GreenRoc and Morrow Batteries sign MoU for sustainable battery materials

Morrow Batteries ASA (“Morrow”) and GreenRoc Strategic Materials plc (AIM: GROC) have signed a non-binding Memorandum of Understanding (MoU) to collaborate on the development of graphite active anode material (AAM), which is essential for advanced battery technology.

The development partnership aims to establish a sustainable Nordic battery value chain, with GreenRoc supplying graphite from its Amitsoq mine in Greenland to Morrow’s LFP Gigafactory in Arendal.

The collaboration will leverage strategic advantages through co-location at Eyde Materials Park in Southern Norway, where GreenRoc will establish its AAM plant near the Morrow Cell Factory.

This proximity enables reduced transportation costs and lower CO2 emissions while ensuring consistent quality and supply security.

"Our collaboration with GreenRoc marks a significant step toward building a sustainable Nordic battery value chain. This partnership will be an important stepping stone in bringing the carbon emissions of our battery cells to exceptionally low levels while strengthening Europe’s battery supply security - it is great that we can leverage complementary strengths from across the Nordic region,” says Jon Fold von Bulow, Chief Science Officer & Co-Founder of Morrow.

GreenRoc is establishing NorGraph AS, a Norwegian subsidiary, to develop the AAM plant and access EU funding schemes.

“This partnership with Morrow marks a pivotal milestone in establishing a European graphite anode material supply chain. The strategic co-location of our facilities and shared commitment to ESG excellence create an ideal foundation for developing high-quality battery materials. Together, we can pioneer domestic European battery production while setting new industry standards,” says Stefan Bernstein, CEO of GreenRoc.

The Amitsoq project involves reopening a historic mining site using closed-pit operations to access one of the world's richest graphite deposits. It contains 23.05 million tonnes of ore with an exceptional grade of 20.41% graphite.

About GreenRoc

GreenRoc Strategic Materials Plc is an AIM-quoted company, which is led by a group of highly experienced mining industry professionals. The Company is focused on fast-tracking the Amitsoq Graphite Project in Greenland into a producing mine to meet critical demand from Electric Vehicle ('EV') manufacturers in Europe and North America for new, high grade and conflict-free sources of graphite. Amitsoq is one of the highest-grade graphite deposits in the world with a combined Measured, Indicated and Inferred JORC Resource of 23.05 million tonnes (Mt) at an average grade of 20.41% graphite, giving a total graphite content of 4.71 Mt, and significant further upside beyond this. Test work has proven that Amitsoq graphite can be readily upgraded to high-grade, anode-quality graphite, with higher than 99.95% purity and relatively little energy input, boding well for future production costs and sustainability commitments.

A Preliminary Economic Assessment released on 31 October 2023 gives a post-tax NPV8 for the Project of US$179M, an IRR of 26.7% and capex estimated at US$131M (including a 25% contingency). These figures solely relate to the economics of a mining and primary processing operation in South Greenland and do not take into account any potential upside from a downstream processing operation, which GreenRoc intends to establish. A Feasibility Study into the establishment of a graphite spheronisation processing plant (published in May and July 2024) shows a post-tax NPV8 for the project of US$621M, an IRR of 26.5% and capex estimated at US$340M (including a 25% contingency). The Company has signed a Letter of Intent to secure an area for the Company's future Active Anode Materials Plant in Southern Norway and has received expressions of support from the European Raw Materials Alliance and the US EXIM Bank for future development.

GreenRoc also has the Thule Black Sands Ilmenite Project ('TBS') in Greenland, which has an initial Mineral Resource of 19Mt at 43.6% Total Heavy Minerals with an in-situ ilmenite grade of 8.9%. greenrocplc.com