EcoGraf (ASX:EGR) signs MoU with SungEel Hitech for battery recycling

• EcoGraf (EGR) has signed a memorandum of understanding (MoU) with leading South Korean lithium-ion battery recycler SungEel Hitech
• Under the agreement, SungEel will evaluate EcoGraf’s proprietary purification process
• This agreement could lead to a potential recycling program to recover the carbon anode and re-use the material in industrial applications
• On the market this morning, EcoGraf is up 2.50 per cent and is trading for 20.5 cents per share

EcoGraf (EGR) has signed a memorandum of understanding (MoU) with leading South Korean lithium-ion battery recycler SungEel Hitech.

Under the agreement, SungEel Hitech will evaluate EcoGraf’s proprietary purification process. Through this, the company recovers and re-uses high-purity battery carbon anode material — found in production scrap and a recycling solution known as ‘black mass’ — from lithium-ion battery materials.

SungEel is one of the major lithium-ion battery recycling companies in South Korea and is well connected to both electric vehicle (EV) and battery manufacturers. It currently processes 24,000 tonnes of lithium-ion battery material per year.

The MoU will set out a potential recycling program to recover the carbon anode and re-use the material in industrial applications, such as the lithium- ion battery market.

“If initial results are positive, SungEel will use its South Korean connections to assist in securing a strategic supply chain partner to support and participate in the product development and engineering phase to establish a carbon anode recycling facility,” the company told the market.

“EcoGraf is pleased to support SungEel to achieve greater battery recycling by recovering the carbon anode materials,” it added.

On the market this morning, EcoGraf is up 2.50 per cent and is trading for 20.5 cents per share at 11:06 am AEDT.