Graphene & Solar Technologies Limited (GSTX) announced on September 21, 2026, that its U.S. manufacturing subsidiary, The Quartz & Silicon Materials Company Limited (QSM USA), has been approved by the California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA) for a Sales and Use Tax Exclusion (STE) of up to $14,999,831.
The approval covers qualified property associated with QSM USA’s planned manufacturing operations in California. Under the program, approved purchases of property are excluded from applicable state and local sales and use taxes, which the company expects will reduce capital costs as it advances its silicon wafer manufacturing operations.
The approval follows QSM USA’s previously announced $45 million California Competes Tax Credit. The combined incentives are intended to support the development of advanced solar manufacturing capabilities in the state. QSM USA is developing a silicon wafer manufacturing facility in Southern California within an existing industrial building, targeting an annual production capacity of 10 gigawatts when fully operational. The company projects initial production by mid-2027.
Jason May, executive chairman and CEO of GSTX, stated that the tax exclusion is another step in advancing the company’s California manufacturing strategy and will improve the capital efficiency of planned U.S. silicon wafer operations.
According to the filing, the actual amount realized will depend on the qualified property QSM USA ultimately purchases and is subject to the execution of the applicable Regulatory Agreement and continued program compliance.
