Beowulf, a UK-based mineral exploration and development company, will build a new anode materials production facility in Finland after its subsidiary Grafintec signed an agreement with Epsilon Advanced Materials.

The new plant will supply battery/cell manufacturing companies in Europe; it will be built in two phases with Phase 1 to have a capacity of 10,000 tonnes of anode material per year and Phase 2 adding 40,000, making its total capacity 50,000 tonnes.

Under the agreement, Grafintec and Epsilon Advanced Materials aim to create a sustainable value chain in Finland from high-quality natural flake graphite resources to anode materials production, leveraging power and targeting net-zero CO2 emissions.

Kurt Budge, chief executive officer of Beowulf, said in Epsilon Advanced Materials the company has found "a partner that shares our sustainability values" and that it is looking forward to establishing a Finnish anode materials supply chain.

Vikram Handa, managing director of Epsilon Advanced Materials, said the company is seeking to leverage its technological expertise with Finland's natural resources and renewable power to build Finland's value chain, improve service and cut costs.