COMPANY PROFILE / NANOTECHNOLOGY
HydroGraph
A Texas-based materials company that makes "fractal" graphene from 20-50 nm flakes by detonating acetylene and oxygen
HydroGraph Clean Power (HydroGraph) is a nanomaterial producer that detonates a mixture of acetylene and oxygen in a reactor (an explosive combustion reaction) to synthesize graphene with 99.8% carbon content without using graphite. The method was discovered at Kansas State University (KSU), and the company says it holds an exclusive worldwide licence. Its products are Fractal Graphene (product number FGA-1) and, since June 2026, the water-based Fractal Graphene Paste (20 wt% graphene). It is listed on the CSE in Canada (HG) and the OTCQB in the US (HGRAF); as of October 2026, no listing on Nasdaq or another U.S. exchange could be confirmed. Sales in the first nine months of its fiscal year to September 2026 were US$117,261 and the net loss was US$11.4 million, so the business is still at an early stage. Since November 2025 alone it has raised more than C$120 million (about US$87 million) in equity, and it has announced a U.S. EPA order on its premanufacture notices (effective 20 February 2026), EU and UK REACH registrations and a plan for a new plant in Texas. Drawing on the company's MD&A (management's discussion and analysis), financial statements, technical data sheets, press releases, shareholder circular and the U.S. Federal Register, this article sets out what could be confirmed and what could not.
- At a glance: HydroGraph and its place in nanotechnology
- Logo and naming
- Where the company sits in nanotechnology
- Company scale
- Resources committed to nanotechnology
- Track record
- Plans
- What the company is aiming for in nanotechnology
- Partnership map for nanotechnology
- Technologies, products and services
- Risks
- Glossary
- References
- Claim-to-source audit
1. At a glance: HydroGraph and its place in nanotechnology
(2101 E St. Elmo Road)Full opening of the Texas headquarters announced in August 2026. Earlier site: Manhattan, Kansas
OTCQB: HGRAFNo listing on Nasdaq or another U.S. exchange could be confirmed. A special meeting on 29 October 2026 will consider a proposed redomicile to a Delaware company
(graphene)Supplies a powder and a water-based paste; does not make end products
from acetylene detonationNo graphite used. Primary flakes 20-50 nm across, about 6 layers on average (manufacturer's stated value)
New plant: about 360 t/year (plan)The Bellville plant is targeted for the first half of 2027; not yet confirmed
(not found in these materials)Salaries were US$3.09 million for the nine months (US$1.26 million a year earlier)
HydroGraph has a different production route from most graphene makers: it makes graphene from gas by detonation, with no graphite, and the product is "nano-sized flakes in aggregates". In the company's data sheet, the primary flakes are 20-50 nm across and about 3 nm thick (about 6 layers on average), with 99.8% carbon content (by TEM, X-ray diffraction and elemental analysis) Sourced. However, sales are still very small (US$117,261 in nine months), and most of the numbers (a rated 10 t a year, about 360 t a year at the new plant, more than 80 customer programs) are company stated figures or plans. The stock that could be confirmed was 344 kg of FGA-1 in August 2026 Not yet confirmed.
2. Logo and naming
The logo is the one shown in the header of the company's official website (hydrograph.com): a hexagonal symbol with the word "HYDROGRAPH". It is taken as it is. It has not been recreated with generated images.
Naming: the listed entity is HydroGraph Clean Power Inc.; the shorter name HydroGraph is also used. Fractal Graphene, FGA-1 and Fractal Graphene Paste are product names, separate from the company name. If shareholders approve at the special meeting of 29 October 2026, the proposal is for a new parent, HydroGraph Inc. (Delaware); the current company has not been changed.
Official site: https://hydrograph.com/3. Where the company sits in nanotechnology
HydroGraph's primary type is nanomaterial producer, with no secondary type. It makes no finished products, only powders and pastes. The core is graphene made as aggregates of nano-flakes by acetylene detonation. What could be confirmed in the company's materials is as follows.
| Material / product | Where it stands at HydroGraph | Primary sources confirmed | Status |
|---|---|---|---|
| Fractal Graphene Aggregate (FGA-1) | The core product. A dry black powder: aggregates of nano-flakes of turbostratic graphene of about 6 layers. One reactor is rated at 10 t a year (company statement) | Data sheet, MD&A | Sourced (company description) |
| A grade of about 32 layers; RGA-COOH-1 (with carboxyl groups) | The investor presentation shows a grey powder about 10 nm thick (about 32 layers) and a hydrophilic powder with carboxylic acid groups. The EPA order covers two substances, of 3-9 layers and about 32 layers. Stock of RGA-COOH-1 was 28 kg | Investor presentation, MD&A, Federal Register | Sourced (company description) |
| Fractal Graphene Paste (water-based paste) | Launched 29 June 2026. 20 wt% graphene, D50 about 35 nm, shelf life over two years (company statement). Presented at an exhibition on 8 July 2026, with more than 30 accounts sampling, per the company | Press release, data sheet | Sourced (company description) |
| Uses in resins, coatings, cement, lubricants, batteries and more | The company says it has more than 80 customer programs (from kilogram scale to demand potentially in the thousands of tonnes a year). Most customer names are not disclosed. Certification of compounding partners (Hubron, Broadway Colours, Modern Dispersions, Midland) is under way | Investor presentation, press releases | Sourced / sales not confirmed |
| Hydrogen and syngas production | Documents mention the process can be used in "both the graphene and hydrogen spaces", but sales of hydrogen or syngas could not be confirmed ("Clean Power" in the name is a legacy and not the current main business) | Website, MD&A | Not yet confirmed |
4. Company scale
HydroGraph reports in U.S. dollars and its fiscal year ends on 30 September. The most recent period is the nine months to 30 June 2026 (MD&A dated 27 August 2026) Sourced.
