Hazer Group (ASX:HZR) said independent testing shows that the company's graphite can yield performance benefits in asphalt applications, according to a Friday filing with the Australian bourse.

The testing by independent materials specialist Boral Construction Materials Technical Services showed that the graphite can replace a portion of conventional bitumen in heavy-duty asphalt formulations while retaining or even improving key performance traits needed for infrastructure applications, per the filing.

Bitumen is a carbon-intensive, petroleum-derived component of asphalt paving.

Hazer's graphite-enhanced asphalt outperformed conventional asphalt mixes across several measures, including tensile strength, moisture resistance, durability, and long-term ageing, Hazer said.

The company is pursuing "several global hydrogen project opportunities where asphalt applications are being considered for the Hazer graphite production stream," said CEO Glenn Corrie.

Hazer Group shares rose 5% in early Friday trade.