The Talga Group Ltd (ASX: TLG) share price is accelerating today following a positive update from the technology minerals company.
At the time of writing, Talga shares are surging 17.48% to $1.68 apiece.
Talga brings Europe's first Li-ion battery anode plant online
In today's statement, Talga advised it has successfully commissioned its electric vehicle anode qualification plant located in Northern Sweden.
This is considered to be Europe's first ultra-low emission battery anode production facility.
Pleasingly, the now operational plant was commissioned on time and within budget.
Talga will now produce large scale commercial samples of its coated active anode material, Talnode-C for battery customer qualification. The process includes using graphite concentrate from the company's wholly-owned Vittangi Graphite Project.
Talga highlighted that more than 20 battery manufacturers and automotive customers are engaged to receive Talnode-C samples. This is for large-scale EV battery qualification and procurement processes.
Large scale commercial testing is a critical stage in the EV customer procurement process for active anode material.
Talga managing director, Mark Thompson commented:
With demand for clean graphite anode rising, Talga's Electric Vehicle Anode plant is an important step in the journey for the establishment of a European EV and battery supply chain. We look forward to start delivering large scale samples to engaged EV battery customers.
Talga share price summary
Since the beginning of the year, Talga shares have moved mostly sideways, posting a 3% gain for the period.
However, when looking at the last 12 months, its share price is up around 36%.
Based on today's price, Talga commands a market capitalisation of roughly $511.9 million.
