The Global Graphene Group

Honeycomb Generates Buzz via SPAC Merger

Honeycomb Generates Buzz via SPAC Merger

SPACs are back with a flurry of activity. Among the latest deals, Global Graphene Group announced that its subsidiary Honeycomb Battery Company will be taken public via a $700 million merger with a SPAC named Nubia Brand International Corp. The combined company will be listed on the NASDAQ.

Honeycomb aims to capitalize on the exponential growth in demand for batteries to power electric vehicles. According to the joint press release, “HBC is excited to have this opportunity to move forward and expand the production of silicon-rich anode materials that will greatly improve the driving range of EVs. HBC is ranked among the best in silicon-anode IP and among the global leaders in solid-state battery IP; we plan to quickly move forward with its full-scale commercialization. Our goal is to enable EVs to drive farther, charge faster, operate safer, and cost less.”

According to the MIT Technology Review, “Every year the world runs more and more on batteries.” Last year, electric vehicles surpassed 10% global vehicle sales and are projected to account for 30% by the end of 2029. Demand for batteries mirrors this explosive growth.


While traditional lithium-ion batteries have been around since the 1990s and currently dominate the industry, Honeycomb seeks to rethink their makeup in order to improve their performance while reducing costs.

Honeycomb seeks to accomplish this via two different technological advancements. First, while traditional lithium-ion batteries rely on a liquid electrolyte to move charge, companies are developing solid-state batteries that instead use ceramics and other solid materials. If successful, these solid-state batteries not only store more energy in smaller spaces but also charge faster. Proponents of solid-state batteries also claim that they are safer because they avoid the flammable solvents of traditional batteries.

Second, Honeycomb is also pursuing an alternative to lithium-ion batteries’ use of graphite to hold the ions: silicon. Proponents of silicon anodes claim they charge faster and enjoy higher energy density.


The U.S. Federal Government has sought to bolster such companies’ endeavors. Specifically, the Inflation Reduction Act of 2022 budgeted approximately $370 billion for green energy and climate, of which billions are targeted at battery manufacturing. The Act is expected to provide grants and loans for US-based battery manufacturers while also using tax credits to steer automakers to source batteries and materials from US companies. “New battery technology breakthrough is happening rapidly,” reports S&P Global. According to Matterhorn’s comprehensive M&A database, which harnesses AI to track current and historical deals, Honeycomb is represented by law firm Benesch Friedlander Coplan & Aronoff LLP and financial adviser Arbor Lake Capital Inc. The SPAC Nubia Brand International is advised by Loeb & Loeb LLP.

Global Graphene Group’s Honeycomb Battery Company Announces Business Combination Agreement with Nasdaq-Listed Nubia Brand International Corp.

Global Graphene Group’s Honeycomb Battery Company Announces Business Combination Agreement with Nasdaq-Listed Nubia Brand International Corp.


DALLAS, TEXAS & DAYTON, OHIO, Feb. 16, 2023 (GLOBE NEWSWIRE) — Honeycomb Battery Company (“Honeycomb”), an advanced battery technology subsidiary of Global Graphene Group, Inc., focused on the development and commercialization of battery materials, components, cells, and selected module/pack technologies, and Nubia Brand International Corp. (NASDAQ: NUBI) (“Nubia”), a special purpose acquisition company, today announced the signing of a definitive agreement (the “Business Combination Agreement”) for a proposed merger of the two companies. The companies intend for the combined entity’s common stock to be listed on the Nasdaq Stock Market.

Assuming no redemptions by Nubia public stockholders, upon closing, the combined entity could have access to as much as $118 million in net cash (after paying transaction expenses) from the Nubia trust account. Final proceeds will depend upon redemption rates of current Nubia stockholders at the consummation of the proposed transaction.

Dr. Bor Jang, CEO of Honeycomb, said: “HBC is excited to have this opportunity to move forward and expand the production of silicon-rich anode materials that will greatly improve the driving range of EVs. HBC is ranked among the best in silicon-anode IP and among the global leaders in solid-state battery IP; we plan to quickly move forward with its full-scale commercialization. Our goal is to enable EVs to drive farther, charge faster, operate safer, and cost less.”

