When people ask what M4GT does, the short answer is: we make ITO production sustainable and cost-competitive. The longer answer is more interesting.

M4GT’s technology is not simply an ITO process. It is a modular closed-loop powder production platform — one that solves ITO’s fundamental cost and sustainability problems first, because ITO is where the market validation opportunity was clearest and the licensing pathway most direct. But the same core process architecture — leaching and recovery, proprietary atomisation, dual-zone powder collection — applies directly to a range of other critical materials whose production faces the same structural problems as ITO.

Why CAM is the obvious second vertical

Cathode Active Material production for lithium-ion batteries faces a structurally similar problem set. Conventional CAM generates large sodium sulfate waste streams — growing more acute as EU battery regulations tighten. It relies on multi-step batch processes that are energy-intensive and difficult to automate. And it produces hazardous wastewater requiring expensive treatment infrastructure.

M4GT’s CAM architecture addresses each problem using the same closed-loop principles as the ITO process: eliminate waste formation at source, enable continuous automated production, and integrate material recovery directly into the production flow. Currently at TRL 5 — lab-validated, ready for industrial co-development.

The broader platform

Beyond ITO and CAM, M4GT’s platform addresses six material verticals — gallium oxide, high-purity alumina, lanthanum oxide, and advanced display oxides including IZO and IGZO. Combined addressable market exceeds $50 billion. Each vertical builds on the same validated process architecture. ITO is the proof of concept. The platform is the business.