RE: RNS11 Jan 2022 08:36
Finland pushing with green power transition
11 January 2022
Beowulf Mining plc
("Beowulf" or the "Company")
MoU Signed for Locating Anode Materials Production in the GigaVaasa Area
Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and development company, is pleased to announce that its wholly owned Finnish subsidiary Grafintec Oy ("Grafintec") and Epsilon Advanced Materials Private Limited ("Epsilon Advanced Materials"), have signed a Memorandum of Understanding ("MoU") with the City of Vaasa for the establishment of an anode materials production facility to be located in the GigaVaasa area, Plot 18, situated in proximity to Freyr Battery's proposed battery cell development.
The MoU follows the announcement, on 6 December 2021, of the signing of a Joint Venture ("JV") Heads of Terms by Grafintec and Epsilon Advanced Materials and their intention to build a production facility in two phases, Phase 1 "GVA10" with a production capacity of 10,000 tonnes per annum ("TPA") and Phase 2 which will add 40,000 TPA, taking overall plant capacity to 50,000 TPA of anode material, GVA50. The proposed plant will supply battery/cell manufacturing companies in Europe, complementing Epsilon Advanced Materials' growing anode materials business in India.
The MoU gives the JV partners 6 months exclusivity to Plot 18, with an option to extend by a further 6 months, to develop GVA10, conduct technical and environmental studies, and initiate permitting discussions with Finnish authorities.
GigaVaasa Background
The GigaVaasa industrial area is dedicated to battery value chain manufacturing and offers accessible green energy system options. This industrial zone is well placed logistically, with good rail and road connections and a short distance to the harbour, enabling sustainable transport solutions. Also, the airport is on its doorstep.
More than 160 energy technology companies are located in the Vaasa region, enabling excellent cooperation opportunities. Close collaboration between the EnergyVaasa Energy Technology Cluster and local higher education institutions will ensure enough skilled labour to meet the sector's needs.
Grafintec - Epsilon Advanced Materials Joint Venture
Under the JV, Grafintec (which will own 49% of the JV) and Epsilon Advanced Materials (which will own 51% of the JV) will work together on building GVA10 with the ambition of creating a sustainable value chain in anode materials production, leveraging renewable power, targeting net zero CO2 across the supply chain, benefiting from the significant support of Business Finland and collaboration within the Finnish Battery Cluster.
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