Jaymes Winters, CEO of Nubia, added: “Honeycomb’s portfolio of intellectual property related to battery storage technology, advanced research and development capabilities and potential product pipeline makes it the ideal partner to lead the electric mobility revolution. We are pleased to partner with Honeycomb, and have been extremely impressed by its talented team and its superior technical, academic and manufacturing expertise. The overall economics of the proposed deal and Honeycomb’s commercialization plan provide an incredibly attractive opportunity for our stakeholders to play a key role in the fast-growing EV industry.”

The Business Combination Agreement has been approved by the board of directors of each of Honeycomb and Nubia. Certain stockholders of both Honeycomb and Nubia have entered into agreements pursuant to which they have committed to vote their respective shares in favor of the business combination.

The Honeycomb – Nubia Business Combination Agreement

Under the terms of the Business Combination Agreement with Nubia, Nubia Merger Sub, Inc., an Ohio corporation (“Merger Sub”), and wholly owned subsidiary of Nubia, will merge with and into Honeycomb, after which Honeycomb will be the surviving company and a wholly owned subsidiary of Nubia.

Nubia will issue 70 million shares of its common stock (current valuation of $700 million) to the security holders of Honeycomb, plus contingent earnout payments of up to 22.5 million shares of common stock (current valuation of $225.0 million) if certain stock price targets are met as set forth in the definitive business combination agreement. The transactions contemplated by the Business Combination Agreement and the ancillary agreements thereto are referred to, collectively, as the “Transaction.”

The Business Combination Agreement contains covenants in respect of non-solicitation of alternative acquisition proposals.

The proposed business combination is expected to close in the second quarter of 2023, subject to the satisfaction of customary closing conditions, including clearance by the U.S. Securities and Exchange Commission (“SEC”) of a proxy statement that Nubia is required to file with the SEC, required Nasdaq approval, and the approval of the proposed Transaction and the Business Combination Agreement by a majority of the stockholders of Honeycomb and a majority of Nubia stockholders voting to approve thereon. Post-closing, the combined company’s board of directors will include seven directors, five of whom will be nominated by Honeycomb and two of whom will be nominated by Nubia. Additional information may be found in the Current Reports on Form 8-K being filed by Nubia with the SEC in connection with the announcement of the execution of the Business Combination Agreement.

Honeycomb intends to use the proceeds from the proposed Transaction to expand its manufacturing and research capability.


Arbor Lake Capital Inc. is serving as consultant to Honeycomb. Benesch, Friedlander, Coplan & Aronoff LLP is serving as legal counsel to Honeycomb.

EF Hutton, division of Benchmark Investments, LLC, is serving as capital markets advisor to Nubia. Loeb & Loeb LLP is serving as legal counsel to Nubia.

About Honeycomb

Honeycomb Battery Co. (“Honeycomb” or “HBC”), formerly the energy solutions division of Global Graphene Group, Inc. (G3), is a Dayton, Ohio, USA-based advanced battery technology company focused on the development and commercialization of battery materials, components, cells, and selected module/pack technologies.

About Nubia Brand International Corp.

Nubia is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with one or more businesses.

Additional Information about the Proposed Transaction and Where to Find It

This press release relates to a proposed transaction between Honeycomb and Nubia. This press release does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. In connection with the transaction described herein, Nubia intends to file relevant materials with the SEC, including a proxy statement (that includes a preliminary proxy statement, and when available, a definitive proxy statement). Promptly after filing its definitive proxy statement with the SEC, Nubia will mail the definitive proxy statement and a proxy card to each stockholder entitled to vote at the Special Meeting relating to the transaction. Nubia urges its investors, stockholders and other interested persons to read, when available, the proxy statement as well as other documents filed with the SEC because these documents will contain important information about Nubia, Honeycomb and the business combination. Once available, stockholders will also be able to obtain a copy of the proxy statement and other documents filed with the SEC without charge, by directing a request to: Nubia Brand International Corp., Attn: Jaymes Winters, 13355 Noel Rd, Suite 1100, Dallas, TX. The preliminary and definitive proxy statement, once available, can also be obtained, without charge, at the SEC’s website (

Participants in the Solicitation

Nubia and its directors and executive officers may be deemed participants in the solicitation of proxies from Nubia stockholders with respect to the proposed transaction. Information about Nubia’s directors and executive officers and a description of their interests in Nubia will be included in the proxy statement for the proposed transaction and be available at the SEC’s website ( Additional information regarding the interests of such participants will be contained in the proxy statement for the proposed transaction when available.

