Anode material production for GigaVaasa area under planning

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Press release 11.1.2022

Finnish company Grafintec Oy and Indian company Epsilon Advanced Materials have made a plot reservation and signed a Memorandum of Understanding with the City of Vaasa to establish an anode materials production facility in the GigaVaasa area.

– We are delighted that our battery value chain will be complemented as planned, and previously concluded agreements will attract new operators to the region. Synergy and environmental benefits are considerable, says Tomas Häyry, the Mayor of Vaasa, with satisfaction.

Joint Venture in Charge of the Development Project

The joint venture of Grafintec Oy, a 100% owned Finnish subsidiary of Beowulf Mining, and Epsilon Advanced Materials, an Indian company, will take charge of the construction of the anode material plant in Vaasa. Beowulf Mining announced the Joint Venture agreement between Grafintec Oy and Epsilon Advanced Materials on 6 December 2021.

Beowulf Mining plc is listed on the AIM market of the London Stock Exchange and the Spotlight Exchange in Sweden. The company explores critical raw materials such as iron ore, graphite and base metals needed for the battery industry.

– Following my September visit to India and discussions with Epsilon, it was clear that an anode materials production facility was the missing piece in the jigsaw at GigaVaasa. I was enthused by the warm and collaborative welcome I received when visiting the City of Vaasa in mid-October, and I am pleased that we have taken a significant step forward to complete the battery value chain at the GigaVaasa area, comments Kurt Budge, Chief Executive Officer of Beowulf Mining.

– The signing of the MoU with the City of Vaasa is a significant step forward for bringing our technology and knowhow of producing high quality anode materials for the Lithium-Ion Battery industry to Europe. We believe that a production facility situated in the emerging battery cluster in the GigaVaasa area will enable us to provide our customers in Europe with high quality and sustainable products, enhanced service levels, and give us a competitive cost structure, comments Vikram Handa, Managing Director of Epsilon Advanced Materials.

  • For more information, please read the press release from Beowulf Mining

Important supplier for European Battery and Battery Cell Factories
– Finland’s national battery strategy has recently taken enormous steps forward, and once again, we have happy news to share. Obtaining industrial-scale anode production in Finland will continue this development, commented Mika Lintilä, Minister of Economic Affairs.

– Today’s announcement is significant in development of industrial scale sustainable anode production for Finnish Battery ecosystem as part of European battery value chains. We warmly welcome the companies to Finland. Finland being number one sustainable country in the world valued highly by companies investing into combating climate change. The planned operation will bring new competences and employment into Finland and create further potential also for Nordic co-operation, says Markku Kivistö, Head of Invest in, Cleantech, Business Finland.

One of the Large Plots in the GigaVaasa Area

The Vaasa City Board approved the plot reservation and cooperation agreement on 13 December 2021. The reserved site number 18 is located near the site reserved for FREYR Battery’s proposed battery cell development.

The GigaVaasa industrial area is dedicated to battery value chain manufacturing and offers accessible green energy system options. This industrial zone is well placed logistically, with good rail and road connections and a short distance to the harbour, enabling sustainable transport solutions. Also, the airport is on its doorstep.

More than 160 energy technology companies are located in the Vaasa region, enabling excellent cooperation opportunities. Close collaboration between the EnergyVaasa Energy Technology Cluster and local higher education institutions will ensure enough skilled labour to meet the sector’s needs.


GigaVaasa Area Timeline:

  • April 2021: First reservation for GigaVaasa area; Johnson Matthey chose Vaasa to invest in a sustainable battery materials plant.
  • August 2021: FREYR Battery chose Vaasa as the location of a battery cell plant, a letter of intent concluded on a 90-hectare plot.
  • November 2021: Johnson Matthey announced the sale of its battery materials business. However, Vaasa continues to negotiate with the future new owner of the company.
  • January 2022: Grafintec Oy and Epsilon Advanced Materials signs a Memorandum of Understanding with the City of Vaasa to build a plant to produce anode materials for the battery industry in the GigaVaasa area.