| Item (US$) | First nine months of FY2026 | FY2025 (full year) |
|---|---|---|
| Sales | 117,261 (prior-year period 42,294) | 43,051 |
| Net loss | 11,433,259 (prior-year period 3,637,078) | 8,149,292 |
| Adjusted loss (non-IFRS measure; company definition) | 7,433,729 (excluding amortization, depreciation, lease cost and share-based compensation) | - |
| Cash used in operating activities | 6,946,844 | 4,759,607 |
| Cash (end of period) | 39,135,574 (30 June 2026) | 8,737,793 (30 September 2025) |
| Total assets / total liabilities / equity | 47,761,493 / 3,275,941 / 44,485,552 | - |
| Shares outstanding | 350,576,398 (30 June 2026) | - |
| Item | What was confirmed |
|---|---|
| Financing (November 2025 to August 2026) | November 2025: C$20.0 million (LIFE private placement). March 2026: C$30.0 million (same). 25 August 2026: C$70.38 million (about US$50.9 million; a bought deal, underwriter Canaccord Genuity, C$6.80 a unit with warrants, after being upsized). The total is more than C$120.4 million (about US$87 million) Our calculation |
| Shareholders and market value | The company's investor presentation (August 2026) shows a market capitalization of C$2.09 billion as of 26 June 2026 and 379.9 million fully diluted shares. This is far from sales achieved so far, and this article does not judge the market's valuation |
| Going concern | The FY2025 MD&A disclosed "a material uncertainty about the ability to continue as a going concern". The MD&A for the nine months to 30 June 2026 says "there can be no certainty" that cash and proceeds will cover all requirements; whether the earlier wording has been lifted could not be confirmed |
| Management changes | CEO: Kjirstin Breure (President and CEO). John Neale became CFO in February 2026 and left in May (the MD&A says "terminated"); Matt Anderson became interim CFO. Dr. Suhao Li became CTO in June 2026. A government, aerospace and defense division was created |
| Change of auditor | MNP LLP resigned on 12 August 2026 (the company says because of its headquarters relocation to the US). Grant Thornton LLP was appointed on 21 August. The company states there were no modified opinions in the last two years and no reportable events |
| Employees | The headcount could not be confirmed. Salaries were US$3,090,544 for nine months (US$1,258,770 a year earlier), which the company attributes to hiring |
HydroGraph's revenue is small, and most of the growth in the net loss comes from salaries, professional fees and share-based compensation (US$3.16 million of share-based compensation in nine months). The "adjusted loss" the company shows is a non-IFRS measure that excludes some of these items. In the quarter to September 2025 the company also recorded an expense for settling a commercial dispute by issuing 750,000 shares (C$2.925 million, US$2.10 million); the counterparty could not be confirmed Sourced.
5. Resources committed to nanotechnology
The table sorts what could and could not be confirmed under four headings: people, money, outside investments and academia or public funds.
| Item | What was confirmed | Status |
|---|---|---|
| People (R&D sites and staff) | Headquarters and development site: Austin, Texas. Application work is also done at the University of Manchester's Graphene Engineering Innovation Centre (GEIC), where the company moved from Tier 2 to Tier 1 in January 2026. The technical advisory board includes a former head of the GEIC. Headcount and the number of researchers could not be confirmed | Sourced / not confirmed |
| Money (R&D spending and capital spending) | Research costs for nine months: US$407,316. Capital spending: cash used in investing activities was US$2.73 million for nine months (mainly US$1.40 million of leasehold improvements at the Austin headquarters). For the new Bellville plant, about US$5-6 million for the building plus about US$2 million for six reactors (company estimate; the investor presentation says about US$8 million). From the August 2026 raising, US$11.25 million is planned for expanding the Texas headquarters and manufacturing facilities | Sourced / new plant is Not yet confirmed |
| Outside investments, acquisitions, joint ventures, divestitures | No investment, acquisition, joint venture or divestiture by HydroGraph itself could be confirmed. Licence taken in: an exclusive worldwide licence from KSU (licence maintenance was US$364,304 for nine months). A commercial dispute was settled in shares in 2025 | Sourced / not confirmed (own investments) |
| Universities, institutes and public funds | Kansas State University (KSU): source of the technology and licensed patent; the founding scientist, Dr. Chris Sorensen, is on the team. GEIC, University of Manchester: joint research (begun September 2023, extended October 2024). No specific public funding could be confirmed. The company says that in September 2023 the U.S. NIOSH audited its facility and its final report found operation "well within safe operating parameters" | Sourced / public funding not confirmed |
Status of main production facilities
All capacities are the company's ratings or plans. Actual output, utilization and yields are not published.
