Who's Making Graphene? The Leading Publicly Traded Manufacturers Transforming Multiple Industries

Graphene manufacturing has evolved into a diverse, globally distributed ecosystem. But who exactly makes graphene today? Beyond the revolutionary material itself—praised as the “wonder material” of the 21st century—lies a growing roster of publicly traded companies pioneering different production methods, targeting distinct markets, and reshaping supply chains. Understanding which companies lead this space offers valuable insights into graphene’s trajectory from laboratory breakthrough to commercial reality.

Graphene’s exceptional properties—high electrical and thermal conductivity, superior strength, flexibility, and transparency—have unlocked applications across electronics, energy storage, aerospace, automotive, and advanced materials sectors. Yet the companies producing graphene operate through markedly different technological approaches, scale their operations differently, and pursue varied commercialization strategies.

The Nine Dominant Players: Mapping the Global Graphene Production Landscape

A snapshot as of January 2026 reveals nine publicly traded firms actively manufacturing and commercializing graphene at meaningful scale. These companies span four continents and represent various stages of market development, from emerging entrants to established operations.

1. Black Swan Graphene (TSXV:SWAN) – Bulk Production & Integration Strategy

Market cap: C$64.71 million

Black Swan positions itself as an emerging powerhouse in bulk graphene manufacturing, with particular focus on concrete and polymer applications. The company manufactures GraphCore graphene nanoplatelets and polymer-ready graphene-enhanced masterbatches (GEM).

The UK-based chemicals manufacturer Thomas Swan & Co. holds a 15% stake and provides intellectual property, patents, and manufacturing expertise. Through this partnership, expanded in August 2025, Black Swan is building a vertically integrated supply chain spanning from mining through finished products.

Capacity expansion is underway: the company is tripling production from 40 metric tons annually to 140 metric tons yearly by installing additional capacity at Thomas Swan’s UK facility. In 2024, Black Swan forged a commercial partnership with advanced materials firm Graphene Composites, integrating Black Swan graphene into GC Shield ballistic protection technology. The company also signed a distribution agreement with UK plastics manufacturer Broadway Colours and a preferred compounder arrangement with Modern Dispersions (MDI) in 2025.

In September 2025, Black Swan secured a Canadian patent for its “apparatus and method for bulk production of atomically thin 2D materials, including graphene.” Distribution agreements with METCO Resources and Ferro in mid-2025 expanded its global reach further.

2. CVD Equipment (NASDAQ:CVV) – Equipment & Process Solutions Provider

Market cap: US$28.72 million

CVD Equipment manufactures chemical vapor deposition systems and related process solutions for producing graphene, carbon nanotubes, silicon nanowires, and other advanced materials. The company targets high-growth applications including silicon carbide wafers for electric vehicles and semiconductors, plus high-performance battery materials and aerospace components.

Its PVT200 system grows silicon carbide crystals for 200-millimeter semiconductor wafers, while its chemical vapor infiltration technology produces efficient materials for gas turbine engines. The company maintains partnerships with industrial and academic institutions.

In October 2025, Stony Brook University ordered two PVT150 systems for its new semiconductor research center. CVD Equipment reported first-half 2025 revenues of US$20.8 million, up 7.1% year-over-year, with Q1 revenue of US$8.3 million representing 69% growth. However, Q3 revenue declined 9.6% to US$7.4 million due to lower MesoScribe revenues following that division’s 2024 closure. The company announced a strategic shift toward outsourced component fabrication in response to order fluctuations.

3. Directa Plus (LSE:DCTA) – Niche Applications & Environmental Solutions

Market cap: GBP 13.16 million

Italy-based Directa Plus manufactures graphene nanoplatelets for textiles, composites, and consumer applications—including graphene golf balls designed to improve control and swing elasticity. The company’s patented G+ Graphene Plus material is both scalable and portable.

In December 2023, Directa Plus acquired a proprietary system for preparing graphene compounds for battery and polymer applications, opening two significant new markets. The firm also developed Grafysorber—a nanoplatelets-based technology absorbing 100 times its own weight to recover oil and hydrocarbons from contaminated water and sludge.

Its subsidiary Setcar, an environmental services company leveraging Grafysorber technology, secured a €1.5 million contract in February 2025 with Midia International for tank cleaning services in Black Sea offshore drilling. That same month, Setcar renewed a €1.1 million contract with Ford Otosan (Ford’s Romanian subsidiary) for waste management services. In April, OMV Petrom awarded Setcar a €1.59 million contract for oil sludge treatment using Grafysorber technology.

For fiscal year 2025, Directa Plus reported €7 million in revenues, up 5.1% from €6.66 million the prior year.

