Shares in Ecograf Ltd (ASX: EGR) are gaining again today, despite no news having been released by the company. At the time of writing, the Ecograf share price is 75 cents, 16.41% higher than its previous closing price.
While there’s been no news from Ecograf today, it did release an exciting announcement on Wednesday.
Let’s take a look at the latest news that boosted the Ecograf share price.
Ecograf’s positive results
Ecograf released the results of a mechanical shaping program on Wednesday.
The results proved the company’s planned battery anode production facility could achieve an overall product yield of more than 60%. That represents a 20% increase in the company’s expected yield.
The news saw the Ecograf share price end Wednesday’s session 9.6% higher than the previous day’s trade.
The program has seen Ecograf take another stride closer to finalising its planned Western Australian Battery Anode Material Facility’s engineering design.
It will also be able to select the equipment it will use at the facility before construction starts.
Ecograf partnered with an unnamed leading equipment manufacturer to run the program. The program took place in a commercial scale plant.
It intended to find how to best shape graphite feedstock into battery anode product.
The program isolated 3 products that can maximise Ecograf’s overall product yields, including an ultrafine battery anode material, known as ‘Super’ BAM.
According to Ecograf, ‘Super’ BAM products can be sold at a 25% premium on other battery anode materials.
Interestingly, the Ecograf share price fell 6.5% yesterday. Luckily, it’s more than recovered today.
Ecograf share price snapshot
Today’s gains are just the latest that the Ecograf share price has experienced this year.
Right now, it’s a whopping 338% higher than it was at the start of 2021. It has also gained an impressive 1,141% since this time last year.
The company has a market capitalisation of around $287 million, with approximately 449 million shares outstanding.
The post Why the Ecograf (ASX:EGR) share price is soaring 16% today appeared first on The Motley Fool Australia.
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More reading
- Here’s why the Ecograf (ASX:EGR) share price is up 8% today
- Why the Novonix (ASX:NVX) share price rocketed 16% today
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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