Discovered in 2004, graphene is often called the “wonder material” of the 21st century – a one-atom-thick sheet of carbon with remarkable properties. Graphene’s honeycomb lattice structure gives it extraordinary strength and conductivity. It’s 200 times stronger than steel, yet flexible, and the best-known conductor of electricity and heat. These traits open up game-changing applications across electronics, energy storage, composites, and biomedicine.
For example, graphene-enhanced batteries could charge up to 70 times faster and last longer, while graphene composites promise lighter, stronger materials for airplanes and cars. Recent forecasts see the graphene market surging ~35% annually, topping $1.6 billion by 2030 on demand from electronics, EVs, aerospace, and renewables. Governments, especially in Asia, are backing graphene research and industrial adoption. In short, graphene sits at the heart of several innovation waves – from “forever battery” tech to advanced sensors.
However, investing in graphene means navigating mostly small, specialized companies. Many are early-stage, and commercial rollout is still in its infancy. In this report, we highlight the top graphene stocks to watch in 2025—curated for their pure-play exposure to various steps of the value chain, from raw material production to end-use products.
Graphene Material Producers (Upstream Pure-Plays)
Upstream graphene stocks are focused on producing graphene materials (like nanoplatelets, powders, or sheets) in bulk. They form the supply base for graphene, often owning proprietary production processes or raw material sources. They offer the most direct exposure to rising graphene demand, but also face the challenge of scaling production and finding steady buyers as the market develops.
NanoXplore Inc. (TSX: GRA)
HQ: Canada; High-volume graphene powder supplier for plastics and EV batteries.
NanoXplore is North America’s largest graphene producer with an industrial-scale, environmentally friendly production process. The Montreal-based company can make up to 4,000 tons of graphene powder yearly, giving it a cost advantage and the ability to fulfill big orders. NanoXplore sells its GrapheneBlack™ powder and pellets to improve plastics and composites, and it’s notably targeting the automotive sector. It works with manufacturers to lighten vehicles and enhance durability by integrating graphene into auto parts. NanoXplore is also pushing into battery materials, co-developing a graphene-enhanced lithium battery (through its VoltaXplore JV) aimed at EVs. This dual focus on high-volume production and strategic end markets sets NanoXplore apart.
NanoXplore offers a relatively established “picks-and-shovels” play on graphene. The company is generating solid revenue for such an early stage market, at around C$130 million in the latest fiscal year. As a scale leader, NanoXplore could become a go-to supplier if graphene usage in cars and batteries takes off. However, as a pure-play graphene stock, NanoXplore’s upside relies on mass adoption that may take time. Any delay in graphene market growth or slower EV uptake could impact demand.
First Graphene Ltd. (ASX: FGR)
HQ: Australia; Vertically integrated mine-to-graphene producer targeting industrial additives.
First Graphene is a vertically integrated graphene producer. The company sources ultra-high-grade graphite, then converts it into high-quality graphene using its patented, eco-friendly process. Its flagship product line, PureGRAPH®, consists of graphene powders available in various sizes. First Graphene’s focus is on making graphene in bulk, at a competitive price, to accelerate industry uptake. To do so, it partners with several Australian universities on applications ranging from fire-resistant materials to energy storage and concrete additives. Notably, First Graphene is part of a consortium developing graphene-enhanced composite tanks for liquid hydrogen storage. The firm has also recently secured new distribution deals (e.g. a 5-year agreement in Australia/NZ) and funding for scaling its Kainos technology, which produces battery-grade synthetic graphite and graphene from petroleum feedstock.
First Graphene offers a pure-play upstream exposure, with an emphasis on R&D and real industrial use cases. The company could benefit as industries like construction and energy look for proven graphene additives (its concrete additive, for example, can make infrastructure stronger and more durable). Its integrated supply chain and focus on consistent quality are attractive for large customers. That said, the company’s fortunes are tied to industrial adoption cycles, which can be particularly slow.
Black Swan Graphene (TSXV: SWAN)
HQ: Canada; Emerging graphene nanoplatelet maker with ready-to-use masterbatches.
