The MoU has been signed with Beowulf’s wholly-owned Finnish subsidiary Grafintec Oy. The joint venture will take charge of the construction of the anode material plant in Vaasa
Beowulf Mining and India-based graphite producer Epsilon Advanced Materials have signed a memorandum of understanding (MoU) to establish an anode materials production facility in the City of Vaasa in Finland.
The MoU has been signed with Beowulf’s wholly-owned Finnish subsidiary Grafintec Oy. The joint venture will take charge of the construction of the anode material plant in Vaasa.
The Vaasa City Board approved the plot reservation and cooperation agreement on 13 December 2021. The reserved site number 18 is located near the site reserved for FREYR Battery’s proposed battery cell development.
It will be built in two phases; the first phase will result in an annual capacity of 10,000 tonnes, with the second phase adding another 40,000 tonnes annually.
The facility will supply battery/cell manufacturing companies in Europe, complementing Epsilon Advanced Materials’ growing anode materials business in India, Beowulf said.
Vikram Handa, managing director of Epsilon Advanced Materials Private, described the signing of the MoU as “a significant step forward” in advancing technology and know-how of producing “high-quality anode materials for the lithium-ion battery industry to Europe.”
“We believe that a production facility situated in the emerging battery cluster in the GigaVaasa area will enable us to provide our customers in Europe with high quality and sustainable products, enhanced service levels, and give us a competitive cost structure,” Handa said.
Kurt Budge, chief executive officer of Beowulf, said in Epsilon Advanced Materials the company has found “a partner that shares our sustainability values” and that it is looking forward to establishing a Finnish anode materials supply chain.