Rain Industries Shares Rise 8% After Graphite Project Completion
Rain Industries Ltd shares increased over 8% following the completion of a graphite project crucial for EV batteries. This project, conducted by Rain Carbon Canada and Green Graphite Technologies, aims to localize graphite production and reduce dependency on imports.
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Rain Industries Ltd reported an 8% increase in share value after its subsidiary Rain Carbon Canada completed a graphite project for electric vehicle batteries. This initiative, valued at CA$2.05 million and supported by the Ontario Vehicle Innovation Network, focuses on producing coated spherical purified graphite (CSPG), essential for lithium-ion batteries.
The partnership combines GGT's purification technology with Rain Carbon's processing expertise, successfully converting various graphite sources into high-purity materials. A demonstration plant in Mississauga, Ontario, is set to become operational next month to produce CSPG for battery manufacturer qualification. This development is significant as over 90% of battery-grade graphite currently comes from China, highlighting the importance of establishing a domestic supply chain.
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