Black Swan Graphene is a newer player aiming to become an “emerging powerhouse” in bulk graphene. Based in Canada, Black Swan has strong backing – notably a partnership with UK chemicals firm Thomas Swan (which owns ~15%) providing patented production IP. Black Swan is building out a fully integrated “mine-to-graphene” supply chain by leveraging access to graphite feedstock and Thomas Swan’s tech. It launched its GraphCore™ series of graphene nanoplatelets in 2024, including ready-to-use powders and masterbatches (pre-mixed graphene-plastic blends) for plastics manufacturers. This simplifies graphene adoption for customers. The company already scored a few deals: it partnered with Graphene Composites to supply graphene for GC Shield, an advanced graphene-infused ballistic armor material. It also signed a distribution agreement with a UK plastics firm to put its graphene into colored plastic masterbatches. To fund growth, Black Swan raised C$6 million in early 2025 to expand production and commercialization.
Among graphene stocks, Black Swan is a high-purity, early-stage bet on the “wonder material’s” adoption in everyday materials. As industries like packaging and defense seek to enhance materials, Black Swan’s ready-to-use graphene additives could see rising demand. Its ties with an established chemical company lend credibility and potential customer channels. However, Black Swan is still small (market cap ~C$40M) and in early commercialization. It needs to scale up output and win long-term clients; any technical hiccup or slower client uptake could strain its finances.
HydroGraph Clean Power (CSE: HG)
HQ: Canada; Patented detonation producing specialty graphene for energy and sensors.
HydroGraph is a nanotechnology company with a novel approach to making graphene. It holds patented tech to produce “fractal graphene” and “reactive graphene” via a detonation process – essentially using controlled explosions to create graphene in one step. This method is quick and scalable, yielding graphene that’s easy to tailor for different uses. HydroGraph’s fractal graphene is being targeted at energy storage and sensors, while its reactive graphene is geared toward biotech, composites, and coatings. The company emphasizes the purity and cost-effectiveness of its graphene, positioning it as a solution for industries that need high performance at low loadings (like special batteries, biosensors, or advanced lubricants).
For a pure-play upstream graphene innovator, HydroGraph offers an intriguing story blending advanced materials and clean-tech potential. HydroGraph’s detonation method could significantly lower the cost of graphene, which is a key catalyst for mass adoption. Its products already span multiple sectors, so it has a chance to tap revenue from whichever graphene application takes off first (be it next-gen batteries or medical devices). However, as a small company, HydroGraph still faces the usual challenges – proving its process at commercial scale, winning over conservative customers, and fending off competing production techniques.
Aside: Why are so many graphene companies based in Canada and Australia? Graphene’s feedstock is graphite. The largest advanced graphite exploration pipelines are in Canada and Australia, each hosting multi-million-ton deposits and explicit “critical minerals” strategies. It’s no accident that many pure-play producers (NanoXplore, First Graphene, Talga, etc.) sprouted where the raw materials are. In addition, most graphene ventures are still tiny, asset-light and pre-profit. Canada’s TSX-V and Australia’s ASX were designed exactly for that profile—junior resource and deep-tech micro-caps—so they can list for a few hundred thousand dollars, raise small rounds, and graduate when ready. That’s why 37% of all global mining equity capital is raised on TSX/TSX-V.
Graphene Intermediate & Specialty Materials Suppliers (Mid-Stream Integrators)
Mid-stream graphene stocks integrate graphene into intermediate products or specialty materials – like inks, coatings, composites, or battery components – that are sold to other manufacturers. They act as the bridge between raw graphene and end-use products, by making graphene easier to use in various industries. These firms are diversifying graphene’s use-cases, but also depend on broader industry acceptance in their target sectors.
Haydale Graphene Industries (LSE: HAYD)
HQ: UK; Plasma-functionalized graphene inks and composites enabler.
Haydale is known for its plasma-functionalization technology, which effectively grafts graphene and other nanomaterials onto substrates or into inks. In simpler terms, Haydale makes graphene “user-friendly” for manufacturers by supplying ready-to-use graphene-enhanced inks, coatings, and composites. A big focus for Haydale is its proprietary graphene heating inks – it’s working on films that can serve as invisible heating elements in automotive interiors and smart home devices. The company has a partnership with the University of Manchester’s Graphene Engineering Innovation Centre to develop such innovations. Haydale also reported progress using its graphene for carbon capture, with a 2024 study indicating functionalized graphene can capture CO₂. Recently, Haydale secured contracts to deploy its heater inks in real-world pilots – one for affordable home heating and another with the UK gas grid to apply its tech in pipeline maintenance.