Honeycomb and its directors and executive officers also may be deemed to be participants in the solicitation of proxies from the stockholders of Nubia in connection with the proposed transaction. Information about the Company’s directors and executive officers and information regarding their interests in the proposed transaction will be included in the proxy statement for the proposed transaction.

No Offer or Solicitation

This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction and does not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation, exchange, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act.

Forward-Looking Statements

This press release contains certain statements that are not historical facts and are forward-looking statements within the meaning of the federal securities laws with respect to the proposed Transaction between Nubia and Honeycomb. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “think,” “strategy,” “future,” “opportunity,” “potential,” “plan,” “seeks,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties.

These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication, including but not limited to: (i) changes in domestic and foreign business, market, financial, political and legal conditions; (ii) the inability of the parties to successfully or timely consummate the proposed Transaction, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed Transaction or that the approval of the shareholders of Nubia or Honeycomb is not obtained; (iii) the outcome of any legal proceedings that may be instituted against Honeycomb or Nubia following announcement of the proposed Transaction; (iv) failure to realize the anticipated benefits of the proposed Transaction; (v) risks relating to the uncertainty of the projected financial information with respect to Honeycomb; (vi) risks related to the performance of Honeycomb’s batteries; (vii) the extent to which original equipment manufacturers may elect to pursue other battery cell technologies; (viii) risks related to the safety of Honeycomb’s high-capacity anode and high-energy solid-state battery technology, for which only preliminary safety testing has occurred and for which additional and extensive safety testing will need to occur prior to being installed in electric vehicles; (ix) risks related to any substantial increases in the prices for Honeycomb’s raw materials and components, some of which are obtained from a limited number of sources where demand may exceed supply; (x) consumers’ willingness to adopt electric vehicles; (xi) risks related to Honeycomb being an early-stage company with a history of financial losses that expects to incur significant expenses and continuing losses for the foreseeable future; (xii) the possibility that Honeycomb may require additional capital to support business growth, and that this capital might not be available on commercially reasonable terms or at all; (xiii) Honeycomb’s heavy reliance on owned intellectual property, which includes patent rights, trade secrets, copyright, trademarks, and know-how, and its ability to protect and maintain access to these intellectual property rights; (xiv) risks related to the intentional disruption, security breaches and other security incidents, or alleged violations of laws, regulations, or other obligations relating to data handling of Honeycomb’s technology and its website, systems, and data it maintains; (xv) the amount of redemption requests made by Nubia’s public stockholders; (xvi) the ability of Nubia or the combined company to issue equity or equity-linked securities in connection with the proposed transactions or in the future; (xvii) the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; (xviii) the impact of the global COVID-19 pandemic on Honeycomb, Nubia, the combined company’s projected results of operations, financial performance or other financial metrics, or on any of the foregoing risks; and (xix) those factors discussed in Nubia’s filings with the SEC and that will be contained in the proxy statement relating to the proposed Transaction.

The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that will be described in the “Risk Factors” section of the preliminary proxy statement and the amendments thereto, the definitive proxy statement, and other documents to be filed by Nubia from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and while Nubia and Honeycomb may elect to update these forward-looking statements at some point in the future, they assume no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Neither of Nubia or Honeycomb gives any assurance that Nubia or Honeycomb, or the combined company, will achieve its expectations. These forward-looking statements should not be relied upon as representing Nubia’s or Honeycomb’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Investor Relations Contact

Honeycomb Contact
Dr. Bor Jang
Chief Executive Officer
Honeycomb Battery Company
[email protected]

Nubia Contact
Jaymes Winters
Chief Executive Officer
Nubia Brand International Corp.
[email protected]

Thermal Management Webinar On Demand

Cell phones, laptops, EV car batteries and more can heat up fast! Heat dissipation is a challenge for manufacturers of consumer electronics, cars and other goods. Graphene is the key to keeping these products cool with its high thermal conductivity. 

