International Graphite is rapidly moving forward with its plans to be one of the first producers of battery anode material (BAM) in Australia after its seed capital round closed last week, 50 percent over target.
Investors pledged $1.5 million, demonstrating strong confidence in the company and the future of graphite in the global battery market.
Chairman Phil Hearse said the funds would enable IG to execute a number of business-critical developments with operations expected to commence by May this year.
“We are very pleased with the confidence early investors have shown in the business,” he said. “We are building an expert and committed team and this round of seed funding provides the resources we need to get work started on the ground.
“Advances in high performance Lithium-ion batteries are transforming the power and transport industries because of their impact on climate change and potential to significantly cut greenhouse gas emissions. They are also opening pathways to whole new technologies that need safe, lightweight and portable power. Like most disruptive technologies, the potential is immense and we are just starting to see the possibilities.
“Lithium-ion batteries rely on graphite in their anodes and IG intends to be one of the first producers of high quality BAM in Australia and one of the first to supply growing world markets. The refinement of our production techniques is critical and the new equipment will enable our technical experts to develop the processes we will use to produce high quality BAM products. We aim to provide customers with samples of our first BAM in FY 21-22
“As a company, we are committed to growing shareholder value and delivering solid returns by producing high quality products for customers in an ethical and responsible way.”
The company is in the final stages of negotiation for premises to house its graphite micronising and foils plant in Collie, Western Australia, and has ordered equipment to further develop the BAM production technology it has been working on for the past three years.
The plant’s location has been strategically chosen and positions IG to contribute to the Western Australian Government’s strategy to build an advanced Lithium-ion battery industry in the State.