Alba Mineral Resources Plc has announced that its portfolio company, GreenRoc Mining Plc, has been awarded a grant by the UK's Automotive Transformation Fund (ATF) to partially finance a feasibility study. The study will focus on establishing a graphite spheronisation processing plant in the UK to produce active anode material for electric vehicle (EV) batteries. The graphite concentrate will be sourced from GreenRoc's Amitsoq Graphite Project in southern Greenland. The grant, worth approximately £250,000, is expected to contribute to the development of a robust supply chain of anode material for EV batteries and fuel cells in the UK.
The ATF funding program is administered by the Advanced Propulsion Centre UK (APC), which aims to accelerate the transition to a net-zero automotive industry in the UK. The ATF believes that GreenRoc's feasibility study project could have significant strategic benefits for the UK in terms of security of supply and achieving resilience in the EV battery sector. The feasibility study is set to begin in Autumn 2023 and is expected to be completed by May 2024. GreenRoc will act as the project manager, with input from four expert consultants.
Stefan Bernstein, CEO of GreenRoc, expressed his pleasure at receiving the grant, stating that it represents a step forward in establishing a robust supply chain of anode material for EV batteries and fuel cells. He also highlighted the government's support for their ambition to supply the European gigafactory industry with anode material sourced from GreenRoc's graphite deposit in Greenland. Based on the results of the feasibility study, GreenRoc hopes to attract joint venture partners and investors to make the production of anode material in the UK a reality.
The UK's ability to secure the supply of active anode material is crucial for the production of EV batteries and the future of the UK car industry. The ATF's feedback on GreenRoc's application for grant funding emphasized the importance of the feasibility study in determining whether the UK can gain resilience in the EV battery sector. The project aims to proceed quickly towards establishing a production facility in the UK, with potential strategic benefits for security of supply, economic advantages, and environmental advantages.
Overall, this grant from the ATF represents a significant development for GreenRoc and Alba Mineral Resources, as it supports the establishment of a domestic supply chain for anode material in the UK and strengthens the competitiveness of the British car industry in the EV market.