| Facility | Location | Scale (stated) | Stage | Date and source |
|---|---|---|---|---|
| First commercial Hyperion reactor | Manhattan, Kansas | Rated at 10 t/year. In May 2023 the company announced reaching an annualized rate of 10 t. The FY2025 MD&A says the valves, igniters and electrodes must be made robust enough for continuous operation, and that it cannot guarantee improved reliability | Operating (reliability being improved) | MD&A (FY2025 and nine months to June 2026) |
| Reactors at the Austin headquarters (for development) | Austin, Texas | Three reactors, up to 30 t/year in total (from September 2026, after work on acetylene storage and other items). Construction of two more reactors began in January 2026 | Being installed and commissioned. Operation in September 2026 could not be confirmed | Press releases (July and August 2026), MD&A |
| Bellville plant (first large-scale plant) | Bellville, Texas | Initial building of about 40,000 sq ft, about 360 t/year (six reactors; with later expansion to 12 reactors and more than 750 t/year in about 80,000 sq ft). Building about US$5-6 million plus reactors about US$2 million | Planned (construction to start after permitting and site preparation; opening targeted for the first half of 2027). Not yet confirmed | Press release (14 July 2026) |
| Feedstock supply | Western International Gas & Cylinders (the same Bellville site) | Acetylene piped directly (initial ten years, with renewal options). Land under a long-term lease | Agreements signed (14 July 2026) | Press release (14 July 2026) |
| Inventory | - | 344 kg of FGA-1 and 28 kg of RGA-COOH-1 (as of 27 August 2026; already expensed) | - | MD&A |
6. Track record
| When | What happened | What it means |
|---|---|---|
| 2014 and 2016 | Dr. Chris Sorensen (KSU) discovered detonation synthesis (2014). A patent for high-yield graphene production followed (2016) | The origin of the technology |
| 2017 | HydroGraph was formed (26 June) and took an exclusive licence to KSU's technology | The start of commercializing it |
| 2021 | A private placement of 7.5 million (the website does not state the currency). Construction began in Manhattan, Kansas, on a production and application development facility. Listed on the CSE | Becoming a public company |
| May and September 2023 | A commercial-scale Hyperion reactor reached an annualized 10 t (May). NIOSH audited the site (September). Joint research with the GEIC began (September) | Demonstrated manufacturing and a safety check (company statements) |
| 2024-2025 | Shifted strategy from on-site production at customers to centralized production. C$3.8 million private placement in December 2024. ISO 9001:2015 certification in February 2025 | The move toward commercialization |
| September 2025 | A commercial dispute was settled with 750,000 shares | Expense recognized |
| November 2025 to March 2026 | C$20 million and C$30 million private placements. On 20 February 2026 the EPA's TSCA order (P-24-86 and P-24-87) took effect. EU and UK REACH registrations announced. In March, a letter of intent with Sparc Technologies | Progress in funding and regulation |
| April-June 2026 | The Austin headquarters opened (April; full opening in August). New CTO and a government and defense division. Fractal Graphene Paste launched on 29 June | U.S. base and a new product |
| July-September 2026 | 14 July: agreements with Western International for feedstock and land. 25 August: C$70.38 million raised. 12 August: the auditor resigned, and Grant Thornton was appointed on 21 August. 21 September: the redomicile circular was published | Preparing for a large plant, and a corporate restructuring |
7. Plans
targeted to open in H1 2027Construction is to start after permitting and site preparation. The timing of a final investment decision could not be confirmed
from September 2026Expected after construction work. Actual operation could not be confirmed
29 October 2026A proposal for a Delaware company, HydroGraph Inc., to become the new parent. Needs shareholder, regulatory and court approvals
supply agreement within 2026The company's expectation. Counterparties and volumes are not disclosed
The company plans to use the funds raised for expanding its Texas headquarters and manufacturing facilities, business development, research and commercialization, developing the U.S. government and defense market, regulatory and certification work, and intellectual property (the August 2026 breakdown includes US$11.25 million for the Texas expansion and US$5.75 million for business development) Not yet confirmed. It is also lobbying the U.S. government to designate graphene a critical material under the Defense Production Act (the company's position; whether any designation has been made could not be confirmed).
None of the following appears in the primary sources, or it could not be confirmed Not yet confirmed.
Headcount / actual annual output and utilization of the reactors / sales by customer, and customer names / any plan to list on Nasdaq or another U.S. exchange / the result of the redomicile vote (the 29 October 2026 meeting has not been held) / the final investment decision and construction start for the Bellville plant / a target date for profitability / completion of the "final administrative actions" mentioned for the EPA order / the terms of the KSU licence (such as royalties).