4. First Graphene (ASX:FGR, OTCQB:FGPHF) – Sustainable Bulk Conversion

Market cap: AU$66.92 million

First Graphene has developed an environmentally friendly method converting ultra-high-grade graphite into competitively priced, high-quality bulk graphene. The company is part of a nine-member consortium developing lightweight, impermeable cryogenic composite tanks for liquid hydrogen storage and transport.

Working with three Australian universities, First Graphene develops graphene products including PureGRAPH powder, with applications spanning fire retardancy, energy storage, and concrete. The company’s Kainos technology—producing high-quality battery-grade synthetic graphite and pristine graphene from petroleum feedstock via scalable hydrodynamic cavitation—secured patents from Australian and South Korean governments in early 2025.

First Graphene completed an AU$2.4 million private placement to accelerate commercial deployment of Kainos technology. In May 2025, the company secured an exclusive supply agreement with Indonesian safety boot manufacturer Alasmas Berkat Utama for approximately 2.5 metric tons of PureGRAPH 10 masterbatch over two years.

Fiscal 2025 revenues were estimated at AU$1.2 million per the June 2025 quarterly report. In July 2025, First Graphene initiated a collaborative 10-month project with Imperial College London and University College London to incorporate graphene into 3D-printed metal components for aerospace and motorsports. In October, sustainable energy company Senergy launched a new solar and automotive product line using PureGRAPH for the UK market.

In its fiscal Q2 2026 quarter ended December 31, First Graphene reported record results: operating cash inflows surged 423% quarter-over-quarter to AU$853,000, while customer cash receipts jumped 156%.

5. Graphene Manufacturing Group (TSXV:GMG, OTCQX:GMGMF) – Clean Energy Solutions Focus

Market cap: C$398.39 million

Graphene Manufacturing Group (GMG) commercializes energy-saving and energy storage solutions through proprietary graphene production processes. Products include graphene-enhanced energy-saving coatings for HVAC systems, electronic heat sinks, industrial plants, and data centers, plus a graphene lubricant additive for engines.

In May 2025, GMG’s board approved an AU$900,000 expenditure for early works on its Gen 2.0 Graphene Manufacturing Technology plant, scheduled for installation at its Queensland, Australia facility. With total capital costs of AU$2.3 million, the Gen 2.0 plant targets June 2026 launch, initially producing 1 metric ton annually with near-term scaling to 10 metric tons per year.

Also in May, GMG launched a website for direct consumer sales of its G Lubricant graphene liquid concentrate, commencing direct sales in July 2025 across Australia, the UK, Europe, China, Canada, and the US. The company is collaborating with Rio Tinto and the University of Queensland—funded by the Australian government—to develop graphene aluminum-ion batteries. In December 2025, GMG revealed that its battery prototype charges in under 6 minutes with performance rivaling lithium titanate oxide batteries at significantly lower 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,” noted GMG Director Bob Galyen.

6. Haydale (LSE:HAYD) – Heating Ink & Decarbonization Platform

Market cap: GBP 35.76 million

Through subsidiaries, Haydale designs and commercializes advanced materials incorporating graphene and nanomaterials into next-generation industrial applications. The firm partners with the University of Manchester’s Graphene Engineering Innovation Centre (GEIC) on heating ink-based technology for automotive and future homes applications.

In March 2025, Haydale announced new commercial contracts with Affordable Warmth Solutions for graphene heater ink development and with National Gas Transmission for technology deployment in gas network upgrades. In April, the company’s JustHeat graphene-based heating system achieved CE marking certification for European safety and environmental standards.

JustHeat earned National Product of the Year recognition at the 2025 National Energy Efficiency Awards. In early 2026, Haydale completed its acquisition of Intelligent Resource Management (operating as SaveMoneyCutCarbon), a UK consulting firm providing sustainability guidance for net-zero transitions. Following this acquisition, Haydale officially shortened its corporate name from Haydale Graphene Industries to Haydale, and leverages SaveMoneyCutCarbon’s customer base and market access to expand JustHeat and related technologies.

7. HydroGraph Clean Power (CSE:HG, OTCQB:HGRAF) – High-Purity Production Through Detonation

Market cap: C$1.2 billion

HydroGraph manufactures cost-effective, high-purity graphene, hydrogen, and strategic nanomaterials. The company holds an exclusive license from Kansas State University to produce graphene and hydrogen via a patented detonation process yielding 99.8% pure carbon graphene.

Research conducted with Arizona State University demonstrated that HydroGraph’s Fractal Graphene is ideal for ultra-high-performance concrete and 3D-printed structures. HydroGraph announced a technical collaboration with a global leader to deploy graphene technology in high-performance fiber applications.

The company launched an advanced graphene dispersions product line—developed with battery materials firm NEI—designed to create high-performance energy storage electrodes. In July 2025, HydroGraph initiated a Compounding Partner Program targeting commercial-scale production of Fractal Graphene in thermoplastics, with initial certified partners in automotive and packaging sectors.

