Evion Group has secured its first binding European offtake agreement for the Maniry graphite project in Madagascar, strengthening the project’s commercial outlook as it advances toward financing and potential development of a mine-to-Europe supply chain. Under the agreement, an established German buyer will purchase at least 10,000 tonnes of natural flake graphite concentrate per year for five years, equivalent to around 50,000 tonnes in total.
Maniry’s planned Stage 1 production is approximately 39,000 tonnes per year, meaning the contract covers about 26% of initial output, while roughly 74% remains available for additional customers or potential downstream processing. The agreement includes pricing linked to published graphite benchmarks for deliveries to major German ports, alongside a floor-price mechanism tied to production costs and debt-service requirements. This structure could provide greater revenue visibility for potential lenders in a graphite market where prices vary significantly by product quality and specification.
The legally binding terms are expected to be converted into a long-form offtake agreement within approximately six months, subject to project financing, final investment approval, construction and commercial production.
Strategic Importance for Europe
Maniry has been designated an EU Strategic Project under the Critical Raw Materials Act, while key mining permits were secured in July 2026. The new German agreement represents an important step in turning that strategic recognition into a commercial relationship with European industry.
Graphite is essential for lithium-ion battery anodes, but producing concentrate is only the first stage of the supply chain. Purification, shaping, micronisation and coating are required for many battery applications, with much of this downstream capacity concentrated in China. Evion has therefore also been evaluating a potential battery-anode-material processing facility in Germany. If developed, the facility could allow Maniry graphite to be mined in Madagascar and processed closer to European battery and automotive customers.
Financing Now the Key Catalyst
The first offtake agreement provides Evion with a European anchor customer while leaving most Stage 1 production available for additional contracts. Securing more buyers could diversify revenue and strengthen the project’s financing case. At the same time, the uncommitted production could provide flexibility for a future German downstream operation. Despite growing strategic demand for graphite, financing remains challenging because of price volatility and competition from synthetic graphite. Evion will therefore need to secure the broader funding package required to reach a final investment decision and begin construction.
With EU Strategic Project status, mining permits and its first binding European offtake now in place, Maniry is moving closer to commercial development. The emerging strategy is clear: graphite mined in Madagascar, supplied to European customers and potentially processed in Germany, creating a more diversified supply chain for Europe’s battery industry.
