, electronic heat sinks, industrial process plants and data center applications, as well as a graphene lubricant additive for diesel and gasoline engines.

In May 2025, GMG’s board of directors approved an AU$900,000 expenditure for the early works of its planned Gen 2.0 Graphene Manufacturing Technology plant will be built at GMG’s existing manufacturing facility in Queensland, Australia. With an estimated total capital cost of AU$2.3 million, the Gen 2.0 plant is expected to be online by end of June 2026. It will initially operate at 1 metric ton per annum, work will commence shortly after to upgrade its capacity to an expected 10 metric tons per annum.

That same month, GMG launched a website for direct sales of its engine performance enhancing graphene liquid concentrate G Lubricant, and in July it commenced direct sales to end customers in Australia, the UK, Europe, China, Canada and the US.

GMG is also working to develop and commercialize graphene aluminum-ion batteries in collaboration with Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) and the University of Queensland with funding from the Australian government. In a December 2025 update, the company reported that the battery can be charged in under 6 minutes and performs similarly to lithium titanate oxide batteries, which are comparatively high-cost.

‘With the possibility of charging from empty to full in around six minutes, this chemistry fundamentally changes how designers can think about electric vehicles, consumer electronics, and stationary storage,’ GMG Director Bob Galyen stated. The company plans to test sample cells with partners this year.

6. Haydale (LSE:HAYD)

Market cap: GBP 35.76 million

Through its subsidiaries, Haydale designs, develops and commercializes advanced materials. The company is focused on commercializing its proprietary heating ink-based technology and integrating graphene and other nanomaterials into next-generation industrial applications. As of 2026, it has expanded into a vertically integrated decarbonization platform through a newly acquired B2B platform.

Haydale has a partnership with the University of Manchester’s Graphene Engineering Innovation Centre (GEIC), through which it is researching and developing graphene-based innovations such as conductive ink heating applications for the automotive and future homes sectors.

In March 2025, the company announced it had secured new commercial contracts for its new heating systems from Affordable Warmth Solutions to develop a further graphene heater ink product, and with the national gas grid, National Gas Transmission, for the use of its technology in upgrading the gas network. The following month, Haydale shared that its JustHeat graphene-based heating system had achieved CE marking certification, meaning that it meets European safety and environmental standards compliance.

The company’s JustHeat was named National Product of the Year at the 2025 National Energy Efficiency Awards, recognizing the technology as delivering measurable improvements in energy performance.

To start 2026, Haydale completed its acquisition of Intelligent Resource Management, trading as SaveMoneyCutCarbon, a UK consulting company whose sustainability hub helps companies transition to net-zero. SMCC provides a route to market and customer-base for JustHeat and its other technologies. Following the acquisition, the graphene company officially shortened its name from Haydale Graphene Industries to Haydale.

7. HydroGraph Clean Power (CSE:HG,OTCQB:HGRAF)

Market cap: C$1.2 billion

HydroGraph Clean Power produces cost-effective, high-purity graphene, hydrogen and other strategic nanomaterials. The company has an exclusive license from Kansas State University to produce graphene and hydrogen via the organization’s patented detonation process, which results in 99.8 percent pure carbon content graphene.

Last year, results from a research study conducted with Arizona State University demonstrated that HydroGraph’s Fractal Graphene is an ideal material for ultra-high-performance concrete and 3D-printed structures. In addition, the company announced a technical collaboration with an unnamed global leader to use graphene technology in high-performance fiber applications.

HydroGraph launched an advanced graphene dispersions product line which is designed to produce high-performance electrodes for use in energy storage solutions. The line was developed in collaboration with battery materials and testing services company NEI.

In July 2025, Hydrograph kicked off a Compounding Partner Program aimed at reaching commercial-scale production of its high-performance Fractal Graphene in thermoplastics. The first group of certified partners are in the automotive and packaging sectors.

Hydrograph’s graphene products also have applications in the medical sector. The company has a commercialization agreement that will see Ease Healthcare market the LEAP early detection lung cancer test that incorporates HydroGraph’s patented fractal graphene with Hawkeye Bio’s patented biosensor.

