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Here’s why the EcoGraf (ASX:EGR) share price is rising today

The EcoGraf Limited (ASX: EGR) share price is up after news the Australian Government re-announced its facility’s Major Project Status.
The post Here’s why the EcoGraf (ASX:EGR) share price is rising today appeared first on The Motley Fool Australia. –

A happy smiling kid points his fingers up, indicating a rising share price

The EcoGraf Limited (ASX: EGR) share price is up after news the Australian Government has re-announced its Battery Anode Materials Facility’s Major Project Status.

At the time of writing, the EcoGraf share price is 62.5 cents, 1.63% higher than yesterday’s close.

Let’s take a closer look at the graphite producer’s news.

Major Project Status

The federal government bestowed the Kwinana Battery Anode Materials Facility’s project with its new status in March this year, but re-announced it yesterday. The day the news was first announced in March the EcoGraf share price closed 11% higher than the previous session.

Yesterday, the news came from a joint media release from the Minister of Industry, Science and Technology, the Hon Christian Porter MP, and the Minister for Resources, Water and Northern Australia, the Hon Keith Pitt MP.

Together, the MPs said the project supports both the Australian Government’s Critical Minerals Strategy and Western Australia’s Future Battery Industry Strategy.  

Companies awarded with Major Project Status are eligible for support from the Major Projects Facilitation Agency. This support includes a single-entry point for Australian Government approvals, project support and coordination.

The Kwinana Battery Anode Materials Facility, located near Perth, is still under construction.

In the media release, Minister Porter said the project is bringing multiple benefits to Western Australia, including up to 250 new jobs during construction and up to 65 new jobs during operation. He said:

The Australian Government is committed to boosting investment in the Australia’s critical minerals industry to help build our sophisticated manufacturing capability and deliver new jobs across the country, and particularly to our regional areas.

Minister Pitt said the project’s new status recognised its significance to Australia:

EcoGraf is an excellent example of what we want to see more of in Australia – our raw materials being downstream processed right here in Australia, adding value to our exports and creating well paid and sustainable jobs for Australian workers in the process. 

EcoGraf share price snapshot

Today’s news it the latest boost for the EcoGraf share price, which is having a roaring year on the ASX. Many investors are eyeing the company’s incredible growth.

Currently, the EcoGraf share price is up a whopping 267% year to date. It’s also bloomed 941% over the last 12 months.

EcoGraf has a market capitalisation of around $279 million, with approximately 454 million shares outstanding.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.

The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Here’s why the EcoGraf (ASX:EGR) share price is rising today appeared first on The Motley Fool Australia.

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