(Alliance News) - Beowulf Mining PLC announced Tuesday that its Finnish subsidiary, Grafintec Oy, and Epsilon Advanced Materials Private Ltd have signed a memorandum of understanding with the City of Vaasa, Finland, for their anode production joint venture.
Grafintec is wholly-owned by Beowulf and owns 49% of the JV, and Epsilon, a subsidiary of Indian coal tar derivatives manufacturer, Epsilon Carbon Private Ltd, owns 51%.
The City of Vaasa has given the JV partners six months exclusivity to a plot in the GigaVaasa area, with an option to extend by another six months.
Grafintec and Epsilon now can begin the first phase of establishing an anode materials production facility, GVA10, conducting technical and environmental studies, and initiating permitting discussions with Finnish authorities.
Nordic-focused exploration company Beowulf expects Phase 1 to generate a production capacity of 10,000 tonnes per annum of anode material. Phase 2 will add 40,000 TPA, giving the plant a capacity of 50,000 TPA. The material will be sold to European battery manufacturers.
The GigaVaasa industrial area focuses on battery value chain manufacturing. It benefits from strong transport connections, and its links to the EnergyVaasa technology cluster and local higher education institutions offer a steady supply of skilled labour for the JV.
Beowulf's share price rose 2.3% to 11.25 pence each on Tuesday afternoon in London.
By Elizabeth Winter; elizabethwinter@alliancenews.com
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Beowulf (BEM)