Vulcan Energy gets $106 million funding from German ministry
Shares of Vulcan Energy surged as much as 16.8% to a more than 18-month high on Tuesday.
New Zealand-based battery materials developer CarbonScape has taken another step towards commercializing its biographite operations in Finland after selecting the site for its proposed demonstration plant.
The Sunila site, located in Kotka, is owned by Stora Enso, a provider of renewable products in packaging, biomaterials and wooden construction, and a co-owner of CarbonScape. In 2023, Stora Enso closed its pulp production and lignin extraction operations at Sunila, and will now lease part of the site area to CarbonScape.
The company is developing a low-cost and carbon-negative biographite made from wood biomass. This material is designed to replace mined or fossil-based synthetic graphite in lithium-ion batteries, addressing supply chain and sustainability challenges in the electric vehicle and energy storage sectors.
Since 2018, the company has been optimizing its biographite production process at its pilot plant in New Zealand. The new demonstration plant in Sunila represents a significant scaling up of this technology, paving the way for full commercialization, it said.
“Our partnership with Stora Enso and the decision to locate our demonstration plant in Sunila underscore the global potential of our technology,” CarbonScape CEO Ivan Williams said in a news release. “By producing biographite from sustainable wood sources, we’re not just creating a new supply chain – we’re redefining what’s possible in battery technology.”
CarbonScape is currently advancing its engineering study for the demonstration plant, as well as its first commercial plant. The aim is to start construction of the plant next year and begin sample production in 2026.
