07:56 AM EDT, 10/21/2024 (MT Newswires) -- Graphite One ( GPHOF ) said Monday that its subsidiary Graphite One Products signed a technology license agreement and a consulting agreement with Hunan Chenyu Fuji New Energy Technology, a China-based supplier of anode active material to lithium-ion battery producers.

"The US has zero commercialization of synthetic anode battery materials," Graphite One ( GPHOF ) CEO Anthony Huston said. "The execution of these agreements represents a critical step in creating domestic supply for the lithium-ion battery materials."

Graphite One ( GPHOF ) said the agreements are fee-for-services arrangements, and provide no direct or indirect equity in the company. It added that the deals neither give Hunan representation in the management or board, nor rights to control its projects.

Graphite One's ( GPHOF ) share price jumped 6% last Friday to $0.88 on the TSXV.