EcoGraf (ASX:EGR) received positive feedback from the US Department of Defense for its $76.3 million funding proposal to build a graphite purification facility in the US, according to a Monday filing with the Australian bourse.
A US battery maker issued a letter of support, endorsing and supporting the company's proposal for funding.
The proposal met technical criteria and remains under consideration for future award funding, the filing said.
Shares of the company rose 9% on market close.
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