EcoGraf (ASX:EGR) one step closer to developing WA battery graphite facility

Source: EcoGraf

EcoGraf (EGR) has had a positive start to the year as it progresses its WA battery graphite facility to development.

The company is building a new state-of-the-art processing facility which will be used to manufacture spherical graphite products.

EcoGraf’s breakthrough graphite technology uses recycled batteries. This allows the recycling industry to reduce battery waste and use recycled graphite to improve battery lifecycle efficiency.

During the recent quarter, the company submitted detailed development reports and engineering study information to Export Finance Australia. This was needed to secure a US$35 million (around A$45 million) debt facility to underpin the new 20,000 tonnes per annum battery graphite facility.

Supporting reports are now being finalised and will be completed shortly following credit approvals.

Additionally, EcoGraf will now be finalising arrangements for the detailed engineering design and procurement programs in preparation for the construction.

Interestingly, the new battery graphite facility is the company’s first facility and the first to be established outside of China.

“The company has received strong support from anode cell, battery and electric vehicle manufacturers for alternative supplies of high quality, sustainably produced battery graphite to support the massive global investment underway in new electric vehicles and lithium-ion battery capacity,” EcoGraf said.

On the market this morning, EcoGraf is up 7.69 per cent and trading at 42 cents per share at 10:31 am AEDT.

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