Shares in EcoGraf Ltd (ASX: EGR) kicked more than 5% higher in today's trading session.
The EcoGraf share price received a boost after the company released an update earlier today.
At market close, shares in the company are trading around 1.5% higher at 70 cents. The EcoGraf share price was up more than 5% earlier, after hitting an intra-day high of 72.5 cents.
Here's what the company had to announce.
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EcoGraf share price lifts on positive lithium-ion battery results
Before the market open, EcoGraf released results for its recycled lithium-ion battery anode.
The company noted that the results are a significant achievement and in line with major lithium-ion battery specifications.
EcoGraf noted that the purified carbon anode material is a high value finished product. The anode is made up of both natural and synthetic graphite, representing over half the raw materials in a lithium-ion battery.
According to EcoGraf, recycling the material would provide significant benefits to battery manufacturers. Key benefits include lowering battery unit costs and reducing carbon emissions.
In the announcement, EcoGraf noted that SungEel will submit the purified product to the South Korean lithium-ion battery manufacturer for battery cell tests.
More on EcoGraf
EcoGraf is a diversified battery anode material company that aims to produce high purity graphite products for the lithium-ion battery market.
The company currently has a processing facility in Western Australia that manufactures graphite products for export. In its manufacturing process, EcoGraf uses an environmentally responsible HFfree purification technology.
In addition, the company is also in the process of developing its Epanko Graphite Project in Tanzania.
The company is currently working closely with recycling group SungEel to include its tailored EcoGraf™ recycling process in their recycling plants.
Snapshot of the EcoGraf share price
Notwithstanding a stellar start to the year, the EcoGraf share price has been rather volatile in 2021.
Shares in the battery material company opened the year at around 16.5 cents, before hitting a high of $1.07 in mid-February.
Since then, the EcoGraf share price has troughed and peaked in a wide trading range.
Despite the volatility, shares in EcoGraf are trading more than 309% higher for the year.