Haydale’s broad portfolio (from aerospace composites to medical biosensors) means it can ride graphene’s growth in whichever sector breaks out first. Its ink technology, in particular, addresses energy efficiency and could see demand in a warming, energy-conscious world. However, being spread across many projects can strain a small company – Haydale runs the risk of doing a bit of everything but needing partners to fully commercialize each. Adoption has been gradual and the company is still tiny, so ongoing funding is a watch item.
Directa Plus (LSE: DCTA)
HQ: Italy; Graphene additives for smart textiles, asphalt, and environmental cleanup.
Directa Plus aims to deliver graphene solutions in everyday products. Rather than just selling raw graphene, Directa Plus tailors its G+® graphene nanoplatelets for specific uses like functional textiles, environmental cleanup, and road materials. In textiles, Directa’s graphene additives (used in some sportswear and denim lines) help fabrics dissipate heat and add durability. In road materials, the company made headlines when its graphene-enhanced asphalt (called “GiPave”) was laid on a Formula 1 racetrack to improve performance and longevity. In environmental applications, Directa has developed graphene-based filters and absorbers for oil spills and water purification, leveraging graphene’s large surface area. To expand into the lucrative battery and plastics markets, Directa acquired a proprietary graphene compound processing system in late 2023, aiming to supply graphene blends for battery electrodes.
Directa Plus has proven it can go from lab to market – putting graphene into real-world infrastructure and consumer goods. This credibility and diversified application base could allow it to scale as demand in any one segment (like sustainable asphalt or performance apparel) grows. However, Directa’s strategy of wide application means it competes in very different industries (textiles vs. asphalt) where it must convince traditional players to adopt new materials. Any slowdown in its key sectors (e.g. if road budgets cut back, or if graphene textiles remain niche) could hurt growth.
Talga Group (ASX: TLG) – Graphite Miner to Graphene Battery Materials
HQ: Australia; Integrated graphite miner building graphene-enhanced battery materials.
Talga Group is a vertically integrated advanced materials company, bridging graphite mining and cutting-edge graphene technologies. Hailing from Australia/Sweden, Talga owns rich graphite resources in Sweden and is building a battery anode production operation. Uniquely, Talga also refines some of its graphite into graphene additives under its Talphene™ brand. These graphene and graphite materials are used to enhance concrete, coatings, plastics, and battery components. For instance, Talga has developed conductive graphene dispersions for paints and an additive that can make concrete stronger and more freeze-resistant. On the energy side, Talga is working on graphene-infused silicon anodes and solid-state battery materials – aiming to boost battery capacity and charging speeds. A milestone: in early 2025, Talga received a green light to develop its Nunasvaara graphite mine in Sweden, securing the feedstock for its vertically integrated business.
Talga sits at the crossroads of the EV battery supply chain and the graphene industry. If lithium-ion battery makers seek better performance, Talga’s graphene-enhanced anodes could be in high demand. Being a miner-to-material supplier also offers potential cost advantages and security of supply. However, developing a mine and processing facilities is capital-intensive and subject to permitting and financing risks. Talga is farther along in mining/battery development than pure graphene sales – so its graphene additive business might take a backseat to the battery project in the short term. Additionally, it competes with large incumbent battery material firms.
Graphene Application Specialists (Downstream End-Use)
Downstream graphene stocks create final products or proprietary technologies – whether in batteries, electronics, medical devices, or other end-use applications. These firms tend to have higher risk and reward: success could yield breakthrough products and significant market share, while technical or market hurdles could pose major headwinds. Each of these companies leverages graphene as a key selling point in their end products.
Graphene Manufacturing Group (TSX-V: GMG)
HQ: Australia; Graphene-aluminum batteries, thermal coatings, and lubricants.
