Key Takeaways

• Green360 Technologies (ASX:GT3) has secured global building-materials giant Holcim as its first named commercial customer via a non-binding MOU.

• The agreement covers up to 4,800 tonnes a year of MKX Calcined Clay (formerly Eco-Clay) for Holcim's Victorian concrete operations over an initial 12 months.

• The product is a high-reactivity metakaolin that can replace up to 40% of Portland cement and cut concrete CO2 by more than 30%.

• Green360 is the renamed Suvo Strategic Minerals (ASX:SUV), pivoting from kaolin mining to low-carbon construction materials.

• The MOU is non-binding; investors should watch for conversion into a binding supply agreement, which the company aims to finalise within roughly 90 days.

Green360 Technologies (ASX:GT3) has landed one of the biggest names in global construction as the first commercial customer for its low-carbon cement replacement, signing a memorandum of understanding with Holcim (Australia) that could see the small Victorian materials company supply thousands of tonnes of metakaolin into mainstream concrete production. For a business that only recently rebranded from a kaolin miner into a self-styled low-carbon technology group, securing a Tier-1 customer of Holcim's stature is a genuine validation moment.

The arrangement is not yet a locked-in supply contract — it is a non-binding MOU that both parties intend to convert into a binding agreement — but the strategic signal is clear. Holcim is a CHF 15.7 billion-a-year building-materials heavyweight operating across roughly 45 markets, and its willingness to trial and potentially adopt an Australian-made cement substitute speaks to both the credibility of Green360's product and the structural pressures reshaping the concrete industry. For investors, the deal reframes the Green360 story from a laboratory-and-pilot narrative into an early commercialisation one, with execution now the key question.

What Has Happened

Green360 Technologies signed a non-binding memorandum of understanding with Holcim (Australia) Pty Ltd, a subsidiary of the global Holcim Group, dated 12 May 2026. Under the MOU, Green360 would supply up to 4,800 tonnes annually of its low-carbon cement replacement during an initial 12-month period, at a fixed price per tonne and subject to defined technical compliance standards. The material is destined for Holcim's Victorian concrete operations.

The product at the centre of the deal is a high-reactivity calcined kaolinite — a metakaolin — that Green360 originally marketed under the "Eco-Clay" name and has since rebranded as MKX Calcined Clay, part of a broader MKX product platform. It functions as a supplementary cementitious material (SCM), meaning it can be blended into concrete to replace a portion of conventional Portland cement.

Green360 describes Holcim as its first named commercial customer, and management, led by Executive Chairman Aaron Banks, has characterised the MOU as a milestone in moving from validation toward recurring revenue. Both companies intend to finalise a binding supply agreement, with the company guiding toward completion within roughly 90 days of signing. On the day of the announcement, GT3 shares rose around 8% to A$0.039, though the stock remained well down over the prior twelve months.

Why It Matters

The significance of this deal lies less in the tonnage — 4,800 tonnes is modest against Green360's stated capacity — and more in the counterparty. Holcim is one of the largest cement and concrete producers on the planet, and a leader in the low-carbon transition through ranges such as its ECOPact concrete line. Persuading an organisation of that scale to designate you as a named supplier is a form of technical and commercial due diligence a micro-cap cannot easily manufacture on its own.

It also matters because of what it says about market pull. Traditional SCMs — fly ash from coal-fired power stations, ground slag from steelmaking, and silica fume from silicon production — are becoming harder to source as those heavy industries contract, close plants or change processes. That leaves concrete producers hunting for locally made, reliable alternatives. A domestically manufactured metakaolin speaks directly to that supply-security problem, which is arguably as powerful a driver for customers like Holcim as the carbon story itself.

From Kaolin Miner to Low-Carbon Materials Group

Green360 Technologies is not a brand-new company. It is the rebranded identity of Suvo Strategic Minerals (formerly ASX:SUV), which pivoted from kaolin-focused mining into a low-carbon construction-materials group and adopted the Green360 name and GT3 ticker in 2026. Its products are commercialised through the Suvo Minerals Australia subsidiary, and the group retains kaolin operations at Pittong in Victoria that continue to generate revenue.

