Today's trading session has been a wild ride for the First Graphene Ltd (ASX: FGR) share price.
Shares in the company dumped nearly 9% earlier today. After opening at 29 cents, the First Graphene share price hit an intraday low of 26.5 cents.
At the time of writing, shares in First Graphene have recovered to be less than 2% lower for the day.
Lets take a look at what's been moving the First Graphene share price.
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First Graphene releases whitepaper
Earlier today, First Graphene released a whitepaper on its patented Hydrodynamic Cavitation Process.
According to the company, the report confirmed the technology's ability to convert petroleum feedstocks into products for clean energy storage and generation.
First Graphene's research team successfully demonstrated that the novel cavitation technology could efficiently produce graphite materials in a single step process. According to the whitepaper, the only by-product of the process was "green" hydrogen.
First Graphene noted that high purity graphite is in demand for use in the production of battery anodes. The company predicts strong growth and highlighted the potential to evolve production to a commercial scale.
First Graphene signs distribution deal
In addition to today's announcement, First Graphene also announced a distribution agreement yesterday.
The agreement will allow Auckland-based company GtM Action to exclusively distribute First Graphene's PureGRAPH products. GtM Action will also have the right to develop commercial opportunities for graphene technology.
According to First Graphene, the partnership with GtM Action is focused on extending the company's sales reach and the awareness of graphene technology.
In addition to developing commercial opportunities in New Zealand, the company also aims to expose its PureGRAPH product to the concrete industry globally.
More on First Graphene
First Graphene is a supplier of high-performing, graphene products. The company has a robust manufacturing platform based on the supply of high-purity raw materials.
First Graphene recently provided an update on the commercial use of its flagship PureGRAPH product line.
At the time of writing, shares in First Graphene are slightly lower for the day and relatively flat for 2021.
