What Elcora Advanced Materials does

Elcora Advanced Materials Corp. is a vertically integrated, exploration-to-early-commercial-stage battery materials company headquartered in Bedford, Nova Scotia, Canada, publicly traded on TSX Venture (ticker ERA). The company controls the full value chain from mining through processing to finished products across three continents: graphite mining and processing at the Ragedara Mine in Sri Lanka (~500 tonnes/year current capacity, planned expansion to 20,000 tonnes/year), vanadium and manganese mining at the Atlas Lion Deposit and adjacent concessions in Morocco (~304 km² of licenses), and a newly announced gold acquisition in South Africa's Barberton Greenstone Belt. Core products include EL-I-C6 graphite anode powder (>99.995% carbon content), EL-2D few-layer graphene, micro graphite, graphite nano-platelets, manganese ore (37%+ purity), and planned vanadium pentoxide output targeting VRFB and steel alloy markets.

The company's technological differentiation rests on a proprietary acid-free and alkaline-free graphite refining process yielding graphite with thermal stability to ~800°C in oxygen and ~3000°C in inert environments, materially outperforming acid-treated alternatives. High Precision Coulometry (HPC) battery testing capabilities shorten R&D cycles for customers qualifying materials in 18650 cell formats. The Atlas Lion vanadinite deposit contains surface sample grades of 4-5% vanadium versus a global industry average below 1%, providing potential cost advantages.

The business model is B2B direct sales of mined and processed mineral products to battery manufacturers, steel producers, and energy storage companies. Pricing is predominantly market-indexed for manganese ore (~$2.97 USD/dmtu reference) and quote-based for graphite/graphene products. Revenue generation began in Q2 2023 with initial 500 metric ton manganese orders; the company is in active capital-raising mode to fund expansion. Strategic partnerships include Lockheed Martin Canada (Li-ion anode development), Lab 4 Inc. (vanadium processing), and Mincape SARL (regional manganese expansion).

Name

Elcora Advanced Materials

Legal name

Elcora Advanced Materials Corp.

Website

https://elcoracorp.com

Company type

Public

Founded year

2011

Operating status

Operating

Headcount range

51–100 employees

Short description

Elcora Advanced Materials is a vertically integrated battery materials company mining and processing graphite (Sri Lanka), vanadium and manganese (Morocco), and gold (South Africa) into anode powders, graphene, and metal products for lithium-ion battery manufacturers, steel producers, and energy storage customers.

Ownership category

akta.pro rank

Product category

Battery Materials Mining

NAICS

Carbon and Graphite Product Manufacturing (335991)

SIC

Mining & Quarrying Of Nonmetallic Minerals (No Fuels) (1400)

akta.pro primary industry

Battery Raw Materials Mining & Refining (Lithium, Nickel, Cobalt, Manganese, Graphite) (EUAFABAA)

akta.pro secondary industries

Battery-Grade Chemical Processing (LiOH/Li2CO3, Ni/Co Sulfates, Mn Sulfate) (IMAKAFAI), Battery Recycling & Materials Recovery (Li-ion, LFP, Flow, Lead-Acid) (EUAMALAE)

Keywords

• Battery materials mining
• Graphite anode powder
• Vanadium extraction
• Manganese ore supply
• Few-layer graphene production

Headquarters

HQ city

Bedford

HQ country

Canada

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Technology or R&D, Personnel, Infrastructure, Marketing or Sales

Revenue model

1. Manganese Ore Sales: Mining and sale of manganese ore from Morocco operations. Manganese ore with 37%+ purity sold to industrial clients. First deliveries began Q2 2023 with 500 metric tons initial orders. Pricing referenced at approximately $2.97USD/dmtu for 37% Mn grade.
2. Graphite Products: Sale of refined graphite products including anode powder, micro graphite, and graphite nano-platelets. Products sold to battery manufacturers for Li-ion battery applications.
3. Graphene Sales: Production and sale of few-layer graphene. Graphene Corp. subsidiary produces graphene for various applications including composites, batteries, and coatings.
4. Vanadium Pentoxide and Related Products: Planned production and sale of vanadium pentoxide and related vanadium compounds from Moroccan vanadinite deposits, targeting steel industry and VRFB energy storage markets.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels9 records