Our team of experts at Global Graphene Group have developed a portfolio of thermal management products to help companies keep heat under control:

G3 is passionate about graphene and its applications. Graphene’s ability to dissipate heat is a key advantage to add to today’s commercial electronics, automotive, batteries, and more. G3‘s Dr. Matthew Wang and Nathan Holliday presented a recent webinar on graphene’s thermal management applications. Watch G3‘s on demand webinar here.  You can download the slides from the webinar here

Talk with our experts today and learn how graphene can handle your product’s thermal management needs. 

Now More Than Ever, We’re In This Together.

It feels as if we are all part of one world now more than ever. Everyone on our planet has been impacted by the COVID-19 pandemic to some extent. We have seen areas of our world that had years of air and water pollution clear up as people sheltered at home and subsequently lowered their carbon footprints.

As we celebrate Earth Day 2020, the Global Graphene Group team is dedicated to making sure we’re leaving this planet in a better place. Our manufacturing and research facilities in Dayton, Ohio, Taiwan and China are dedicated to responsible recycling and handling of our chemical waste. In Dayton, we partner with Resource One. The G3 Environmental, Health and Safety Committee (EHS) meets weekly to discuss open issues, policies and more. We’re committed to responsible manufacturing methods and ensuring we’re protecting our local environments. Read more about our Sustainability policy here.

The G3 team at our headquarters in Dayton, Ohio, is continuing to shelter in place per the State of Ohio’s order, and most other states across the US are also asking citizens to stay at home with non-essential businesses closed. We’re are working from home and doing everything possible to keep working with business as usual. We anticipate to return to the office on Monday, May 4, and plan to take precautions for our employees and visitors:

  • We will wear masks.
  • We will take everyone’s temperature when they arrive at the office.
  • We will continue to use teleconferencing and limit in-person meetings.
  • We will continue to step up our cleaning methods and keep social distancing practices.

We’re seeing an impact from our actions in keeping vigilant to protect ourselves against COVID-19. And we look forward to returning to our “new normal,” working to make graphene-enhanced solutions that will help make the world a cleaner, greener place. Happy Earth Day 2020!

Next Generation Graphene Technology – Today

“The sample (Graphene/Sulfur Composite) is the best one we have ever tested.”

“(We’ve) tried other graphene suppliers and found that G3 is the only supplier that offers single layer graphene oxide that works best for their application.”

Graphene is known as the “wonder material,” and major OEMs are turning to Global Graphene Group (G3) to help them improve their product offering. From EV battery solutions to thermal management products, graphene can improve automobiles performance and durability.

G3 knows graphene – our co-founder, Dr. Bor Jang, filed the first patent on graphene in 2002. We’re the market leader in mass producing graphene and graphene-enhanced products. And we’ve worked with many of the major OEM’s to solve their energy storage and thermal management problems. Automotive manufacturers are teed up to leverage graphene’s benefits.

A challenge for OEMs is EV battery capabilities. Current EV batteries are expensive, and limited in their mileage per charge, their energy density, their battery life, their safety and their recharge time. For example, a major EV passenger car has a battery pack with ~250 Wh/kg of energy density, takes over 30 minutes to charge just to 80% and costs about $120/kWh. 

G3’s EV battery solutions can solve these problems:

“Our EV products are truly game changers,” said Dr. Aruna Zhamu, President of Honeycomb Battery Company, a subsidiary of G3. “We can help EV vehicles stay on the road longer, make them more affordable and make sure they’re safe.”

Another area OEMs are focused on is heat management. G3’s thermal heat spreaders are drop-in solutions made of single layer graphene and are highly engineered to achieve a variety of thickness needs for different applications, like display screens. They’re easy to handle and die cut into many shapes, making them a nice replacement of thermal paste product to avoid messiness and improve process convenience. Durable and stable, our heat spreaders are long-lasting at temperature range of -40 to 400oC.

