Epsilon & Beowulf Mining sign MOU to set-up Joint Venture operations in Finland

New Delhi: Epsilon Advance Material (EAMPL), a subsidiary of Epsilon Carbon, signed a MOU with Beowulf Mining plc to establish a joint venture company in Finland. The MOU acts as a formal market entry vehicle for Epsilon for supplying anode material into Europe by firmly establishing itself in Finland. The MoU also enables Beowulf’s wholly-owned subsidiary Oy Fennoscandian Resources AB (“Fennoscandian”) to build its downstream capability, collaborating with a strong and innovative technology/processing partner.. According to the agreement, Epsilon and Beowulf will jointly develop a strategic processing hub for both natural flake and recycled graphite in Finland. The JV with its Active Anode Material project targets to be a prominent player in the European Lithium-ion Battery ecosystem.

Commenting on the MOU with Beowulf, Mr Vikram Handa, Managing Director of Epsilon Advance Materials Private Limited said, “We actively support the development of the Finnish Active Anode Material supply ecosystem and with the Beowulf MoU we see potential to develop a Finland based Natural Graphite business. Over the past three years Epsilon has been working closely on a range of innovative Carbon Products which will create substantial value over the long term. We are happy to partner with Beowulf and derive sustainable value from their Resource BaseAitolampi asset.”

According to Kurt Budge, Chief Executive Officer of Beowulf, “We are very pleased to have signed a MoU with EAMPL. This MoU is part of our acceleration plan for Fennoscandian, as the Company fulfils its role as a potential future supplier of the raw materials, that Finland and Europe need for manufacturing lithium-ion batteries. In EAMPL, we have found a partner who shares our sustainability values and we are looking to an exciting future ahead.”