Core offering

Elcora is a vertically integrated battery materials company that extracts and processes graphite, vanadium, and manganese from its own mines in Sri Lanka and Morocco to produce battery-grade materials. Its primary commercial products include graphite anode powder for Li-ion batteries, few-layer graphene, micro graphite, graphite nano-platelets, manganese ore, and vanadium pentoxide for steel alloys and vanadium redox flow batteries. The company sells these materials directly to commercial battery manufacturers, steel producers, and energy storage companies.

Product overview

Elcora Advanced Materials is a vertically integrated battery materials company that operates from mine to finished products. The company extracts, processes, and produces battery-grade minerals and metals including graphite/graphene products (EL-I-C6 Graphite Anode Powder, EL-2D Few Layer Graphene, EL-MG/5 Micro Graphite, EL-NP Graphite Nano-Platelets) and vanadium products. Mining operations include the Ragedara Graphite Mine in Sri Lanka with its associated Processing Facility, the Atlas Lion Vanadium Deposit in Morocco, and Manganese Mining Operations in Morocco. The company has developed proprietary acid-free/alkaline-free refining processes that are environmentally friendly while yielding higher quality graphite stable at higher temperatures. Elcora targets the global battery value chain, supplying materials for lithium-ion batteries and vanadium redox flow batteries.

Differentiator

Problem solved

Functional benefit

Products and services

• EL-I-C6 Graphite Anode Powder Formulated advanced natural graphite anode powder for lithium-ion batteries with D50 particle size of 23 micrometers, spherical particles, tap density greater than 1.0 g/cm³, BET surface area 2-3 m²/g, carbon content (LOI) greater than 99.995%, and calendar densities greater than 1.5 g/cm³. Offers 350 mAh/g reversible capacity and 93.8% first cycle efficiency in 18650 cell testing. Targeted at commercial Li-ion battery manufacturers.
• EL-2D Few Layer Graphene High-quality few-layer graphene produced via a unique cost-effective, acid-free, oxide-free, non-functionalized process. Ranked number one in quality by the Centre for Advanced 2D Materials (CA2DM) at the National University of Singapore. Targeted at composites, battery, and coatings applications.
• EL-MG/5 Micro Graphite Micro graphite flakes with adjustable particle size from 1 to 50 micrometers, carbon content (LOI) greater than 99.99%, no acids, oxidation, or functionalization, and flat flakes for maximum expandability. Produced using Elcora's proprietary cost-effective methodology at the Ragedara Processing Facility.
• EL-NP Graphite Nano-Platelets Graphite nanomaterials ranging from micro-graphite to graphene, made of short stacks of graphene sheets produced via a unique low-cost effective process. Targets applications requiring nano-scale carbon additives.
• Manganese Ore (37%+ purity) High-grade manganese ore at 37%+ purity (availability ranging 37% to 44%) mined from Ermazon SARL's 16 km² concession in Morocco. Sold by the metric ton to industrial and metallurgical clients with reference pricing approximately $2.97USD/dmtu for 37% Mn grade FOB Port Elizabeth. Initial orders of 500-1500 metric tons delivered.
• Vanadium Pentoxide High-purity vanadium pentoxide extracted from Moroccan vanadinite deposits using innovative processing techniques co-developed with Lab 4 Inc. Achieves 8.9% vanadium grade, significantly above conventional pig iron slag grades of 0.25% vanadium. Targeted at steel industry alloying applications and Vanadium Redox Flow Battery (VRFB) energy storage markets.