8. What the company is aiming for in nanotechnology
This section includes points the company does not state directly. They are given as inferences drawn from the primary sources, with the basis.
| What can be read | Primary basis | Status |
|---|---|---|
| It uses the production method itself as its source of differentiation, with domestically sourced acetylene and no graphite as selling points | Website and investor presentation: detonation synthesis, no graphite, manufacture from U.S.-sourced hydrocarbon gases | Sourced (company description) |
| From 2024 it shifted from making graphene at customers' sites to a centralized plant | MD&A: moved away from on-site production toward centralized production in the US, close to the feedstock | Sourced (company description) |
| It is moving the product toward forms that are easy to use (paste, compounding partners) to lower the barrier to adoption | Paste launch, certification of compounding partners (Hubron, Broadway Colours, Modern Dispersions, Midland) | Sourced (company description) / Inference |
| It sees the U.S. government and defense market and a "domestic supply chain" as a pillar of future demand | A new government, aerospace and defense division, lobbying for critical-material status, and the stated reasons for the redomicile | Inference |
The reason for reading the paste and the compounding partners as a way to lower the barrier to adoption is the company's own explanation. In its June 2026 paste announcement, the company says graphene powders are hydrophobic and tend to agglomerate in water-based systems, which calls for specialized equipment, high-energy mixing and extensive formulation work, and that "dispersion is where many graphene projects succeed or fail". It is selling a 20 wt% paste as a product that can be put into water-based formulations with standard mixing equipment. For resins, it is certifying existing compounders (Hubron, Midland and others) to work the material into forms customers can use. This is our reading of how the primary statements fit together; whether future sales will center on the paste or on compounding partners cannot be confirmed Not yet confirmed.
9. Partnership map for nanotechnology
HydroGraph's relationships center on feedstock supply (Western International), processing partners that make the material easier to use, and the licensor of the technology (KSU), the surroundings of a materials maker. On the other hand, the names of end customers and the size of contracts can hardly be confirmed from official materials Not yet confirmed.
10. Technologies, products and services
The following draws on the company's technical data sheets, investor presentation and press releases. The figures are the manufacturer's stated values, with the test method given alongside. They do not show superiority over any other maker's product Sourced.
| Item (FGA-1) | Manufacturer's stated value | Test method (as the company states it) |
|---|---|---|
| Share of sp²-bonded carbon | 100% sp² | Raman spectroscopy, X-ray photoelectron spectroscopy (XPS) |
| Defect indicator (D/G ratio) | 0.68 (G band width 39 cm⁻¹) | Raman spectroscopy (532 nm) |
| Number of layers (mean) / thickness (z axis) | 6 layers / 3±0.5 nm | X-ray diffraction |
| Lateral size of primary particles / aspect ratio | 20-50 nm / 1:15 | Transmission electron microscopy (TEM) |
| Carbon / oxygen content | 99.8% / 0.2% (no impurities; no functional groups detected) | Elemental (chemical) analysis |
| Specific surface area | 130-180 m²/g | BET method |
| Bulk density | 70-100 mg/mL | Manual tapping |
| Electrical conductivity | 100-300 S/m (depends on how much the powder is compressed) | No detailed method in the data sheet |
| Thermal stability | No volatiles up to 700°C in nitrogen. Stable to 544°C in air (Tmax 725.5°C) | Thermogravimetric analysis (TGA) |
| Zeta potential | About +13 mV (deionized water, pH about 6.7) | Zeta potential measurement |
The water-based Fractal Graphene Paste is FGA-1 at 20 wt% (24 wt% total solids) dispersed in deionized water with an anionic dispersant. Zeta potential is -45 mV, pH 8-9, particle size D90 under 500 nm, D50 35 nm and D10 15 nm (dynamic light scattering, DLS), viscosity 0.014-0.051 Pa·s, and shelf life 24 months unopened at 10-30°C (data sheet).
| Use | Company claim (investor presentation) | Caution |
|---|---|---|
| Lubricants | 70% less wear and a 55% lower friction factor | Base oil, conditions and test standard are not given |
| Coatings | Acrylic: more than 1,120 hours of blister-free salt-spray resistance and 18% higher adhesion. Epoxy primer: 39-60% less creepage during up to 1,680 hours of salt spray | Test standards and film thickness are not given |
| Cement and concrete | The same 28-day compressive strength with 20% less cement; early-age strength up 24% | Mix design and loading are not given |
| Batteries | Up to 38% better rate capability in lithium-ion batteries; 47% higher charge acceptance in lead-acid batteries | Cell type and conditions are not given |
| Elastomers and coolants | Tensile strength up 17% in nitrile rubber; thermal conductivity up 15% in water/propylene glycol at 50°C | Loading and method are not given |
(1) The route: detonating acetylene and oxygen turns carbon into nano-flakes in one step. The company's method puts a mixture of acetylene (C₂H₂) and oxygen into a reactor and ignites it with a small spark; the detonation yields carbon as nano-flakes of a few layers of graphene (company description). Because it does not exfoliate graphite, the company says it is less likely to carry graphite-derived impurities. The data sheet gives 99.8% carbon, 0.2% oxygen and no impurities (an elemental analysis value). See our explainer on graphene.
