- EcoGraf (EGR) has attracted cornerstone investments from institutional investors following a successful $54.5 million capital raising
- The successful capital raise allowed EcoGraf to complete the construction and commission of commercial operations at its first facility in WA
- Several locations in Europe are currently under investigation to establish the second facility, particularly in Germany
- EcoGraf is up 10.5 per cent, trading at 74 cents
EcoGraf (EGR) has attracted cornerstone investments from a number of significant institutional investors, following a successful $54.5 million capital raise.
The successful capital raising has allowed EcoGraf to complete the construction and commissioning of commercial operations at its first facility in Western Australia, based on an initial production capacity of 5000 tonnes per year. The company expects this to rapidly expand to 20,000 tonnes of battery graphite for the lithium-ion battery market.
The company expects growth in demand from the Asian market from the existing investment in battery manufacturing already taking place.
Unprecedented investment is also currently underway in Europe to establish a self-sufficient and sustainable battery manufacturing supply chain to support the European electric vehicle (EV) market.
Positive legislative developments and incentives have now been put in place across Europe to facilitate investment in the EV supply chain within the European Union, including a further €2.9 billion (roughly A$4.4 billion) in funding support to push productive investment along for the battery supply chain.
EcoGraf has been evaluating the placement of a second battery graphite production facility in Europe to cater specifically to growth in demand in Europe. This could potentially begin following the successful completion of stage one of the Australian facility and would use the same engineering design to produce 20,000 tonnes per annum of battery graphite.
The company’s sights are currently set on Germany to establish the second facility, where EcoGraf is working closely with German Trade and Invest to review suitable sites.
EcoGraf is up 10.5 per cent, trading at 74 cents at 12:24 pm AEDT.