Green360 Technologies has sealed its first binding supply contract with Holcim and ramped up MKX production, positioning itself as Australia’s leading supplier of low-carbon cement alternatives amid tightening SCM markets.
- First binding supply agreement with Holcim for up to 4,800 tonnes MKX-CC
- Over 750 tonnes of MKX produced and 1,000m³ concrete placed
- Traditional kaolin sales jump 54% quarter-on-quarter
- Annualised fixed cash costs cut by $1.6 million
- Targeting positive operating cash flow in FY27
Holcim Deal Validates MKX Commercialisation
Green360 Technologies (ASX:GT3) has crossed a pivotal threshold, executing its inaugural binding commercial supply agreement with global construction giant Holcim Australia for up to 4,800 tonnes per annum of MKX-CC, its proprietary calcined clay product designed as a low-carbon partial cement replacement. The deal, inked just after the June quarter, signals market acceptance of Green360’s MKX platform amid a structural tightening of supplementary cementitious materials (SCMs) supply chains.
Under the agreement, Holcim’s Victorian operations will receive MKX-CC over an initial 12-month period, potentially generating $1 million to $2 million in revenue. This milestone moves Green360 decisively from product development to commercial supply, establishing it as Australia’s first dedicated SCM supplier with a scalable, capital-light production model.
Production Scale-Up and Infrastructure Adoption
Commercial production of MKX commenced during the quarter under a toll treatment agreement with Calix Limited (ASX:CXL), utilising Calix’s Bacchus Marsh facility for calcination. Green360 completed its first continuous production run, manufacturing 150 tonnes of MKX, contributing to a total of over 750 tonnes produced to date. This product has been incorporated into more than 1,000 cubic metres of concrete poured in Victorian infrastructure projects, marking significant field validation.
Additionally, Green360 fulfilled a commercial order from a national concrete supplier for 10,000 bags of MKX, with partial deliveries already made. These deployments demonstrate growing customer traction and the practical viability of MKX as a substitute for traditional SCMs such as fly ash and blast furnace slag, whose supplies are dwindling due to shifts in energy and industrial production.
Operational Efficiencies and Financial Position
Beyond commercial progress, Green360 strengthened its financial footing during the quarter. Traditional kaolin sales surged 54% quarter-on-quarter, driven by export demand. The company implemented operational initiatives at its Pittong plant, trimming approximately $1.6 million in annualised fixed cash costs through workforce restructuring and improved production planning.
Customer pricing adjustments took effect from 1 July 2026, including a notable 19% price increase and a take-or-pay contract with Boyer Paper Mills Ltd, guaranteeing a minimum 4,000 tonnes per annum. These measures underpin management’s expectation of returning to positive operating cash flow in FY27.
At quarter-end, Green360 held $3.2 million in cash and equivalents, with operational cash flow negative $1.1 million for the period. The company maintains around 3.5 quarters of funding based on current cash burn but anticipates improvement as cost savings and revenue growth materialise.
Government Engagement and Strategic Outlook
Green360’s transition to a commercial SCM supplier has attracted attention from Victorian Government infrastructure agencies, with over 20 representatives visiting the Pittong operations to discuss Australia’s emerging SCM supply challenges. This engagement underscores the growing recognition of the need for domestically produced SCMs to replace declining traditional sources.
Looking ahead, Green360 aims to expand its commercial customer base and deliveries of MKX, continuing to build Australia’s first dedicated SCM supply chain. The company plans to complete a scoping study in the fourth quarter assessing the feasibility of constructing a dedicated calcination facility adjacent to its Pittong operations, potentially enhancing scale efficiencies and further securing its supply chain.
Bottom Line?
Green360’s Holcim deal and production ramp mark a strategic leap, but sustained commercial adoption and cash flow improvement remain key hurdles.
Questions in the middle?
- How quickly will Green360 scale production to meet growing demand beyond Holcim?
- What impact will the planned dedicated calcination facility have on cost structure and capacity?
- Can Green360 convert government interest into formal infrastructure contracts?