EcoGraf is now funded for its battery anode material facility in WA
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Ecograf (ASX:EGR) is now positioned to accelerate construction of its commercial scale battery anode material purification facility in Western Australia after raising $54.6m through a placement of shares priced at 60c each.
The placement to institutional, sophisticated and professional investors ensures that the company is fully funded to complete phase one construction of the facility, which will have the capacity to produce 5,000t of material per annum.
Proceeds will also be used to conduct preliminary siteworks for its second battery anode material facility in Europe, advance its battery anode material recycling programs, finalise debt financing arrangements for the Epanko graphite mine, product development and general working capital.
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.
Once commissioned the facility will be expanded to reach 20,000tpa production capacity.
EcoGraf also plans to construct a modular anode material recycling plant that will use its purification technology to recover battery anode material from lithium-ion battery production waste and end-of-life batteries.
Meanwhile, the planned 20,000tpa facility is Europe is expected to support the growth in its electric vehicle industry.
Investment is currently underway to establish a self-sufficient and sustainable battery manufacturing supply chain with enough production capacity for 10 million vehicles per annum.
Over in Germany, Altech Chemicals’ (ASX:ATC) 75 per cent owned subsidiary Altech Industries Germany has kicked off a pre-feasibility study on the construction of a high purity alumina coating plant in Saxony to produce specialised products for the lithium-ion battery industry.
The plant will use the company’s alumina coating technology to coat anode grade materials for Europe’s rapidly growing lithium-ion battery industry.
In December 2020, Altech successfully demonstrated the technology’s ability to deposit a uniform and consistent 2mm thick layer of alumina onto anode grade graphite particles.
This is expected to improve battery life and performance by reducing first cycle capacity loss that can normally see up to 8 per cent of lithium ions lost during the very first battery charge cycle.