(2) Not separate flakes but aggregates. The primary particles are 20-50 nm across and about 3 nm thick (about 6 layers on average), but in the powder they form fractal aggregates (radius of gyration about 150 nm). The BET surface area is 130-180 m²/g, smaller than the theoretical value for single-layer graphene (about 2,600 m²/g, as given in the company's presentation), which fits flakes stacking and clumping (a general explanation). The company says that being much smaller than typical graphenes of 0.5-100 µm is the key to forming a path for electricity or heat (percolation) at a low loading. The comparison conditions behind its "10-100 times lower loading" could not be confirmed in public materials.
(3) How to read "few defects" against a D/G ratio of 0.68. The Raman D/G ratio is used as a rough indicator of crystal defects, and a larger value generally means more defects or edges. The company explains in its data sheet that the D/G value is on the high side because nanoscale flakes have a high proportion of edges, and edges strengthen the D band. In other words, its position is that the value reflects the small particle size rather than many in-plane defects. No third-party material verifying this reading could be found. Also, a grade of about 32 layers (P-24-87) would generally be classified in standard terminology not as "graphene" but nearer to multi-layer flakes (graphene nanoplates) (a general explanation by this article; the EPA notice name is "graphene, turbostratic, ~32 layers").
(4) The powder is hydrophobic, and dispersion is the challenge. The company itself explains that FGA-1 is a hydrophobic black powder with a low bulk density (70-100 mg/mL) that tends to clump in water-based systems. The 20 wt% paste uses an anionic dispersant to create electrical repulsion (zeta potential -45 mV) and keep it stable in water. The type and amount of dispersant are not public, and compatibility with customers' formulations (especially those with cationic additives or high ionic strength) would have to be evaluated on the customer side (inference). See also our explainers on the definition and regulation of nanomaterials and on polymer blends and fillers.
11. Risks
| Risk | Details | Status |
|---|---|---|
| Ramp-up of sales | Sales for nine months were US$117,261. The company says it has more than 80 customer programs, but it is at the stage of "first commercial agreements", and customer names and contract sizes are not disclosed. The market capitalization (C$2.09 billion in June 2026) is far from sales achieved, so expectations appear to run ahead of results | Sourced (company description) |
| Reliability and scale of manufacturing | The first reactor is rated at 10 t a year, but the company discloses that valves, igniters and electrodes must be improved for continuous operation, and that it cannot guarantee improvement. The three Austin reactors and the six at the new plant are still to come, and stock was 344 kg in August 2026. Permits and safety reviews for a detonation-based process are also needed | Sourced / Not yet confirmed |
| Regulatory conditions | The EPA's TSCA order (P-24-86 and P-24-87, effective 20 February 2026) cites concerns about lung effects (lung overload) and systemic effects and requires prevention of inhalation exposure, no use in consumer products, respirators (APF of at least 50; at least 1,000 for spray application and similar cases), no release to water and hazard labelling. The Federal Register of 30 July 2026 carries a proposal to turn this into a significant new use rule (SNUR; comments until 31 August). Use in batteries, electronics and energy storage is limited to cases where the amount in the electrode does not exceed a percentage stated in the order (not public) | Sourced (Federal Register) / making it a rule is a proposal |
| Corporate restructuring | A special meeting on 29 October 2026 will consider redomicile to a Delaware company. It needs shareholder, regulatory and court approvals and could fail or be delayed. The circular says the announcement and the process could affect relationships with partners and employees | Sourced (circular) / Not yet confirmed |
| Finance and governance | The FY2025 report disclosed a material uncertainty about going concern. The auditor resigned in August 2026 (the company says because of the U.S. relocation), the CFO changed within a short time, share-based compensation has risen sharply, and a commercial dispute was settled in shares | Sourced |
| Dependence on a licence | The business rests on the exclusive licence to KSU's patented technology. The terms (royalties, period and so on) could not be confirmed in public materials | Not confirmed |
| Feedstock and location | Acetylene supply depends on one company, Western International (initial ten years). Safe operation of the Bellville pipeline and plant is a precondition | Sourced / Inference |
| Dependence on policy | The business plan is set against policy tailwinds such as designating graphene a critical material and a national strategy, but whether such policy will be realized is not settled | Sourced (company description) / Not yet confirmed |
| Competitors and substitutes | Competition from other graphene companies and from substitutes such as carbon black and carbon nanotubes. The company's materials give no competitor figures, and this article does not assess them | Inference |
12. Glossary
- Detonation synthesis
- A method that ignites a combustible gas in a closed reactor so that it reacts all at once with a shock wave. HydroGraph uses acetylene and oxygen.
- Turbostratic
- A structure in which graphene layers do not stack in the regular order of graphite but are stacked with a shift between them.
- Fractal aggregate
- A self-similar cluster in which small particles join in a branching pattern.
- D/G ratio
- The intensity ratio of the D band to the G band in Raman spectroscopy; a rough indicator of crystal defects and edges.
- BET surface area
- The surface area of a powder (m²/g) found from gas adsorption.
