Boost For Flagship Siviour Battery Anode Material Project
Renascor Resources’s (ASX: RNU) share price leapt over 36% after it was revealed it had been accepted as a member of the European Battery Alliance (EBA), a group created by the European Commission to foster collaboration between key players in the battery materials space.
The company’s acceptance into the EBA strengthens the position of the Siviour Battery Anode Material Project as a potential future supplier to the European market of the Purified Spherical Graphite required for production of electric vehicle battery anodes.
This EBA member group has been developed with aim of meeting the challenges of the rapid migration from fossil fuels to electric powered transport and grid energy by establishing a domestic battery value chain in Europe. The EBA acknowledges that collaboration of this type is an important process in supporting European countries in the transition from fossil fuels to clean energy.
The European Union (EU) established the EBA in October 2017 with the aim of bringing together a range of significant players in the future development of a battery value chain in Europe.
The EBA network currently has approximately 600 members including the European Commission, the European Investment Bank, European member states, and a host of other battery materials, technology and financing companies from miners to academics.
Commenting on the EBA membership, Renascor Managing Director David Christensen stated:
“Renascor is delighted to be accepted as a member to the European Battery Alliance. Our collaboration with other key players and end-users in the European battery market is an important opportunity to establish Siviour as a secure and low-risk source of Purified Spherical Graphite.
Renascor’s Siviour Graphite Deposit is the largest reported Ore Reserve outside of Africa, and the second largest Proven Reserve in the world. Our plans to produce Purified Spherical Graphite from Siviour align with the growing need for this critical raw material to feed the global lithium-ion battery market, including Europe.”
Renascor has an extensive tenement portfolio in South Australia, including our flagship project, the Siviour Battery Anode Material Project.
The rise in demand for electric vehicles is driving an increasing demand for lithium-ion batteries and their constituent materials, including graphite, and more specifically, Purified Spherical Graphite, as the main raw material in lithium-ion battery anodes.
Current commercial production of lithium-ion battery anodes generally involves the use of graphite, in the form of Purified Spherical Graphite, which is then coated with carbon before being manufactured into battery anodes.
Renascor plans to produce Purified Spherical Graphite through a vertically integrated battery anode material operation in South Australia that combines a mining operation at Renascor’s 100%-owned Siviour Graphite Project with a downstream processing operation to produce Purified Spherical Graphite.