Eagle Graphite and University of British Columbia Partner on Lithium-ion Battery Research Project

VALHALLA, British Columbia, March 03, 2021 (GLOBE NEWSWIRE) -- The Government of British Columbia and Eagle Graphite (TSX VENTURE:EGA) ("Eagle") are pleased to confirm release of the first tranche of grant funding in support of a 2-year program to develop and commercialize silicon-modified battery anodes made with graphite from Eagle's Black Crystal graphite quarry and plant in Valhalla, British Columbia.

Highlights:

• Eagle is partnering with the University of British Columbia to research next generation graphite anodes for lithium-ion batteries with superior performance.
• Grant funding of $290,000 for the project was announced in 2019; the start of the project was delayed and held over in light of COVID-19 restrictions.
• The first tranche of grant funding has been released, and the project partners have agreed to the resumption of the 2-year project.
  

In 2019, the Government of British Columbia, through the CleanBC Go Electric Advanced Research and Commercialization ("ARC") program, selected Eagle for a grant of $290,000. The official government announcement can be found at news.gov.bc.ca/releases/2019EMPR0021-001214.

The University of British Columbia's ("UBC") Advanced Materials for Energy Storage Lab, under the leadership of Dr. Jian Liu, is the project's research lead during the initial stages. The project aims to establish baseline performance of battery anode graphite from Eagle Graphite's plant and quarry near the cities of Castlegar and Nelson, British Columbia. Further improvements to the formulation, incorporating silicon into the anode, will be tested, and if successful, advanced for commercialization.

Dr. Jian Liu comments, “We are excited to partner with B.C. local industry to advance research into high-capacity graphite-based anodes for high-performance lithium-ion batteries for electric vehicles. This project is significant to build understanding about the characteristics of critical battery material that could lead to a supply chain in B.C. and promote the adoption of electric vehicles in Canada.”

Eagle Graphite CEO Jamie Deith comments, "We welcome 2021 with renewed excitement and optimism. Global adoption of new, more sustainable energy systems is intensifying, and superior materials for tomorrow's batteries will play an enormous role in that transformation. We anticipate exponential growth in global demand for battery graphite to continue for many years, especially for graphite formulations yielding superior performance."

“Through CleanBC, we’re supporting innovative companies like Eagle Graphite that help B.C. transition to a clean energy future,” said Bruce Ralston, Minister of Energy, Mines and Low Carbon Innovation. “Developing new BC-based, world-leading technologies will attract investment and create jobs and opportunities for British Columbians.”

About the Advanced Materials for Energy Storage Lab at the University of British Columbia

Dr. Jian Liu, Assistant Professor and Tier 2 Principal’s Research Chair in Energy Storage Technologies in the School of Engineering at UBC Okanagan, is leading a research group focused on advanced nanofabrication techniques, materials design for Li-ion batteries and beyond, and interfacial control and phenomena understanding in complex energy storage systems.

About ARC BC

The ARC program in British Columbia (B.C.) is a fundamental part of the Province’s CleanBC Go Electric Program, designed to support the development of companies operating in the zero-emission vehicle (ZEV) sector, and to encourage international investment in the ZEV sector in B.C. The ARC program provides support to B.C. companies to invest in product development and commercialization activities through to long-term demonstration projects.

Additional information about the ARC program can be found at https://arcbc.ca/about/.

About Eagle Graphite

Eagle Graphite owns the only natural flake graphite facility in western North America that is constructed and permitted for production. The Black Crystal quarry and plant are located 35 kilometres west of the city of Nelson in British Columbia, Canada, 70 kilometres north of the state of Washington, USA. The Company's shares are listed on the TSXV under the symbol "EGA".

Cautionary Statements

Disclosure Regarding Forward-Looking Statements: This release contains certain "forward-looking information" within the meaning of applicable securities legislation. Such information is based on assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking information and accordingly, readers should not place undue reliance on such information. Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. In evaluating forward-looking information, readers should carefully consider the various factors which could cause actual results or events to differ materially from those expressed or implied in the forward-looking information. The statements in this release are made as of the date of this release. The Company undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Company or its securities, its financial or operating results, as applicable.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

For More Information

Eagle Graphite Incorporated
Jamie Deith, CEO
[phone]
[e-mail]

CleanBC Go Electric Advanced Research and Commercialization
[e-mail]
www.arcbc.ca
CleanBC Go Electric Programs
gov.bc.ca/zeroemissionvehicles
[e-mail]