Why the EcoGraf (ASX:EGR) share price powered ahead today

EcoGraf shares saw a boost today on positive testing results from an upcoming project.
The post Why the EcoGraf (ASX:EGR) share price powered ahead today appeared first on The Motley Fool Australia. –

The EcoGraf Ltd (ASX: EGR) share price rose today after the company announced progress on its upcoming battery anode material facility.

At market close, the graphite producer’s shares finished the day at 63.5 cents, up 0.79%. It’s worth noting that at one point, the company’s shares reached an intraday high of 66 cents, up 7%, before investors took profit off the table.

Quick take on EcoGraf

Based in Australia, EcoGraf is engaged in the exploration and development of graphite and nickel projects in Tanzania. The company uses innovative technologies to recover graphite from recycled batteries, thus reducing waste and environmental impact.

EcoGraf’s battery facility update

According to its release, EcoGraf reported that pre-construction locked-cycle testing has been completed by GR Engineering Services Ltd (ASX: GNG). The program aimed to provide data for detailed engineering design of EcoGraf’s new battery graphite facility in Western Australia.

The state-of-the-art processing facility, when constructed, will produce battery anode material products that will be treated through the company’s patented purification technology, which eliminates the use of toxic hydrofluoric acid (HF).

EcoGraf’s eco-friendly process comes at a time when world governments have adopted new environmental, social and governance frameworks to help transition into cleaner energy.

EcoGraf stated that a total of six cycles were completed, processing spherical graphite through its HFfree purification flowsheet. This was conducted to mimic operational conditions and obtain final data for construction of the facility.

The company reported the testing achieved purities of 99.97% for the carbon product, highlighting the effectiveness of its HFfree purification process. However, the company is aiming to exceed carbon purity targets, which will lead to lower production costs.

GR Engineering Services manager of engineering Ryan Kriedemann commented:

The results of the locked-cycle testing were very encouraging and confirmed that the EcoGraf HFfree process effectively removes impurities from flake graphite feedstock to deliver high purity battery anode material. Mass balance analysis data was also very good and so we’ll evaluate the potential to reduce the level of reagent used in the EcoGraf process, which will deliver operational efficiency benefits for the new facility.

The EcoGraf share price has accelerated by more than 650% over the past 12 months.

Learn where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of May 24th 2021

More reading

3 ASX shares that could benefit from Biden’s Aussie electric vehicle swing

Here’s why the EcoGraf (ASX:EGR) share price is storming 11% higher

The post Why the EcoGraf (ASX:EGR) share price powered ahead today appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!