HydroGraph’s graphene technology extends to healthcare: Ease Healthcare is marketing an early lung cancer detection test (LEAP) incorporating HydroGraph’s patented Fractal Graphene with Hawkeye Bio’s patented biosensor under a commercialization agreement. Late 2025 brought HydroGraph its first US patent for novel actuator technology using electrically conductive porous carbon materials—including proprietary Fractal Graphene—to generate controlled mechanical force.

8. NanoXplore (TSXV:GRA, OTCQX:NNXPF) – High-Volume, Cost-Effective Production

Market cap: C$444.5 million

Established in 2011, NanoXplore produces high volumes of graphene at competitive prices through a unique, environmentally friendly process. The company’s GrapheneBlack graphene powder significantly increases plastic reusability and recyclability.

NanoXplore targets lithium-ion batteries with its patented SiliconGraphene battery anode material—employing GrapheneBlack coating around silicon to create safer, more reliable cells. The company’s graphene products also apply to internal combustion engines.

As part of its five-year strategic plan, NanoXplore expanded production capacity at its Quebec, Canada facility in 2024 to meet growing demand from existing customers for graphene-enhanced composite products. In September 2025, the company announced a multi-year agreement to supply Chevron Phillips Chemical with Tribograf carbon powder, a key ingredient in NanoSlide, a lubricant for oil and gas drilling jointly developed by the two firms.

In October 2025, NanoXplore received a contribution of up to US$2.75 million from Canada’s government under the Energy Innovation Program. For fiscal 2025 (year ended June 30, 2025), NanoXplore reported total revenues of C$128.91 million, down 1% from the prior year, with slower H2 performance. This trend continued into Q1 fiscal 2026, with reported revenues of C$23.44 million, down 30% year-over-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,” said CFO Pedro Azevedo. However, the company expects new agreements—including the Chevron Phillips deal—to offset this headwind.

9. Talga Group (ASX:TLG, OTCQX:TLGRF) – Battery Anode Integration & Recycling

Market cap: AU$201.97 million

Talga Group is a vertically integrated battery anode and materials company mining its own graphite and producing anodes. Operations span Sweden, Japan, Australia, Germany, and the UK. The company produces graphene additives (Talphite and Talphene product lines) for use in concrete, coatings, plastics, and energy storage—including conductive additives for battery cathodes and anodes, solid-state anodes, and graphite recycling.

In April 2025, Sweden’s Agency for Economic and Regional Growth granted Net-Zero Strategic Project status to Talga’s Luleå anode refinery under the EU Net-Zero Industry Act, with graphite supply from its Swedish Vittangi graphite project. In June 2025, the Swedish government approved Talga’s mining permit for the Nunasvaara South natural graphite mine in Northern Sweden.

In May 2025, Talga secured a binding offtake agreement with battery technology company Nyobolt for approximately 3,000 metric tons of flagship Talnode-C battery anode product over an initial four-year term beginning May 13, 2025, supplied from the Luleå refinery. In August 2025, Talga launched Talnode-R, a proprietary recycled graphite anode product derived from lithium-ion battery waste.

The company concluded 2025 by submitting a detailed mining plan for Nunasvaara South to the Swedish government and completing an AU$14.5 million placement, with proceeds funding engineering studies for a staged 5,000 metric ton-per-year production ramp. In late January 2026, the Swedish government formally adopted Talga’s mining plan, marking a major milestone.

Beyond Public Markets: The Private Graphene Manufacturing Ecosystem

The nine publicly traded companies above represent the visible tier of graphene manufacturing, yet private firms also play significant roles. Companies including ACS Material, Advanced Graphene Products, Graphene Platform, Graphenea, and Universal Matter pursue proprietary technologies and market strategies outside public view.

Understanding Graphene: FAQs

What is Graphene?

Graphene is a single layer of carbon atoms arranged in a hexagonal lattice structure. First produced in 2004 when University of Manchester professors used Scotch tape to peel graphene flakes from graphite, graphene is 200 times stronger than steel and thinner than a single paper sheet. Applications span batteries, sensors, solar panels, electronics, medical devices, and sports equipment.

What Are Graphene’s Key Properties?

Outstanding characteristics include high thermal and electrical conductivity, elasticity, flexibility, hardness, resistance, transparency, and the capacity to generate electricity when exposed to sunlight.

How Does Graphene Differ From Graphite?

Graphene and graphite are both carbon allotropes—structurally different forms of the same element. The fundamental distinction: graphene is a single layer of graphite.

This is an updated analysis reflecting publicly available data as of January 2026. For the latest developments in graphene manufacturing and commercialization, track the latest announcements from these leading producers.

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Disclosure: The author holds no direct investment interest in any company mentioned in this analysis. Views expressed represent analysis and do not necessarily reflect those of associated organizations.