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Mineral Commodities (ASX:MRC) and FREYR to collaborate on battery cell development
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  • Mineral Commodities (MRC) has signed a binding memorandum of understanding (MoU) with FREYR, a Norway-based battery cell developer
  • Together, the companies will evaluate the supply of battery anode material from natural graphite to produce battery cells
  • MRC and FREYR will collaborate on research and will review the raw material sector of the battery value chain
  • Company shares are steady today and trading for 25 cents each

Mineral Commodities (MRC) has executed a binding memorandum of understanding (MoU) with FREYR, a Norway-based battery cell developer.

The companies have agreed to evaluate the supply of sustainably-sourced anode material from MRC's subsidiary Skaland's natural flake graphite concentrate as a potential raw material.

MRC acquired Skaland Graphite for nearly $7 million in October of this year.

In their endeavour, the companies will share information on the manufacture and production of energy storage systems to enable MRC to meet FREYR's future demand requirements.

Under the MoU, MRC will conduct research and development. It will also invest in a downstream process that can meet FREYR's requirements surrounding quality and quantity of material.

"Entering into this agreement with MRC is another step forward and we are especially pleased to collaborate with a supportive feedstock supplier like MRC, with potential for world-class local supply from Skaland Graphite," FREYR CEO Tom Jensen said.

FREYR may also purchase a minimum number of tonnes of Skaland Battery Anode precursor or active anode material, on the assumption the natural graphite battery anode material is competitively priced and meets industry specifications.

"The chance to partner with a local world-class executive team and leverage their energy, conviction and ambition for their project is a wonderful chance for MRC to further our goal of supplying sustainable, high-quality natural anode material into the fast-growing European Battery market," Mineral Commodities Executive Chairman Mark Caruso said.

Company shares are steady today and trading for 25 cents each at 12:52 pm AEDT.

MRC by the numbers
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