Late last year, Hydrograph received its first US patent for an invention developed in its laboratories, covering a novel actuator technology that uses electrically conductive porous carbon materials, including the company’s proprietary Fractal Graphene, to generate controlled mechanical force.

8. NanoXplore (TSXV:GRA,OTCQX:NNXPF)

Market cap: C$444.5 million

Established in 2011, NanoXplore is able to produce high volumes of graphene at affordable prices due to its unique and environmentally friendly production process. The company’s GrapheneBlack graphene powder can be used in plastic products to greatly increase their reusability and recyclability.

NanoXplore is also targeting lithium-ion batteries with its patented SiliconGraphene battery anode material solution, which employs GrapheneBlack as a coating agent around silicon to make a safer, more reliable cell. NanoXplore’s graphene products are also being used in internal combustion engine vehicles.

As part of its five year strategic plan, in 2024 NanoXplore increased the production capacity at its plant in Québec, Canada. The capacity expansion will enable the company to meet increased demand from an existing customer for its graphene-enhanced composite products. The customer assumed a significant portion of the expansion costs.

In September 2025, NanoXplore announced a multi-year agreement to supply Chevron Phillips Chemical with its Tribograf carbon powder, which is produced at its Québec facility. The material is a key ingredient in NanoSlide, a lubricant for oil and gas drilling that the two companies developed together.

In October, NanoXplore received a contribution of up to US$2.75 million from the Government of Canada under the Energy Innovation Program.

In its fiscal 2025 financials for the year ended June 30, 2025, XanoXplore reported total revenues of C$128.91 million for the year, down 1 percent from the previous year, with a slower H2. This continued into its Q1 fiscal 2026 financials, with the company reported revenues of C$23.44 million, down 30 percent from the same period in the previous year.

‘After a strong Q1 last year, the reduction in volume demand from our two largest customers that began this year accelerated during the summer and significantly impacted our Q1 performance,’ NanoXplore chief financial officer Pedo Azevedo said. However, the company expects its new deals, including the one with Chevron Phillips, to help offset this going forward.

9. Talga Group (ASX:TLG,OTCQX:TLGRF)

Market cap: AU$201.97 million

Talga Group is a vertically integrated battery anode and materials company, mining its own graphite and producing anodes. It has operations in Sweden, Japan, Australia, Germany and the UK. The company also produces graphene additives for use by materials manufacturers in applications such as concrete, coatings, plastics and energy storage.

Talga has the Talphite and Talphene lines of graphene products, which include conductive additives for battery cathode and anode products, solid-state anodes and graphite recycling.

In April 2025, the Swedish Agency for Economic and Regional Growth granted Talgas’ Luleå anode refinery in Sweden Net-Zero Strategic Project status under the EU Net-Zero Industry Act. Luleå will be supplied by graphite from its Vittangi graphite project in Sweden. Two months later, the company announced that the Swedish government gave the greenlight to its mining permit for the Nunasvaara South natural graphite mine in Northern Sweden.

As for its end products, in May Talga secured a binding offtake agreement with battery charging technology company Nyobolt for approximately 3,000 metric tons of Talga’s flagship battery anode product, Talnode-C, for an initial term of four years starting May 13, 2025. The anodes will be supplied from the Luleå anode refinery.

In mid-August, Talga launched a new proprietary graphite anode product, Talnode-R, made from recycled lithium-ion battery waste from two recycling streams: gigafactory production scrap and spent anodes from end-of-life batteries.

Talga closed out the year by submitting a detailed mining plan for its Nunasvaara South graphite mine to the Swedish government. It also completed a AU$14.5 million placement, and the proceeds will help fund engineering study for a staged 5,000 metric ton per year ramp up in production.

In late January 2026, the Swedish government adopted Talga’s mining plan for Nunasvaara South, marking a significant milestone for the company.

Private graphene companies

The graphene stocks listed above are by no means the only graphene-focused companies. Investors interested in graphene would also do well to learn more about the private companies focused on graphene technology, including ACS Material, Advanced Graphene Products, Graphene Platform, Graphenea and Universal Matter.

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