GMG is a clean-tech company that both produces graphene and uses it to create cutting-edge products. GMG has developed a proprietary process to make graphene from natural gas (methane), which is not only cost-effective but also avoids the impurities of mined graphite. The crown jewel of GMG’s efforts is its graphene-enhanced aluminum-ion battery technology. In collaboration with the University of Queensland, GMG’s graphene-Al battery has demonstrated the potential for 3× longer life and up to 60-70× faster charging than typical Li-ion cells – an almost revolutionary leap in performance. This battery uses graphene in the cathode and an aluminum foil anode, offering a safer, non-lithium alternative for energy storage. While still in development (currently at prototype stage, working toward commercial prototypes by 2025–26), the tech has attracted interest from major players (even mining giant Rio Tinto has shown interest).
GMG offers perhaps the most visionary “downstream” story among graphene stocks. If its battery achieves commercialization, it could disrupt the EV and grid storage markets – a multi-billion-dollar prize. In the meantime, its existing energy-saving products (coolants, lubricants) tap into demand for efficiency and could gain traction. Do note though: the graphene Al-ion battery, while exciting, is not yet commercially proven. There’s a risk of technical hurdles or the timeline stretching out (common in battery R&D). GMG will also need considerable capital to scale up cell manufacturing if the tech works. Additionally, competition in next-gen batteries is fierce, with solid-state and other chemistries.
Zentek Ltd. (NASDAQ: ZTEK)
HQ: Canada; Graphene-based antimicrobial coatings and air-filtration solutions.
Zentek (formerly Zen Graphene Solutions) is a Canadian nanotech company that has pivoted from mining to developing graphene-based nanotechnologies for health and environmental applications. Its most well-known product is ZenGUARD™, an antimicrobial graphene-silver coating designed for PPE and air filters – a timely innovation during the pandemic. Now, Zentek is securing purchase orders for HVAC filters and graphene-based rapid diagnostic tests. The company places a big emphasis on its intellectual property portfolio, with patents in antimicrobial technology, sensing, and even ice-phobic coatings (a graphene-based coating to prevent ice buildup on drone propellers and wind turbines). This IP-first approach gives Zentek the option to license technology or partner with larger firms, generating multiple revenue streams.
Zentek targets pressing global needs – infection control, clean water, clean air. However, the company is still pre-revenue in many areas. Commercial uptake of new tech in healthcare and infrastructure can be slow due to regulations and incumbent preferences. There’s also some dependency on public concern for pathogens or environmental issues to drive sales. Zentek carries typical biotech-like risk/reward, but gives exposure to the graphene in healthcare/cleantech themes.
Archer Materials (ASX: AXE)
HQ: Australia; Graphene transistor biochip innovator for point-of-care diagnostics.
Archer Materials is a bit of an outlier among graphene stocks. It’s a company straddling quantum tech and biotech – but it earns a spot for its pioneering work on a graphene-based biochip. Archer is developing a “lab-on-a-chip” diagnostic device that uses graphene transistors (gFETs) to detect diseases at the point of care. In a flagship project, Archer’s team has designed a graphene transistor array that can detect potassium ions in blood, aimed at monitoring kidney disease. In May 2025, Archer partnered with UK’s Paragraf – a leader in graphene electronics – to accelerate this biochip’s development. Graphene’s biocompatibility and sensitivity enable detection of biomolecules at very low concentrations, which could make Archer’s biochip exceptionally precise. If successful, this graphene biochip could allow quick, accurate blood tests for chronic conditions right at a patient’s bedside – a huge improvement over traditional lab tests.
Archer offers a glimpse at graphene’s role in the next generation of electronics and medical devices. Should the biochip move to trials and regulatory approval, Archer could tap into the multi-billion-dollar diagnostics market. The company also holds IP in quantum computing materials (using carbon-based qubits), giving it multiple futuristic irons in the fire. This is an early-stage, R&D-heavy venture – the biochip is not yet a product, and there’s significant technical and regulatory work ahead. Archer’s valuation already reflects optimism about its tech, so any delays or setbacks in the graphene chip or quantum projects could impact the stock. Additionally, as a dual-focus company (quantum and biotech), its resources are split.