The funds will be used to finance further exploration for high-grade graphite in the southern part of Greenland and to establish a pilot processing plant.
GreenRoc Strategic Materials Plc is a UK-based mining company listed on the London Stock Exchange, which focuses on developing critical mineral projects in Greenland, primarily graphite and ilmenite, and the company's strategy is to become a vertically integrated supplierd of graphite anode materials for the electric vehicle industry.
Graphite is essential for the energy transition as it makes up the active component in Li-ion battery anodes, with an electric car battery containing 40 - 80 kg of coated, purified, spherical graphite. Another substantial demand comes from the fast growing Battery Electric Storage Systems for e.g. solar farms.
GreenRoc is working to create a secure European supply of coated, purified graphite anode material using graphite from the Amitsoq mine. As such, the Amitsoq mine project plays a vital role in supporting the green transition in Europe, which aligns well with EIFO's general aim to contribute to a sustainable and green transition.
The Horten team consisted of partner Lars Lüneborg and counsel Helle Muff Højbjerg.
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