- Zeta potential
- A value showing the electrical character of the surface of particles in a liquid. The larger its magnitude, the more the particles repel each other and the easier they are to disperse.
- Dynamic light scattering (DLS)
- A method of measuring particle size in a liquid from fluctuations in scattered light.
- TSCA order, PMN, SNUR
- Under U.S. law, the EPA's order on a premanufacture notice (PMN) for a new chemical, and the significant new use rule (SNUR) that extends it more widely.
- REACH
- The EU (and UK) chemicals regulation. Registration is required according to the volume made or imported.
- LIFE private placement / bought deal
- Canadian financing methods. The first is a simplified private placement; the second is a public offering in which a dealer buys the entire amount.
- Redomicile
- Moving a company's home entity to another country or state. HydroGraph proposes to move to a Delaware company.
- Manufacturer's stated value / company claim
- A performance value or description given by the maker itself. Without test conditions and version, it cannot be compared with other products.
13. References
- HydroGraph Clean Power Management Discussion and Analysis for the nine months ended June 30, 2026 (dated 27 August 2026, in U.S. dollars). Business, results, financing, regulation. https://hydrograph.com/wp-content/uploads/2026/08/HG_MDA_Q3_2026-06-30.pdf
- HydroGraph Clean Power Condensed Interim Consolidated Financial Statements for the nine months ended June 30, 2026. Balance sheet, shares, notes. https://hydrograph.com/wp-content/uploads/2026/08/HG_FS_Q3_2026-06-30.pdf
- HydroGraph Clean Power Management Discussion and Analysis for the year ended September 30, 2025. Full-year results, going concern, technical challenges. https://hydrograph.com/wp-content/uploads/2026/02/HG_MDA_YE_2025-09-30.pdf
- HydroGraph Clean Power Investor Presentation, August 2026. Products, sites, customer numbers, use-by-use claims, capital structure. https://hydrograph.com/wp-content/uploads/2026/08/HG_IR-DECK_July-2026-07232026.pdf
- HydroGraph FGA-1 Fractal Graphene Aggregate Technical Datasheet (11 September 2025, Version 4). Properties and test methods. https://hydrograph.com/wp-content/uploads/2024/06/TDS_FGA-1_01072026.pdf
- HydroGraph FGP-2000-AQ-1 Fractal Graphene Paste Technical Datasheet (30 June 2026). https://hydrograph.com/wp-content/uploads/2026/06/TDS_Fractal-Graphene-Paste-V6_30062026.pdf
- HydroGraph Clean Power Notice and Management Information Circular (dated 16 September 2026). Proposed redomicile to a Delaware company; special meeting on 29 October 2026. https://hydrograph.com/wp-content/uploads/2026/09/HG-Notice-and-Management-Information-Circular.pdf
- HydroGraph (GlobeNewswire) HydroGraph and Western International Sign Agreements for Planned Texas Graphene Manufacturing Facility (14 July 2026). https://www.globenewswire.com/news-release/2026/07/14/3326908/0/en/hydrograph-and-western-international-sign-agreements-for-planned-texas-graphene-manufacturing-facility.html
- HydroGraph (GlobeNewswire) HydroGraph Hosts Congressman John Carter to Celebrate New Texas Headquarters … (11 August 2026). https://www.globenewswire.com/news-release/2026/08/11/3342561/0/en/hydrograph-hosts-congressman-john-carter-to-celebrate-new-texas-headquarters-showcases-america-s-emerging-domestic-supply-of-ultra-pure-graphene.html
- HydroGraph (GlobeNewswire) HydroGraph Announces Upsize of Previously Announced Bought Deal Offering to C$61 Million (18 August 2026). https://www.globenewswire.com/news-release/2026/08/18/3346847/0/en/hydrograph-announces-upsize-of-previously-announced-bought-deal-offering-to-c-61-million.html
- HydroGraph (GlobeNewswire) HydroGraph Announces Filing and Mailing of Management Information Circular for Special Meeting of Securityholders Regarding Proposed Redomicile to the United States (21 September 2026). https://www.globenewswire.com/news-release/2026/09/21/3365416/0/en/hydrograph-announces-filing-and-mailing-of-management-information-circular-for-special-meeting-of-securityholders-regarding-proposed-redomicile-to-the-united-states.html
- HydroGraph (GlobeNewswire) HydroGraph Announces Change of Auditor (31 August 2026). https://www.globenewswire.com/news-release/2026/08/31/3353210/0/en/hydrograph-announces-change-of-auditor.html
- HydroGraph (GlobeNewswire) HydroGraph Launches Fractal Graphene Paste, Eliminating a Key Barrier to Commercial Graphene Adoption (29 June 2026). https://www.globenewswire.com/news-release/2026/06/29/3318992/0/en/hydrograph-launches-fractal-graphene-paste-eliminating-a-key-barrier-to-commercial-graphene-adoption.html
- HydroGraph (GlobeNewswire) HydroGraph Provides Update on Expanded U.S. Federal Government and Defense Focus, Calls for Graphene to Be Designated a Critical Material (23 July 2026). https://www.globenewswire.com/news-release/2026/07/23/3332166/0/en/hydrograph-provides-update-on-expanded-u-s-federal-government-and-defense-focus-calls-for-graphene-to-be-designated-a-critical-material.html
