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Beowulf Mining PLC announced on Monday that its Finnish subsidiary, Grafintec Oy, has agreed to work with Qingdao Hensen Graphite Ltd to build an anode materials hub in Vaasa, Finland.
Both companies have signed a memorandum of understanding, and submitted a joint proposal to the City of Vaasa last week to establish a production facility in the GigaVaasa area.
The previous memorandum for the area was terminated, as Grafintec and Epsilon Advanced Materials Private Ltd are no longer partners.
Grafintec is focused on leveraging Finland's natural resources and targeting net zero CO2 emissions across the supply chain. It was granted €791,000 in funding by Business Finland last year to develop sustainable technological solutions for use in the manufacture of lithium-ion battery anodes.
Hensen has been producing graphite-based anode materials since 2003 and has plans to increase production to 50,000 tonnes per annum in 2023 from current levels of 10,000.
Kurt Budge, Chief Executive Officer of Beowulf, expressed enthusiasm for combining his company's resources with Hensen's ‘knowledge and experience in the graphite industry’ and Grafintec's ‘strong position in the anode space of the Finnish battery cluster’.
Beowulf shares were trading at 4.25 pence in London on Monday afternoon, down by 5.9%.
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