The EcoGraf Ltd (ASX: EGR) share price is racing to a 5-month high despite no news being released by the company today.
At the time of writing, EcoGraf shares are up 7.51% to 93 cents. This means that the graphite producer's share price has rocketed to more than 50% in the space of a month.
Let's take a quick recap of the events that have led to the company's shares pushing higher.
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Expanded market presence
In its most recent update provided to the ASX, EcoGraf advised it had signed a land reservation agreement in Sweden.
Essentially, this allows EcoGraf to secure the 65,000-kilometre industrial site, while it evaluates the feasibility to build a battery anode materials facility. The company previously explored a number of sites across Europe, including Germany.
Located in the Vasterbotten region, Sweden, the area is said to benefit from ample clean and renewable energy. In addition, it is considered to have the lowest industrial power costs in all of Europe.
Quarterly results
The week prior to the land reservation announcement, EcoGraf reported its fourth quarter results to the ASX.
Over the 3-month period, the company revealed that it spent $553,000 in operating activities. This was made up of exploration programs, staffing expenses, as well as administration and corporate costs.
Pleasingly, EcoGraf received a total of $374,000 of government grants and tax incentives.
At the end of the quarter, the company had a healthy cash balance of $52.6 million.
Funding update
In that same week of releasing its activities statement, EcoGraf provided an update on its funding facilities. It noted that the Australian Government's export credit agency is set to lend the company US$35 million. EcoGraf will use these funds to build its battery anode material facility in Western Australia.
EcoGraf share price snapshot
Over the last 12 months, EcoGraf shares have rocketed 1,229% higher, with year-to-date up almost 447%. The company's share price reached a 52-week high of $1.10 in February before profit takers swooped in.
EcoGraf presides a market capitalisation of roughly $416 million, with approximately 450 million shares on its registry.
