Multi-Billion Addressable Market Opportunity
Graphene’s commercial adoption is accelerating, unlocking high-growth opportunities in plastics, concrete, and high-performance materials.
Black Swan Graphene: A Wonder Material
Transforming Industries with High-Performance Graphene Technology
CVE:SWAN
C$0.85+2.41%
Updated: May 02, 2025
Energy & Materials
microcanada
Bull & Bear Case
An overview of the main reasons to invest and the key risks involved.
Bull Case
Market Leadership Through Innovation and IP Protection
16+ patents and cost-effective production give Black Swan a first-mover advantage, making large-scale adoption feasible.
Strong Relationships with Industry Leaders
Strategic partnerships with Thomas Swan, Concretene, and Gerdau Graphene accelerate market penetration and scalability.
Bear Case
Economic Sensitivity to Industrial Adoption
Adoption in cost-sensitive industries may be slow, requiring competitive pricing strategies to drive large-scale usage.
Regulatory & Competitive Pressures
Big chemical and material science companies may enter the graphene space, increasing competition and pricing challenges.
Operational & Scaling Risks
Expanding from pilot-scale to 10,000-tonne production requires strong supply chain management and capital investment.
Executive Summary
Leading developer and producer of graphene-enhanced materials
Black Swan Graphene is a leading developer and producer of graphene-enhanced materials, specializing in high-performance additives for plastics, polymers, and concrete. The company is pioneering the commercial adoption of graphene nanoplatelets (GNP), a revolutionary material that enhances strength, durability, and conductivity in industrial applications. Through strategic partnerships and a scalable production process, Black Swan is accelerating the global adoption of graphene technology.
The investment case is driven by multi-billion-dollar addressable markets, rapid commercialization, and strong industry partnerships. With a cost-effective and scalable production model, Black Swan is positioned to disrupt traditional materials and drive sustainability, particularly in construction, automotive, and packaging industries. The company's growing commercial footprint, intellectual property portfolio, and first-mover advantage in bulk graphene production make it a compelling investment in the next wave of advanced materials.
Investment Thesis
Overview of buy and sell case of the business.
Why Invest?
Key pieces of information about the business that you need to know about.
Multi-Billion Addressable Market Opportunity
Black Swan Graphene is positioned to capture a significant share of the rapidly expanding graphene market, which is projected to reach $1.4 billion by 2028 with a 34.6% CAGR. However, the true opportunity lies in the larger industries adopting graphene, such as plastics ($76B), concrete additives ($21B), automotive, and advanced materials.
By focusing on high-demand industrial applications, Black Swan is commercializing graphene-enhanced solutions that offer superior strength, durability, and sustainability. As global regulations push for lower-carbon materials, graphene-enhanced concrete and polymers provide a compelling, cost-effective alternative, making Black Swan’s products critical to the future of sustainable construction and manufacturing.
Market Leadership Through Innovation and IP Protection
Black Swan’s proprietary graphene processing technology and patented masterbatch formulations create unique competitive advantages by optimising the key industry issue of dispersion whilst (with over 16 global patents), ensuring cost-effective, scalable graphene production, setting it apart from competitors still in the R&D phase or struggling with high production costs.
The Graphene Enhanced Masterbatch (GEM™) product line integrates seamlessly into existing manufacturing processes, allowing industries to adopt graphene-enhanced materials without expensive retooling. Black Swan’s low-cost production model, combined with its technical expertise and intellectual property protection, positions it as a leading player in the industrial adoption of graphene.
Strong Relationships with Industry Leaders
Unlike many graphene companies that remain in early-stage development, Black Swan has secured strategic partnerships with major industrial players, ensuring accelerated commercialization and large-scale adoption.
Key partnerships include:
Thomas Swan – A global leader in graphene production, providing cost-effective, high-volume supply.
Gerdau Graphene – Distributing Black Swan’s GEM™ masterbatch products across the Americas, significantly expanding market reach.
Concretene – Deploying graphene-enhanced concrete in large-scale infrastructure projects, reducing carbon footprints while improving durability.
Hubron International – A key polymer distributor, integrating Black Swan’s graphene-enhanced additives into automotive, construction, and packaging applications.
Broadway Colours – A leading manufacturer of polymer masterbatches, working with Black Swan to enhance plastic durability, strength, and sustainability through graphene integration.
