Source: EcoGraf
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Ecograf (EGR) is selected to receive funding from the Federal Government as part of its $48.9 million critical minerals development program
  • The company is one of 13 successful applicants to receive the funding, pocketing $2.9 million to go towards its $5.8 million battery anode material product qualification facility
  • The government claims the program will aid Australia and its export partners in lowering emissions to meet net-zero commitments by 2050
  • EGR shares closed at 16.5 cents on May 18

EcoGraf (EGR) has been chosen among 13 successful applicants to receive funding from the Australian Federal Government as part of its $48.9 million critical minerals development program.

The program is designed to address the increasing global demand for minerals essential for clean energy technologies, including electric vehicles and batteries, and foster the growth of Australia’s critical minerals processing sector.

The Federal Minister for Resources and Northern Australia, the Honourable Madeleine King, stated the projects would create jobs and opportunities across regional Australia and help the country to become a clean-energy powerhouse.

EcoGraf will receive a grant of $2.9 million to fund its battery anode material product qualification facility. This is expected to play a role in securing offtake agreements for its planned commercial-scale purification facilities in major global battery markets.

EcoGraf plans to produce environmentally superior battery anode materials by sourcing high-purity graphite feedstock from its Epanko graphite project in Tanzania.

The total cost of the facility is anticipated to come to $5.8 million, and discussions with potential customers for anode materials, batteries, and electric vehicles in Europe, North America, and Asia are underway.

“The successful projects will create jobs and opportunities across regional Australia and help Australia realise its ambitions to be a clean-energy superpower,” Ms King said.

“The 13 projects to receive funding under the critical minerals development program grants include plans to produce key inputs to lithium-ion batteries for electric vehicles, and to support supply chains for advanced manufacturing for aerospace, medical, energy and defence applications.”

Under the program, applicants will receive up to 50 per cent of funding for eligible project expenditures, and the government claims the program would aid Australia and its export partners in lowering emissions to meet net-zero commitments by 2050.

EGR shares closed at 16.5 cents on May 18.

EGR by the numbers
More From The Market Online
The Market Online Video

ASX Daily Close: ASX matches futures prediction on a green Friday | 21 June 2024

The ASX200 reversed its trend to end the week in the green, up 0.35%. Nearly all…
The Market Online Video

ASX Market Update: Stocks swing from green with energy to remorseful red | 21 June, 2024

The ASX200 came out the gate in the green on Friday, but slipped well below the red line within the first hour of

Week 25 Wrap: No RBA cut yet; India stocks shake off Modi jitters; China concerns remain

The RBA keeps rates on pause; Guzman Gomez falls nearly -5% on Friday; Droneshield's new ATH;…

Plagues precede widespread power shifts. We’re living in one – and minerals are at the fore

The one defining feature of our post-COVID 'new normal' is a USA swing towards domestic supply…