- EcoGraf Limited signs a non-binding Memorandum of Understanding (MoU) with POSCO International.
- Post this announcement, the shares of the Company rose by over 31% on ASX during the intraday session.
ASX-listed Australia-based company, which produces graphite for the lithium-ion battery market EcoGraf Limited (ASX:EGR) announced on Thursday that it has entered into a non-binding Memorandum of Understanding with POSCO International. POSCO International is a multinational industrial company headquartered in South Korea and a key subsidiary of POSCO Group.
Under this deal, the two businesses will work jointly concerning EcoGraf supporting POSCO's anode production expansion plans via the supply of EcoGraf™ HFfree battery anode material products from EGR's facilities in Australia and Europe.
The Company’s Australian Battery Anode Material Facility will use its novel, EcoGraf™ HFfree processing technology. The facility will be the first of its kind globally and will export standard quality, sustainably produced battery anode material products to the anode, lithium-ion battery and electric vehicle markets in Asia, Europe, and North America.
To develop the new facility with a zero-waste operating philosophy, EGR is carrying out a product development program at the global level to evaluate higher-value customer markets and maximise the economic and sustainability benefits of the EcoGraf™ purification process.
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Today, the stock EGR was spotted trading 31.249% higher at AU$0.840 per share on ASX at 1:33 PM AEDT.
EGR has invested more than US$30 million to date in its diversified battery anode material to build two highly attractive, development-ready graphite businesses.
In addition, the Company’s breakthrough recovery of carbon anode material from recycled batteries using its EcoGrafTM process will allow the recycling industry to reduce battery waste and use recycled carbon anode material to enhance battery lifecycle efficiency.