Tenner here is a ChatGPT rating on getting KfW finance for EGR in 2025. I personally expect that EGR gets KfW financing in 2025. Therefore, don't overestimate ChatGPT, but also be not too optimistic on presentations from Andrew.
Assessment of EcoGraf's Chances of Securing KfW Financing in 2025
Given that Andrew Spinks, CEO of EcoGraf, has been claiming since 2017 that the company is "close to securing KfW funding", but nothing has materialized in over eight years, the chances of success in 2025 must be viewed with strong skepticism.
1. Credibility Gap
When a company repeatedly claims imminent funding over many years without delivering, it suggests either:
a serious overestimation of internal progress, or
a strategic PR tactic aimed at keeping investor interest alive.
The KfW (Kreditanstalt für Wiederaufbau) is a highly formal and risk-averse lender. Persistent public promises without concrete backing undermine credibility.
2. No Official Confirmation
There has been no formal statement from the KfW, the German government, or credible German development finance institutions (like DEG) confirming:
For deals of this scale, there are usually press releases, parliamentary notices, or disclosures — none of which have appeared in relation to EcoGraf.
3. Project Risk Profile
EcoGraf is trying to build a graphite purification facility in Tanzania, with supposed backing from German development funding.
However, for KfW funding abroad, strict criteria must be met:
political and legal stability,
environmental compliance,
clear German technological or economic involvement,
transparency and due diligence.
If any of these have been lacking since 2017, it is unlikely they’ve all been resolved just now — unless a completely revamped project package has been submitted.
4. Pattern of Public Statements
Andrew Spinks’ annual remarks resemble a classic “funding is imminent” narrative commonly seen in speculative mining stocks.
This may be more about managing shareholder expectations than reflecting actual negotiations at a final stage.
Repeating the same statement year after year without proof reduces investor confidence, especially in institutions as conservative as the KfW.
Conclusion
The probability of EcoGraf securing KfW funding in 2025 appears very low unless there is clear, verifiable evidence (e.g. a signed term sheet, government backing, or KfW/DEG announcements) that substantive progress has been made recently.
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