R&D tax refund strengthens EcoGraf in the development of its HFfree graphite purification technology and the expansion of the Epanko graphite project and the Golden Eagle gold project in Tanzania.
EcoGraf strengthens balance sheet with R&D refund for HFfree technology
Battery anode specialist EcoGraf (ASX EGR / Germany: FMK) has received a research and development refund of AUD 1.7 million from the Australian Taxation Office (ATO). The payment covers R&D expenses for the further development of the company’s proprietary HFfree purification technology in the financial year to June 30, 2025.
In parallel, EcoGraf is awaiting a decision on a funding application of approximately US$7 million from European governments, which is intended to support the further industrialization of the technology on the continent.
Managing Director Andrew Spinks emphasized that the funds are to be invested in the further development of the vertically integrated graphite business – from the upstream and midstream activities in Tanzania to the planned downstream plants in Europe. This is intended to further strengthen EcoGraf’s position in the global value chains for battery anode material.
HFfree: EcoGraf focuses on hydrofluoric acid-free graphite purification
The core of EcoGraf’s technology offensive is the multi-patented HFfree process. This is a chemical process for removing impurities from natural graphite and other carbon materials – without the use of hydrofluoric acid (HF), as is widely used in the Chinese graphite industry.
According to studies, HFfree can reduce operating costs by around 34% compared to conventional HF-based processes. For manufacturers of battery anode material, this would be economically and regulatorily significant, as the use of aggressive acids is increasingly the focus of authorities and customers.
For EcoGraf, HFfree is the central element of the corporate strategy: the technology is intended to secure a long-term, scalable supply of high-quality graphite material for its own anode material plants – both for battery applications and for large-area flake graphite products. The combination of R&D funding in Australia and potential support from Europe aims to support HFfree in the transition to an industrial series application.
Epanko and TanzGraphite: Tanzania as the basis of EcoGraf’s graphite business
On the raw materials side, EcoGraf, with its “TanzGraphite” brand, is focusing on the development of the Epanko graphite project in Tanzania. Epanko is considered a building block for one of the largest planned natural flake graphite productions in Africa. Future expansions are to be linked to demand from the battery industry and the expansion of the HFfree purification plants.
In addition to mine development, EcoGraf is also examining the construction of a mechanical “shaping” plant in Tanzania. There, natural flake graphite is to be processed into spherical graphite (SpG) – a key product for the production of anode-active material in lithium-ion batteries.
With this approach, EcoGraf is pursuing a continuous value chain: from the extraction of natural graphite to mechanical shaping and HFfree purification to ready-to-sell battery anode material. The technology developed in Australia and the raw material base in East Africa are intended to complement each other in this way.
EcoGraf expands raw material base with AngloGold farm-in at Golden Eagle
In addition to graphite, Tanzania is also increasingly becoming the focus for EcoGraf as a location for precious and critical metals. As early as mid-December 2025, the company reported an important milestone for the Golden Eagle gold project: the granting of the Prospecting Licenses by the Tanzanian Ministry of Mines activated a farm-in agreement with the gold industry giant AngloGold Ashanti.
As part of this agreement, AngloGold Ashanti can secure a 70% stake in the Golden Eagle project over a period of five years with investments of approximately US$13.5 million. EcoGraf retains a 30% stake and thus remains involved in the long-term development of the gold project.
While HFfree and Epanko characterize EcoGraf’s core business in the area of battery anode material, Golden Eagle gives the company additional leverage in Tanzania’s gold sector. The cooperation with one of the world’s largest gold producers also underscores the role of the East African country as a growing hub for various raw material classes.
Between Australia, Tanzania and Europe: EcoGraf is positioning itself in global supply chains
With the R&D refund from Australia, the applied-for funding from Europe and the ongoing projects in Tanzania, EcoGraf is further expanding its international presence. The goal is an integrated supply chain for natural flake graphite and HFfree-purified anode material that addresses both the needs of the European battery industry and the global market.
The combination of technology development, mine construction and partnerships – such as with AngloGold Ashanti in the gold sector – gives EcoGraf several operative and strategic starting points for the next few years. In the short term, the focus is on the further commercialization of HFfree technology, progress on Epanko and the decision on the applied-for European funding – as well as the hoped-for financing decision by KfW IPEX-Bank for Epanko.
In the long term, EcoGraf could thus play a significant role in the diversification of graphite and battery anode supply – in a market that is characterized by increasing demand from the lithium-ion sector and increasing requirements for sustainable supply chains.