These collaborations provide immediate industry validation and allow Black Swan to rapidly penetrate major markets, solidifying its position as the go-to provider for commercial-scale graphene solutions.
Catalysts
The key events that could drive investment opportunities and shift markets.
Successful Commercialization of Bulk Graphene Products:
Black Swan has introduced seven graphene-enhanced commercial products, actively increasing market penetration across plastics, polymers, and construction materials. As real-world applications expand, the company is seeing growing demand from industrial customers, with early adopters placing repeat orders and scaling up trials.
Strategic Distribution Agreements:
Black Swan is in advanced discussions with major global distributors in the polymer, concrete, and industrial materials sectors, ensuring its graphene solutions reach high-volume manufacturers. These agreements will establish steady revenue streams, helping the company build market share and accelerate customer adoption.
Expansion into High-Volume Construction & Automotive Applications:
Leading infrastructure firms and auto manufacturers are actively testing Black Swan’s graphene-enhanced concrete and polymer solutions. As these trials progress to large-scale implementation, potential bulk supply agreements with construction firms, EV manufacturers, and sustainable material innovators could drive exponential revenue growth.
Regulatory Approvals & Industry Certifications:
To solidify graphene’s commercial viability, Black Swan is pursuing regulatory certifications for use in concrete, polymers, and consumer applications. Achieving government and industry approvals in key regions will make graphene a mainstream additive, allowing wider adoption across infrastructure, automotive, and packaging markets.
Scaling Up Production to 10,000 Tonnes Per Year:
Black Swan’s modular expansion strategy allows for rapid scalability to meet growing demand. As adoption increases, the company will ramp up production from its current 40 tonnes per year to a long-term target of 10,000 tonnes, establishing itself as one of the largest commercial graphene suppliers worldwide.
M&A and Technology Partnerships:
As graphene integration becomes mainstream in industrial applications, Black Swan will be a prime acquisition target or partner for multinational materials companies. Potential joint ventures with global polymer, chemical, and infrastructure leaders could unlock new markets, accelerate R&D, and provide access to global-scale production networks.
Key Risks
Key pieces of information about the business risks that you need to know about.
Operational & Scaling Risks
The transition from pilot-scale to large-scale commercial production presents operational risks, including supply chain constraints, manufacturing bottlenecks, and quality assurance challenges. However, Black Swan’s modular expansion plan and partnerships with industrial leaders provide a clear path for scaling production.
Economic Sensitivity to Industrial Adoption
Graphene-enhanced materials compete with traditional additives, making cost-efficiency critical for mass adoption. If industries delay transitioning to graphene-based solutions due to macroeconomic conditions, growth projections could be affected. However, Black Swan's low-cost production model mitigates this risk.
Regulatory & Competitive Pressures
The advanced materials industry is heavily regulated, requiring compliance with international safety and environmental standards. Additionally, major chemical companies and startups are also competing in graphene-enhanced material development. Black Swan’s strong patent portfolio and early commercialization strategy provide a protective moat.
Follow the Experts
Quickly navigate key insights from industry experts and leverage their knowledge and market intelligence.
Expert Insights
Expert Insights
article
We have proven graphene can deliver prosperity and progress. Now, we have to accelerate its adoption to tackle the greatest challenge of our time - climate change.
Expert Insights
article
graphene is a remarkable substance on its own - with a multitude of astonishing properties which repeatedly earn it the title a wonder material
Investor Materials
Access the most recent investor updates published by the company.
Key Investor Materials
Black Swan Graphene Announces Share Consolidation and Concurrent $6M Equity Financing to Power Capacity Expansion and Commercial Growth
ArticleQ3 24 Results
PDFShare Consolidation and Concurrent $6M Equity Financing to Power Capacity Expansion and Commercial Growth
PDFExternal Insights
A curated collection of third-party content relevant to the company and sector to help inform your investment decision.
Wonder material
BBC - Secrets of Size: Atoms to Supergalaxies, Series 1, Going Small, How strong is graphene?
ArticleThe presence of wonder material graphene makes ordinary substances much stronger.
Team
Meet the experienced professionals leading our organization
Michael Edwards
Greg Duras
Harry Swan
Simon Marcotte
What the Pro's Are Asking
Here are the questions that professional investors are asking before making an investment decision.
How scalable is the business model?