Graphene thermal coating material has many beneficial characteristics: high temperature resistance, fast rate of heat spreading, high thermal conductivity, high heat radiation, insulation, corrosion resistance, and resistance to strong acids and alkalis. G3‘s graphene thermal coatings are specifically designed for use with radiant, bulk heat source. And, with its adhesion and processing properties, G3’s thermal coatings are suitable for a wide range of applications.

Ghas developed a series of graphene-based composites for heat dissipation purposes. Sample testing trends show both tensile strength and thermal conductivity are improved as the concentration of graphene in the composite increases. It is a perfect solution for casing applications to housing power modules and battery packs. G3 prepares masterbatches for customers with maximum graphene concentration.

“Our graphene-enhanced thermal solutions have so many applications for OEMs,” said Adam Quirk, President of Taiwan Graphene Company, a subsidiary of G3. “It’s amazing what graphene can accomplish. We’re excited to partner with our customers on their next generation products.” 

Global Graphene Group Adds Second REACH-Certified Product

Global Graphene Group (G3) has finalized certification for its second product with the European Union’s Registration, Evaluation, Authorization and Restriction of Chemicals (REACH).

G3’s Gi-PW-B050 (N002-PDR), a high-density single layer of graphene oxide with low oxygen content on its surface and high surface area, has achieved the REACH certification. G3 is registered with REACH to ship one to 10 metric tons of its N002-PS product into the EU annually with C.S.B. GmbH., the only representative for G3 in the EU. The REACH certification for this product secures G3 the right to market the product in Europe.

REACH is a regulation of the European Union, adopted to improve the protection of human health and the environment from the risks that can be posed by chemicals, while enhancing the competitiveness of the EU chemicals industry. It also promotes alternative methods for the hazard assessment of substances in order to reduce the number of tests on animals. REACH establishes procedures for collecting and assessing information on the properties and hazards of substances.

G3 is also a proud member of the REACH graphene consortium, taking an active role in how graphene solutions are handled in Europe.

“The addition of this product being REACH certified will help us ramp up our business in Europe,” said Adam Quirk, Global President of Taiwan Graphene Company for G3. “I’m proud of our team’s continued work and focus to get more of our products REACH certified.”

As the leader in the graphene industry, Global Graphene Group adheres to strict environmental, health and safety procedures. G3 has a dedicated internal team focused on environmental, health and safety impacts of our manufacturing for our employees, our customers and our local communities. Read about Global Graphene Group’s Sustainability Policy at

REACH aims to improve the protection of human health and the environment through the better and earlier identification of the intrinsic properties of chemical substances. This is done by the four processes of REACH, namely the registration, evaluation, authorization and restriction of chemicals. REACH also aims to enhance innovation and competitiveness of the EU chemicals industry. More about REACH:

About Global Graphene Group

Global Graphene Group, Inc. (G3) is a leading material science technology and product solutions company focused on graphene. It has an award-winning, best-in-class intellectual property portfolio with more than 430 patents and applications. In addition, G3 holds many of the world’s firsts in graphene-related breakthroughs that have resulted in cutting edge products. G3, headquartered in Dayton, Ohio, is the holding company for a variety of subsidiaries. Taiwan Graphene Company is the largest volume producer of single-layer graphene globally. It is focused on high volume production of graphene raw materials, enhanced thermal interface materials (films, pastes, inks), and nanocomposite products (both thermoplastics and thermosets). Honeycomb Battery Company is focused on commercializing next generation lithium ion battery electrodes, battery performance solutions enhanced with graphene, and improved battery reliability performance. It produces graphene-wrapped nano silicon particles to improve anode stability, prelithiation to reduce capacity loss, significant cost reduction in cost of goods, and has the world’s largest silicon anode production line in the US.

Media Contact:
Amy Maggart – Corporate Communications Administrator
Global Graphene Group
Tel: (937) 331-9884 ext. 10
[email protected]