That heritage is important. Kaolin is the raw feedstock for metakaolin, so the company's mining roots give it access to the residuals and by-products of high-purity kaolin refining — the inputs it calcines into MKX Calcined Clay. In effect, Green360 is repositioning an existing minerals business around a higher-value, sustainability-linked end market.

The MKX Platform

Green360 has been deliberate about turning a single product into a platform. Alongside MKX Calcined Clay, the company has launched MKX Ultra Fine, a finer metakaolin grade developed as a direct one-for-one replacement for silica fume in high-strength concrete. Independent testing by the University of Melbourne reported that MKX Ultra Fine delivered comparable strength to conventional silica fume at a 1:1 replacement ratio in mixes in the 60–70 MPa range. The company also references a PERMACast joint venture aimed at commercialising low-carbon precast products. Together, these strands are intended to broaden Green360's addressable market beyond a single SCM.

The Technology and the Carbon Case

The environmental pitch for metakaolin rests on temperature. Portland cement clinker is produced by heating limestone to around 1,450°C, a process that is energy-intensive and releases large volumes of CO2 from the limestone itself. Green360's calcined clay is produced at roughly 750°C and does not carry the same process emissions. The company states that MKX Calcined Clay can replace up to 40% of the Portland cement in a mix and reduce the concrete's CO2 footprint by more than 30%.

That matters against a well-documented backdrop: cement and concrete are estimated to account for around 8% of global carbon emissions. In Australia, the federal Safeguard Mechanism is tightening emissions baselines for large industrial emitters by 4.9% a year through to 2030, a regulatory tailwind for materials that lower the embodied carbon of construction.

Key Financial and Operational Details

Green360 manufactures its calcined clay under a capital-light model rather than building its own plant. It signed a binding toll treatment agreement with Calix Limited (ASX:CXL) in March 2026, giving it access to up to 30,000 tonnes per annum of calcination capacity at Calix's Bacchus Marsh facility in Victoria. The company completed its first commercial production run in April 2026 — reported at 150 tonnes — and has since produced and distributed more than 600 tonnes for commercial-scale field validation.

The Holcim MOU volume of up to 4,800 tonnes a year therefore represents a fraction of available capacity, leaving headroom to add further customers without immediate new capital investment. Green360 carried a market capitalisation of roughly A$46 million around the time of the announcement, and continues to draw revenue from its established Pittong kaolin operations while the MKX business scales. Investors should note that GT3 remains an early-commercialisation, pre-profit business whose valuation is tied to execution milestones; at least one broker has published a base-case valuation in the low tens of cents, which should be treated as one analyst's view rather than a target.

Potential Catalysts

The most immediate catalyst is conversion of the Holcim MOU into a binding supply agreement, which management is targeting within roughly 90 days. Beyond that, additional named customers — particularly other Tier-1 concrete producers or government infrastructure agencies — would show the Holcim deal is repeatable rather than a one-off. Progress on MKX Ultra Fine, further independent performance data, and any move toward filling more of the 30,000-tonne calcination capacity would all be constructive.

Material Risks and Uncertainties

The central caveat is that the Holcim agreement is a non-binding MOU. There is no guarantee it converts into a binding contract, or that the full 4,800 tonnes is ultimately taken. Green360 is an early-stage, largely pre-profit company that may need further capital to scale, which could dilute existing shareholders. Its manufacturing depends on a third-party toll arrangement with Calix, introducing counterparty and logistics risk. Adoption of new cementitious materials is governed by standards, specification and testing cycles that can be slow, and Green360 faces competition from other SCM suppliers and from established producers developing their own low-carbon products.

What Investors Should Watch Next

For Green360 Technologies (ASX:GT3), the signposts are clear. First and most important: does the Holcim MOU firm into a binding supply agreement within the flagged timeframe? Second, watch for additional named customers that prove the model is replicable. Third, track utilisation of the Calix calcination capacity and any commentary on volumes and pricing. Investors should also monitor the group's cash position and funding needs, revenue from the Pittong kaolin base, and traction for MKX Ultra Fine and the PERMACast precast venture.