Black Swan’s graphene masterbatch production process is highly modular, allowing the company to scale efficiently while maintaining cost control. The company currently produces up to 40 tonnes per year, with a roadmap to expand to 10,000 tonnes annually, enabling mass-market supply capabilities.
Scalability is achieved through:
A modular expansion strategy, where production capacity can be increased without significant capital expenditure bottlenecks.
Integration with existing industrial supply chains, enabling seamless adoption by plastics manufacturers, concrete suppliers, and automotive producers.
Strategic co-developments with key industry players, ensuring continuous demand as production ramps up.
By maintaining a low-cost, high-efficiency model, Black Swan Graphene ensures that as demand for graphene-enhanced materials grows, it can scale production accordingly without significant margin compression.
What role do strategic partnerships play in commercialization?
Strategic partnerships are critical to Black Swan’s success, allowing the company to accelerate market adoption while leveraging existing supply chains and customer bases. Rather than building everything in-house, Black Swan collaborates with major industrial players who already have established distribution networks, customer relationships, and manufacturing expertise.
Key partnerships include:
Thomas Swan – Provides a low-cost, scalable graphene production process, ensuring cost-efficient supply to global industrial markets.
Gerdau Graphene – Distributes Black Swan’s GEM™ masterbatch products across the Americas, significantly expanding market reach.
Concretene – Uses Black Swan’s graphene to enhance concrete strength and reduce carbon emissions, supporting adoption in large infrastructure projects.
Hubron International – A major polymer distributor integrating graphene-enhanced additives into automotive, construction, and packaging applications.
Broadway Colours – A specialist in colour and additive masterbatches, enhancing polymer durability and performance by integrating Black Swan’s graphene nanoplatelets into a variety of plastic applications.
These collaborations lower barriers to commercialization, helping Black Swan penetrate high-value markets faster and more efficiently than standalone competitors.
What is Black Swan’s long-term vision?
Black Swan Graphene’s long-term goal is to become the dominant supplier of graphene-enhanced industrial materials, creating a new standard for strength, durability, and sustainability across multiple industries.
Key strategic priorities include:
Expanding commercial adoption in key sectors like construction, automotive, aerospace, and sustainable packaging.
Achieving mass-scale production with the goal of producing 10,000+ tonnes of graphene-enhanced materials annually.
Driving regulatory approvals for graphene integration in infrastructure and polymer applications, unlocking new multi-billion-dollar markets.
Exploring M&A opportunities to further consolidate its leadership position in the graphene sector.
With strong industry tailwinds, scalable production, and high-margin applications, Black Swan is well-positioned to redefine material science and industrial applications for decades to come.
How big is the commercial opportunity for graphene-enhanced materials?
The global graphene market is projected to reach $1.4 billion by 2028, growing at an impressive 34.6% CAGR. However, the true commercial opportunity extends far beyond this, as graphene is increasingly integrated into multi-billion-dollar sectors such as plastics ($76B), concrete additives ($21B), automotive components, aerospace, and advanced coatings.
Black Swan Graphene’s primary focus on high-demand markets like plastics, polymers, and concrete positions it for mass adoption and large-scale revenue generation. As industries continue to shift towards lightweight, durable, and sustainable materials, graphene’s strength, conductivity, and durability-enhancing properties make it a game-changing additive. The regulatory push for stronger, more sustainable materials in construction and packaging further expands the total addressable market (TAM), providing Black Swan with multiple pathways for revenue growth.
How does Black Swan differentiate itself from other graphene companies?
While many graphene companies remain in the R&D or early commercialization stages, Black Swan Graphene stands out by having a commercially scalable production process, strong industry relationships, and proprietary IP. The company benefits from a low-cost, high-volume production model, making graphene integration into large-scale industries feasible and cost-effective.
Key differentiators include:
Commercial Production Readiness: Unlike many competitors, Black Swan has moved past pilot projects and into active commercialization, with seven graphene-enhanced products launched.
Strategic Partnerships: The company has exclusive collaborations with Thomas Swan, Concretene, Gerdau Graphene, and Hubron, offering access to large industrial markets and distribution networks.
Proprietary Technology & IP Protection: With over 16 patents worldwide, Black Swan ensures a competitive edge in graphene nanoplatelet (GNP) production and masterbatch technology.
With these advantages, Black Swan is positioned to be a first-mover in industrial-scale graphene adoption, making it one of the most commercially viable graphene producers today.