The Graphene Rush: Which Companies Are Betting Big in 2025?

Graphene has officially crossed from “wonder material” hype into real-world commercialization, and the competition among graphene companies to invest in is heating up. From flexible displays to battery tech to aerospace composites, applications are multiplying faster than production capacity. Here’s what nine publicly traded players are actually doing in the market right now (data as of August 28, 2025).

The Heavy Hitters

HydroGraph Clean Power (CSE:HG, OTCQB:HGRAF) is pulling ahead with a C$518.48 million market cap—the largest among pure-play graphene firms. Their secret weapon: exclusive rights to Kansas State’s detonation process that yields 99.8 percent pure graphene. The company just launched a dispersions product line for battery electrodes in March and kicked off a compounding partner program targeting automotive and packaging sectors. In August, they announced a commercialization deal for a lung cancer detection test that incorporates their fractal graphene.

NanoXplore (TSXV:GRA, OTCQX:NNXPF) trails with C$536.64 million market cap but posted stronger fundamentals. Q3 2025 revenue hit C$30.45 million (down 10% YoY, but adjusted EBITDA more than doubled to C$1.42 million from C$572k). Their graphene powder finds homes in lithium-ion battery anodes and engine applications.

Talga Group (ASX:TLG, OTCQX:TLGRF) at AU$230.05 million is building vertical integration—mining its own graphite across Sweden, Japan, and Australia, then converting it to anodes and additives. The Swedish government just green-lit their mining permit for a natural graphite project. In May, they locked in a four-year offtake agreement for 3,000 metric tons of battery anodes starting immediately.

The Growth Plays

CVD Equipment (NASDAQ:CVV, US$18.82 million) is small but accelerating. H1 2025 revenues climbed 19.2% YoY to US$13.4 million, driven by aerospace and semiconductor contracts. Q1 alone saw a 69% jump to US$8.3 million. They make the deposition systems that manufacture graphene and carbon nanotubes—essentially selling picks and shovels to the industry.

Black Swan Graphene (TSXV:SWAN, C$102.83 million) locked C$6 million in funding in February to triple production from 40 to 140 metric tons annually. UK chemicals giant Thomas Swan owns 15 percent and supplies IP. Three new distribution deals (METCO Resources, Ferro, Thomas Swan) in summer 2025 signal commercial momentum. They’re partnering with Modern Dispersions to produce graphene-enhanced masterbatches for plastics.

Graphene Manufacturing Group (TSXV:GMG, OTCQX:GMGMF, C$101.09 million) approved AU$900k to build a Gen 2.0 production facility—expected online by June 2026 at 1 metric ton/year, scaling to 10. They also launched direct e-commerce for their G Lubricant graphene additive across Australia, UK, Europe, China, Canada, and US in July 2025.

The Specialists

Directa Plus (LSE:DCTA, GBP 11.24 million) is smaller but unconventional—using graphene in golf balls and developing oil-recovery tech via their Grafysorber subsidiary. Setcar (their environmental services arm) just won multiple contracts: 1.5 million euros from Midia International for offshore drilling cleanup, a 1.1 million euro renewal with Ford’s Romanian subsidiary, and 1.59 million euros from OMV Petrom for oil sludge treatment.

First Graphene (ASX:FGR, OTCQB:FGPHF, AU$39.14 million) secured patents for their Kainos technology (converting petroleum feedstock into battery-grade graphene) from Australia and South Korea in January 2025. They completed a AU$2.4 million private placement in February and signed a supply agreement with Indonesian safety boot maker Alasmas Berkat Utama for 2.5 metric tons of masterbatch. July brought a research partnership with Imperial College London and UCL on 3D-printed metal components for aerospace and motorsports.

Haydale Graphene Industries (LSE:HAYD, GBP 23.78 million) focuses on heating ink tech. They scored new commercial contracts with Affordable Warmth Solutions and National Gas Transmission in March 2025, followed by CE marking certification for their JustHeat graphene heating system in April—meaning it meets European safety standards.

What This Really Means

The graphene sector is transitioning from R&D labs to supply agreements and scaled production. Market leaders are securing offtake deals (Talga’s battery anode contract), expanding capacity exponentially (Black Swan, GMG), and diversifying into niche applications (healing systems, environmental cleanup, aerospace). For graphene companies to invest in, the real differentiator isn’t hype anymore—it’s who’s actually landed paying customers and can scale without burning cash.

The 2025 data shows consolidation around three clusters: energy storage (batteries and supercapacitors), aerospace/automotive composites, and industrial coatings. Companies with exclusive production tech or locked-in supply chains appear positioned best. But execution risk remains high; several firms are still ramping facilities or completing first commercial orders.

Key Takeaways

• Market caps range from GBP 11 million to C$536 million; no behemoth yet
• Production capacity is doubling/tripling across the sector through 2025-2026
• Offtake agreements and government support (Sweden’s Net-Zero status, Australian funding) are the new bellwethers
• Battery materials and aerospace remain the highest-conviction applications
• Vertically integrated players (Talga, First Graphene) gaining structural advantages

Private players like ACS Material, Advanced Graphene Products, and Graphenea remain worth monitoring, but public markets offer the most transparent entry point to the graphene bet.