The MoU enables Beowulf's 100 per cent. owned subsidiary Oy Fennoscandian Resources AB ("Fennoscandian") to build its downstream capability
Beowulf signs MoU with Epsilon Advanced Materials. (Credit: Richard Dudley from FreeImages)
Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and development company, is pleased to announce the signing of a Memorandum of Understanding (“MoU”) with Epsilon Advanced Materials Private Limited (“EAMPL”), a subsidiary of Epsilon Carbon.
The MoU enables Beowulf’s 100 per cent. owned subsidiary Oy Fennoscandian Resources AB (“Fennoscandian”) to build its downstream capability, collaborating with a strong and innovative technology/processing partner, and for EAMPL to firmly establish itself in Finland, as a market-entry point for supplying pre-cursor anode material into Europe.
Purpose of the MoU
· Develop the concept of a strategic processing hub (the “Hub”) for both natural flake and recycled graphite to be located in Finland;
· Target the market for pre-cursor anode material for the lithium-ion batteries in the Nordics and Europe; and
· Consider establishing a Joint Venture between Fennoscandian and EAMPL.
Kurt Budge, Chief Executive Officer of Beowulf, commented:
“We are very pleased to have signed a MoU with EAMPL. With the Capital Raising behind us, this MoU is part of our acceleration plan for Fennoscandian, as the Company fulfils its role as a potential future supplier of the raw materials, that Finland and Europe need for manufacturing lithium-ion batteries.
“In EAMPL, we have found a partner who shares our sustainability values and we are looking to an exciting future ahead.”
Vikram Handa, Managing Director of Epsilon Advance Materials Private Limited, commented:
“We actively support the development of the Finnish Active Anode Material supply ecosystem and with Beowulf MoU we see potential to develop a Finland based Natural Graphite business.
“Over the past three years Epsilon group has been working closely on a range of innovative Carbon Products which will create substantial value over the long term.
“We are happy to partner with Beowulf and derive sustainable value from their Aitolampi asset.”
Source: Company Press Release