PETALING JAYA: Malaysian advanced materials technology company Vertex Material is targeting a Nasdaq listing in 2027 after achieving a valuation of about US$7 billion (RM29.4 billion), the company said.
The company, which develops copper composite materials for applications including electric vehicles, renewable energy infrastructure, AI and data centre cooling systems, is also planning to establish manufacturing operations in the US as it scales up production.
Vertex Material said the valuation was determined in a report prepared by a Malaysian accounting firm.
The proposed Nasdaq listing forms part of the company’s longer-term internationalisation strategy, while its immediate focus is on scaling production, establishing a US manufacturing footprint and building a supply chain around secured customer demand.
The company has secured an offtake arrangement for 160,000 tonnes of product annually, according to a statement.
Vertex Material has established a pilot plant in Malaysia and is preparing to scale up production in the US, where it expects to benefit from proximity to major copper-producing markets in the Americas, including the US, Canada, Peru and Chile.
Founder and technical director Datuk Tan Chin Tong said the company’s immediate priority was execution rather than the proposed listing.
“The next phase is about execution. We need to demonstrate consistent product performance, expand manufacturing capacity and build a reliable supply chain around the customer demand we have secured,” he said.
Vertex Material’s proprietary technology combines copper derived from agricultural waste. The company said the composite is designed to reduce reliance on virgin mining while providing electrical conductivity, thermal management, wear resistance and weight reduction.
The company said further details on its proposed US manufacturing facility and 2027 capital-market plans would be announced once the respective frameworks are more clearly defined.
