Green Critical Minerals Fires Up Commercial Graphite Plant: VHD Production Begins

Green Critical Minerals (ASX:GCM) has taken a decisive step into the commercial graphite space, announcing the successful commissioning of its VHD Graphite Production Plant. This milestone shifts the company from pilot tinkering to industrial-scale output of its proprietary heat-managing graphite blocks, positioning GCM squarely in the sights of the clean energy and high-performance tech sectors.

The announcement, dropped to the ASX on 17 June, confirms that Module 1 of the modular plant is now complete and ready to rumble. Modular, in this case, means not just an engineering buzzword but a strategic move: GCM can scale production rapidly and cost-effectively to match demand without needing to dig deep into its capital reserves.

Managing Director Clinton Booth was understandably bullish. “The completion of commissioning of our first production plant module is a significant milestone for GCM,” he said. “It allows us to shift from sample-scale production to the manufacture of commercial-scale quantities of VHD graphite products.”

VHD—which stands for Very High Density—is not your garden-variety graphite. Previous ASX disclosures this year point to strong test results, with the material outperforming traditional heat management products in both performance and scalability. That’s music to the ears of sectors crying out for advanced thermal solutions, from semiconductors to data centres.

Speaking of which, the company has already seen meaningful engagement from prospective customers across Australia, Europe, the UK, and Asia, and even some early bites from North American players. There’s also a collaboration with GreenSquareDC, an Aussie data centre operator—a tidy fit given the need for high-end thermal management in that space.

What’s changed is not just capacity, but capability. GCM has upgraded its Line 2 Pilot Plant into a fully-fledged commercial production module, enabling the company to produce graphite blocks up to 300 x 300 mm. That’s the sort of spec that screams readiness for integration into serious industrial and tech applications.

The company is now working through customer qualification stages, with hopes of securing sale agreements in late 2025 and booking first revenue in the first half of 2026. That might seem a long wait, but in advanced materials, where prototypes have to pass strict validation and testing, it’s practically express delivery.

Backing this commercial push is a recently secured $7 million in funding from institutional investors, announced on 2 June. Booth noted that the current build-out was fully funded before that raise, meaning the company enters its next phase with a financial buffer and capital to deploy on scaling.

Over the back half of 2025, GCM expects plenty of news flow: the rollout of commercial products, design and manufacturing of VHD heat sinks and spreaders, and feedback from ongoing prototype testing. They’re also eyeing a geographical expansion—planning for warehousing and logistics hubs in North America, and possibly Europe, is underway.

It’s been a fast-moving year for GCM, with a steady stream of updates in January, February, April, and May pointing to a well-laid path from concept to commercialisation. The completion of this first module marks a pivot point, turning the company from an R&D story into one with tangible output.

Of course, challenges remain. Commercial success will hinge on converting interest into binding offtake agreements, and product performance in real-world customer environments will be critical. But with funding in hand, a plant up and running, and a product suite tailored to in-demand applications, GCM is no longer just talking a big game—it’s starting to play one.