EcoGraf (ASX:EGR) share price lifts 5% on battery anode update

It’s a good day to be an EcoGraf shareholder.

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The EcoGraf Ltd (ASX: EGR) share price is taking off on news the company’s battery anode material has outperformed international hydrofluoric acid-free benchmarks.

According to EcoGraf, a major anode producer put the company’s HFfree battery anode material through performance testing, with the product returning encouraging results.

Unsurprisingly, the market is responding well to EcoGraf’s news. At the time of writing, the EcoGraf share price is 67.5 cents, 4.65% higher than its previous close.

Let’s take a closer look at today’s announcement from the electric vehicle and lithium-ion-focused vertically intergrated battery anode material producer.

EcoGraf’s product outperforms competition

The EcoGraf share price is gaining on news that the material the company will produce at its new Western Australian Battery Anode Material Facility has outperformed international benchmarks.

An unnamed anode producer found EcoGraf’s HFfree battery anode material outperformed reference materials in half-cell electrochemical testing. The battery anode material also satisfied the producer’s physical and chemical specifications.

According to EcoGraf, the test results represent a “critical milestone”.

The company is currently finalising its construction plans for its Western Australian Battery Anode Material Facility. The facility will be the first of its kind, and today’s news further supports EcoGraf’s environmentally-friendly processing technology.

EcoGraf’s HFfree battery anode material is made without hydrofluoric acid. According to the company, hydrofluoric acid is highly toxic and widely used to create battery spherical graphite with 99.95% carbon grade.

Spherical graphite makes up battery anode material.

Previously, EcoGraf has found it can produce spherical graphite with 99.97% carbon grade without using hydrofluoric acid.

The West Australian facility will export the hydrofluoric acid-free battery anode material to battery markets in Asia, Europe, and North America.

EcoGraf share price snapshot

This year has been particularly good to the EcoGraf share price.

It is currently 302% higher than it was at the start of 2021. It has also gained 280% since this time last year.

Should you invest $1,000 in EcoGraf right now?

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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