Quantifiable outcome

• Vanadium grades of 4-5% from Moroccan surface samples compared to global average below 1% V2O5
• +4 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Mincape SARLcoreStrategic or Co-development Partner · 19 October 2023Strategic partnership between Elcora and Mincape SARL to establish manganese mining operations in Morocco and West Africa. Partnership aims to support the EV battery market and secure sustainable high-quality manganese ore supply. Elcora provides battery metals expertise, logistics, and global market access while Mincape contributes geology expertise, sustainable resource development knowledge, and advanced mining technologies.
• Lab 4 Inc.coreTechnology or Integration · 22 January 2023Engagement of Lab 4 Inc. for metallurgical assessment and pioneering processing test work on vanadium extracted from Morocco Vanadinite Deposit. Lab 4 brings extensive experience in processing and hydrometallurgy of energy materials. Currently working on process design for Ermazon Vanadium Pilot Plant.
• Tanzania Graphite Project Joint VentureminorStrategic or Co-development Partner · 11 July 2019Entered joint venture on high-grade Tanzania graphite project. Details of the joint venture partner and project scope not fully specified.
• Solargise Canada Inc.minorStrategic or Co-development Partner · 10 June 2019Research and development agreement with Solargise Canada Inc., a solar energy company. Details of the R&D collaboration not fully specified in available materials.
• Lockheed Martin CanadacoreStrategic or Co-development Partner · 29 November 2017Memorandum of Understanding (MOU) agreement signed with Lockheed Martin Canada to support the development of Li-ion anode technology. Lockheed Martin represents the Canadian arm of the global aerospace and defense company. Strategic partnership focused on battery technology advancement.
• Sakura Graphite (PVT) LimitedcoreStrategic or Co-development Partner · 1 January 2014Elcora acquired full operational control and 40% equity interest in Sakura Graphite (PVT) Limited, which operates the Ragedara graphite mine in Sri Lanka. Elcora introduced advanced mining techniques and North American operating standards to the operation.

Scale indicators16 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Talga Group: Swedish-Australian graphite anode material developer (Vittangi project) with in-house processing and Li-ion cell-testing capabilities. Directly comparable in graphite anode technology focus, vertical integration, and Western supply-chain positioning.
• Nouveau Monde Graphite: Quebec-based developer of the Matawinie graphite mine and the Bécancour anode material plant, focused on battery-grade graphite for EVs. Comparable in being a Western, ESG-oriented vertically integrated graphite-to-anode player with proprietary processing.
• Syrah Resources: Operator of the Balama natural graphite mine in Mozambique and a downstream Vidalia active anode material (AAM) project in Louisiana. Closest direct peer to Elcora in the natural graphite-to-anode value chain, facing the same end-market and offtake dynamics.
• Triton Minerals: Developer of graphite projects in Mozambique (Ancuabe, Balama North) targeting battery-grade graphite. Comparable as a small-cap natural graphite developer with African project exposure and battery-materials end markets.
• Renascor Resources: Australian developer of the Siviour graphite project in South Australia with planned downstream battery anode material production. Comparable in vertically integrated natural graphite-to-Purified Spherical Graphite (PSG) strategy and small-cap scale.
• Bushveld Minerals: South African integrated vanadium producer and energy storage developer (Vanadium Redox Flow Batteries). Closest direct peer in the vanadium mining and VRFB end-market space, with African project overlap.
• Westwater Resources: US-based battery graphite developer with the Coosa graphite project in Alabama and a planned downstream processing facility. Comparable as a Western, small-cap natural graphite-to-anode supplier targeting the Li-ion battery market.
• Magnis Energy Technologies: Lithium-ion battery technology and graphite anode materials company with iM3NY gigafactory plans. Comparable in the graphite anode technology and Li-ion cell integration space, although operating further downstream.
• Directa Plus: UK-based producer of graphene nanoplatelets and graphene-based products for composites, textiles, and environmental applications. Comparable as a small-cap, environmentally friendly graphene producer selling into industrial end-markets.
• Largo Resources: Producer of high-purity vanadium pentoxide (V2O5) from the Maracás Menchen mine in Brazil and a leading global vanadium supplier. Directly comparable as a primary vanadium producer serving steel and energy storage customers.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries3 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Elcora Advanced Materials