-New Sustainably Sourced Low-Cost Supply Uses Agricultural Waste to Create “Black Gold” -Graphjet Joins MIT Industrial Liaison Program (ILP) For Global Innovative Leaders

New York City, New York - Graphjet Technology, an emerging company producing graphite and graphene - critical raw materials for a variety of consumer products including EV batteries - is readying plans to go public following a merger agreement with Energem Corp. (Nasdaq: ENCP), a Special Purpose Acquisition Company (SPAC). The merger, which was announced August 2, 2022, will allow Graphjet to become a U.S. Corporation and list on the NASDAQ under the ticker symbol "GTI."

Graphjet's patent-pending breakthrough technology transforms an abundant and renewable waste product - palm kernel shells - into highly valued artificial graphene and graphite at a price that is 80 to 90 percent lower than the current market price. Graphjet's "green" technology is more advanced than other manufacturers of graphite and graphene, and reduces carbon emissions and pollutions.

Malaysia is the second largest producer of palm oil and the waste by-product palm kernel shells in the world, second only to Indonesia. It is estimated that Malaysia generates approximately 5 million tons of dried palm kernel shells annually, making it a sustainable and recyclable source for the production of high-quality synthetic graphite and graphene. Malaysia is where Graphjet currently manufactures graphite and graphene.

"We are very excited to prepare for our listing on the NASDAQ stock exchange," said Graphjet CEO Aiden Lee. "As a U.S. company, Graphjet will be able to provide the graphene critical to products like EV batteries, semiconductors, and biomedical devices, all at a cost of approximately 80 to 90 percent less than what is currently being manufactured in China." Mr. Lee added, "We are thrilled to be able to ramp up the manufacturing using an innovative, sustainable natural resource under our proprietary process."

The anticipated pro forma enterprise value upon completion of Graphjet's IPO is $1.49 billion. Approximately $115 million is expected to be used for business expansion purposes, including building a manufacturing plant. The company currently outsources its manufacturing operation. Once the new plant is built, Graphjet will be able to double its current capacity and increase its profit margin.

On September 12, 2022, subsequent to announcing its planned merger with Energem, Graphjet announced a collaboration with the prestigious Massachusetts Institute of Technology (MIT). As a member of MIT's Industrial Liaison Program, Graphjet joins more than 240 leading enterprises such as Apple, BMW, Hyundai, Misubishi, Samsung and other companies who are also in collaborative partnerships with MIT. The collaboration reaffirms Graphjet's pioneering position in the graphite and graphene industry.

About Graphjet Technology Sdn. Bhd.
Graphjet was founded in 2019 in Malaysia as an innovative graphene and graphite producer. Today Graphjet holds the world's first patent-pending technology to recycle palm kernel shells generated in the production of palm seed oil to produce single layer graphene and artificial graphite. Graphjet's sustainable production methods using palm kernel shells - an agricultural waste product that is common in Malaysia - is expected to create an enormous shift in the availability of graphite and graphene within the world's supply chain.

About Energem Corp.
Energem Corp. is a Special Purpose Acquisition Company (SPAC) formed for the purposes of effecting a merger, capital share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more energy and/or sustainable natural resource companies. In November 2021, Energem consummated a $115 million initial public offering of 11.5 million units (reflecting the underwriter's full exercise of their over-allotment option). Each unit consists of one Class A ordinary share and one redeemable warrant. Each warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share. ARC Group Limited acted as the sole financial advisor and EF Hutton, a division of Benchmark Investments LLC, served as the sole book-running manager of Energem's initial public offering.