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Beowulf Subsidiary Receives Additional Funding
Beowulf Subsidiary Receives Additional Funding.
About this update from Beowulf Mining Plc
[{"type":"text","content":"\n \nRNS Number : 0906S Beowulf Mining PLC 07 March 2019 \n\n \n \n7 March 2019\nBeowulf Mining plc\n(\"Beowulf\" or the \"Company\")\nFennoscandian Resources receives additional funding from Business Finland\n \nBeowulf (AIM: BEM; Spotlight: BEO), the Nordic focused mineral exploration and development company, is pleased to announce that Beowulf's wholly-owned subsidiary Oy Fennoscandian Resources AB (\"Fennoscandian\") will receive additional funding from Business Finland, 50% contribution to a budget of Euros 224,900, for graphite purification and spheroidization testwork, and the further assessment of Fennoscandian's graphite for battery applications. Business Finland has been granted EUR 10 million funding for a project titled BATCircle - the development of a Finland-based Circular Ecosystem of Battery Metals. \n \nBackground\n \nBATCircle is part of the European Union (\"EU\") Strategic Energy Technology Program (\"SET Plan\"), where Finland, under the leadership of Aalto University and Outotec, will coordinate research into battery recycling. The national BATCircle consortium includes a total of 22 companies, four universities, two research institutes and two cities. \n \nThe EU has listed graphite as one of 27 critical raw-materials. The future supply of natural graphite is of significant concern, as the EU currently uses 14% of the global supply of graphite, but produces <1% of the world's natural graphite.\n \nThe Lithium Ion Battery industry is the fastest growing market for natural flake graphite as graphite is the most common anode-material. At least seven new gigawatt-size battery factories are planned to start production in Europe by 2020. According to some forecasts, Europe could capture a battery market of up to Euros 250 billion per annum by 2025:\n \nhttps:/ec.europa.eu/growth/industry/policy/european-battery-alliance_en\n \nChina produces about 70% of the natural graphite used in Lithium Ion Batteries. As the need for electrified vehicles increases and European car industry grows, the demand of natural graphite suitable for anode-material is expected to increase faster than supply. The EU cannot rely on future supply of natural flake graphite and anode-material mainly from China and Asia. It needs to ensure that futur...