Tirupati Graphite PLC (LSE:TGR), a specialist graphite producer and graphene developer, said it is well positioned to develop solutions that "make net zero a reality."
"Given our business is positioned to develop solutions - namely a suite of graphite products, that can help enable net zero pathways, Tirupati's rapid expansion could not come at a better time,” chairman Shishir Poddar said ahead of an annual general meeting today.
"Make net zero a reality. Climate chiefs warn of cost of delaying net zero. Energy watchdogs says net zero can protect against future price shocks. Investors are driving opportunities in the clean energy transition. World Energy Outlook 2021 shows a new energy economy is emerging - but not yet quickly enough to reach net zero by 2050. The automotive future is electric.
"These are just some of the headlines dominating global media and with COP26 in Glasgow only days away, warnings about the consequences of climate change will only get louder," he said.
Tirupati is increasing production at its two primary graphite mining and processing projects in Madagascar in response to the growing demand for clean, green graphite for electric vehicle (EV) batteries.
“Last month, we announced the commissioning of our second plant and are also in the process of developing the third, which will take capacity to 30k tonnes per annum (ktpa) next year. But that's not the end of the story; it's just the beginning. Immediately after we complete the third plant, we'll start on the fourth with the intention of reaching our ambitious target of 84ktpa by 2024.
"Notably, as well as using environmentally centric processes and scalable technologies that achieve high recovery percentages compared to peers, we're also developing hydropower facilities to support all our current energy requirements in Madagascar - ensuring our product is truly green.”
Poddar also said the company is looking forward to completing the acquisition of two advanced, higher-grade, complementary deposits in Mozambique from ASX-listed Battery Minerals Ltd, and outlined the progress Tirupati is making at expanding its downstream speciality graphite projects in India.
"With the support of our exceptional team of eminent scientists, geoscientists, engineers, technocrats, technicians, and corporate personnel, and armed with our exclusive technologies, a healthy balance sheet, and strong market fundamentals, we're highly optimistic about our future," he concluded.