- HydroGraph (GlobeNewswire) HydroGraph Certifies Midland as U.S. Compounding Partner for Advanced Graphene Polymer Applications (7 July 2026). https://www.globenewswire.com/news-release/2026/07/07/3323088/0/en/hydrograph-certifies-midland-as-u-s-compounding-partner-for-advanced-graphene-polymer-applications.html
- U.S. EPA / Federal Register Significant New Use Rules on Certain Chemical Substances (26-4) (proposed rule, 30 July 2026, document 2026-15352). Covers the TSCA Orders for P-24-86 and P-24-87 (effective 20 February 2026). https://www.federalregister.gov/documents/2026/07/30/2026-15352/significant-new-use-rules-on-certain-chemical-substances-26-4
- U.S. EPA / Federal Register Certain New Chemicals; Receipt and Status Information for September 2024 (23 October 2024, document 2024-24503). Receipt of P-24-0086A and P-24-0087A (HydroGraph). https://www.federalregister.gov/documents/2024/10/23/2024-24503/certain-new-chemicals-receipt-and-status-information-for-september-2024
- HydroGraph Company website, About. History, origin of the technology (Kansas State University), 2026 developments. https://hydrograph.com/about/
- HydroGraph Company website, Technology. Description of detonation synthesis and the Hyperion system. https://hydrograph.com/technology/
- HydroGraph Company website, home page (source of the logo image and listing details). https://hydrograph.com/
14. Claim-to-source audit
| Claim in the text | Status | Source |
|---|---|---|
| Company overview (British Columbia company, formed 26 June 2017, business, CSE: HG, OTCQB: HGRAF), head office (Austin), KSU exclusive licence, annualized 10 t in May 2023, stock of 344 kg and 28 kg | Sourced (company description) | Reference 1, 18, 19 https://hydrograph.com/wp-content/uploads/2026/08/HG_MDA_Q3_2026-06-30.pdf https://hydrograph.com/about/ https://hydrograph.com/technology/ |
| Nine-month sales, net loss, cash, investing and financing cash flows, adjusted loss, management compensation, change of auditor, quarterly sales | Sourced | Reference 1, 2 https://hydrograph.com/wp-content/uploads/2026/08/HG_MDA_Q3_2026-06-30.pdf https://hydrograph.com/wp-content/uploads/2026/08/HG_FS_Q3_2026-06-30.pdf |
| FY2025 sales, net loss, going-concern uncertainty, settlement of a commercial dispute, reactor reliability challenges, cash | Sourced | Reference 3 https://hydrograph.com/wp-content/uploads/2026/02/HG_MDA_YE_2025-09-30.pdf |
| Total assets, liabilities and equity, shares outstanding, share-based compensation, the 750,000-share settlement | Sourced | Reference 2 https://hydrograph.com/wp-content/uploads/2026/08/HG_FS_Q3_2026-06-30.pdf |
| Market capitalization of C$2.09 billion, fully diluted shares, 80+ customer programs, performance claims (lubricants, coatings, cement, batteries and others), Austin and Bellville plans, about US$8 million | Sourced (company description) / plans are not yet confirmed | Reference 4 https://hydrograph.com/wp-content/uploads/2026/08/HG_IR-DECK_July-2026-07232026.pdf |
| FGA-1 properties and test methods (D/G ratio, layers, lateral size, elemental analysis, BET, TGA and others) | Sourced (company description) | Reference 5 https://hydrograph.com/wp-content/uploads/2024/06/TDS_FGA-1_01072026.pdf |
| Fractal Graphene Paste specification (20 wt%, D50 35 nm, zeta potential, dispersant, shelf life) | Sourced (company description) | Reference 6 https://hydrograph.com/wp-content/uploads/2026/06/TDS_Fractal-Graphene-Paste-V6_30062026.pdf |
| Proposed redomicile (Delaware company HydroGraph Inc., 29 October 2026 meeting, approvals needed) and its risks | Sourced / not yet confirmed | Reference 7, 11 https://hydrograph.com/wp-content/uploads/2026/09/HG-Notice-and-Management-Information-Circular.pdf https://www.globenewswire.com/news-release/2026/09/21/3365416/0/en/hydrograph-announces-filing-and-mailing-of-management-information-circular-for-special-meeting-of-securityholders-regarding-proposed-redomicile-to-the-united-states.html |
| Agreements with Western International (ten-year acetylene, land lease), Bellville (about 360 t, more than 750 t, US$5-6 million, US$2 million, first half of 2027), Austin reactors (up to 30 t) | Sourced / plans are not yet confirmed | Reference 8 https://www.globenewswire.com/news-release/2026/07/14/3326908/0/en/hydrograph-and-western-international-sign-agreements-for-planned-texas-graphene-manufacturing-facility.html |
| Full opening of the Austin headquarters; lobbying for critical-material designation | Sourced (company description) | Reference 9, 14 https://www.globenewswire.com/news-release/2026/08/11/3342561/0/en/hydrograph-hosts-congressman-john-carter-to-celebrate-new-texas-headquarters-showcases-america-s-emerging-domestic-supply-of-ultra-pure-graphene.html https://www.globenewswire.com/news-release/2026/07/23/3332166/0/en/hydrograph-provides-update-on-expanded-u-s-federal-government-and-defense-focus-calls-for-graphene-to-be-designated-a-critical-material.html |
