The EcoGraf Ltd (ASX: EGR) share price has jumped into the green this Wednesday, extending the return over the last week to 27%.
Shares in the battery materials and technology company are now exchanging hands at 88.5 cents, an 11.32% gain from the market open.
What’s up with the EcoGraf share price today?
Investors continue buying EcoGraf shares since the company announced its plans to gain market share in the lithium-ion battery market.
EcoGraf recently signed a “land reservation agreement” with a locality in Sweden, thereby expanding its footprint in Europe.
The site offers renewable energy benefits and boasts low costs of production to compress operating margins.
As a result, EcoGraf states the site is eco-friendly and, therefore, aligns with the company’s sustainable production process.
EcoGraf’s process involves removing “toxic hydrofluoric acid (HF)” via a patented technology process.
The company also released its quarterly report at the end of July. In it, EcoGraf detailed it finished the quarter well capitalised with $52.6 million in cash on its balance sheet.
Moreover, the company explained the Battery Anode Material facility in WA was given major project status.
Furthermore, EcoGraf successfully secured an Australian government funding facility of US$35 million.
EgoGraf then capped this off by successfully listing on the OTCQX market during the quarter
EcoGraf share price snapshot
The EcoGraf share price has delivered outsized returns of 411% this year to date, extending the previous 12 months’ return of 1,259%.
These returns have far outpaced the S&P/ASX 200 Index (ASX: XJO)’s return of around 26% over the past year.
The post Why the EcoGraf (ASX:EGR) share price is up 11% on Wednesday appeared first on The Motley Fool Australia.
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More reading
- EcoGraf (ASX:EGR) share price powers 10% ahead on industrial site news
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- EcoGraf (ASX:EGR) share price lifts 5% on lithium update
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The author Zach Bristow has no positions 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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