Ecograf’s battery anode material facility wins major project status
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The timing could not be any neater for EcoGraf (ASX:EGR) to receive Major Project Status for its planned battery anode material facility in Western Australia just a day after the Federal Government unveiled its critical minerals roadmap.
Major Project Status recognises the importance of the development, paving the way for the project to receive extra support from the Major Projects Facilitation Agency and a single entry point for Government approvals.
Ecograf’s battery anode material facility is expected to contribute to the growth of the critical minerals industry in Australia while its planned investment in downstream critical minerals processing has the potential to encourage further project developments.
“We are delighted to receive this support from the Australian Government as our development is positioned as an integral part of the downstream modern manufacturing of battery and critical minerals in Australia,” managing director Andrew Spinks said.
“EcoGraf’s development strongly aligns with recent legislative policy changes in Europe that require higher standards of environmental and social governance (ESG) in battery supply chains.
“Unprecedented investment is currently underway to establish self-sufficient and sustainable battery manufacturing supply chains to support the electric vehicle industry.”
Last month, the company raised $54.6m through a share placement to accelerate construction of the facility.
The processing facility in Western Australia will use the company’s proprietary EcoGraf purification technology, which does not use toxic hydrofluoric acid, to produce battery anode material products for electric vehicle, lithium-ion battery and anode manufacturers.
Detailed engineering work by GR Engineering Services (ASX:GNG) is already underway.
Under the first phase of development, the facility will have the capacity to produce 5,000t of material per annum.
This will be expanded to reach 20,000tpa production capacity.
Battery anodes produced using the company’s technology have already passed European Union test standards.
The battery graphite market is projected to grow by 30 per cent per annum over the next decade.