| Upsizing to C$61 million and terms (C$6.80, warrants, use of proceeds); the C$70.38 million raised on 25 August 2026 | Sourced | Reference 10, 1 https://www.globenewswire.com/news-release/2026/08/18/3346847/0/en/hydrograph-announces-upsize-of-previously-announced-bought-deal-offering-to-c-61-million.html https://hydrograph.com/wp-content/uploads/2026/08/HG_MDA_Q3_2026-06-30.pdf |
| Change of auditor (MNP resignation, Grant Thornton appointment) | Sourced | Reference 12, 1 https://www.globenewswire.com/news-release/2026/08/31/3353210/0/en/hydrograph-announces-change-of-auditor.html https://hydrograph.com/wp-content/uploads/2026/08/HG_MDA_Q3_2026-06-30.pdf |
| Launch of Fractal Graphene Paste (29 June 2026, 20%, DLS) | Sourced (company description) | Reference 13 https://www.globenewswire.com/news-release/2026/06/29/3318992/0/en/hydrograph-launches-fractal-graphene-paste-eliminating-a-key-barrier-to-commercial-graphene-adoption.html |
| Midland certified as a compounding partner (7 July 2026), and other partners (Hubron, Broadway Colours, Modern Dispersions) | Sourced (company description) | Reference 15, 1 https://www.globenewswire.com/news-release/2026/07/07/3323088/0/en/hydrograph-certifies-midland-as-u-s-compounding-partner-for-advanced-graphene-polymer-applications.html https://hydrograph.com/wp-content/uploads/2026/08/HG_MDA_Q3_2026-06-30.pdf |
| EPA TSCA order (P-24-86 and P-24-87, effective 20 February 2026, conditions) and the proposed SNUR (30 July 2026, comments until 31 August) | Sourced / rulemaking is a proposal | Reference 16 https://www.federalregister.gov/documents/2026/07/30/2026-15352/significant-new-use-rules-on-certain-chemical-substances-26-4 |
| Federal Register receipt list entries for P-24-0086A and P-24-0087A (HydroGraph) | Sourced | Reference 17 https://www.federalregister.gov/documents/2024/10/23/2024-24503/certain-new-chemicals-receipt-and-status-information-for-september-2024 |
| Origin of the technology (discovery in 2014, patent in 2016, formation in 2017), the 2021 placement and listing, developments from 2023 | Sourced (company description) | Reference 18 https://hydrograph.com/about/ |
| Description of detonation synthesis and the Hyperion system | Sourced (company description) | Reference 19 https://hydrograph.com/technology/ |
| The logo image was taken from the logo published in the header of the official website | Sourced | Reference 20 https://hydrograph.com/ |
| Headcount, actual reactor output, customer names and contract sizes, any plan for a Nasdaq listing, the outcome of the redomicile, a final investment decision for Bellville, the terms of the KSU licence | Not yet confirmed | Our own organization and reasoning (includes items the primary sources did not confirm; this article) |
| Readings such as "the production method is the source of differentiation", "easier-to-use forms lower the barrier to adoption", "the U.S. government and defense market is treated as a pillar", compatibility with dispersants, and feedstock dependence | Inference | Reference 1, 4, 13 https://hydrograph.com/wp-content/uploads/2026/08/HG_MDA_Q3_2026-06-30.pdf https://hydrograph.com/wp-content/uploads/2026/08/HG_IR-DECK_July-2026-07232026.pdf https://www.globenewswire.com/news-release/2026/06/29/3318992/0/en/hydrograph-launches-fractal-graphene-paste-eliminating-a-key-barrier-to-commercial-graphene-adoption.html |
| The classification of HydroGraph as a "nanomaterial producer", the four-type grouping, and the financing total (more than C$120.4 million) | Our calculation | Our own organization and reasoning (includes items the primary sources did not confirm; this article) |
| Technical explanations such as detonation synthesis, aggregates and surface area, how to read the D/G ratio, and layer number against standard terms | Our calculation | Our own organization and reasoning (includes items the primary sources did not confirm; this article) |
Last updated: 9 October 2026 / Troy Technical
This article is based on HydroGraph's MD&A, financial statements, investor presentation, technical data sheets, press releases, shareholder circular and the U.S. Federal Register. It uses no market-research estimates or press-based figures (the market-size statements in the investor presentation are market-research estimates and are not used). Items marked "Inference" are our reading of the primary sources and are not company disclosures. Product performance values are company claims and cannot be compared with values obtained by different methods. Company plans and targets are not yet confirmed and are not guaranteed. This article does not advise individual readers on handling or safety of nanomaterials, or on investment decisions.