The US Department of Energy will lend $ 107M to Australian graphite miner Syrah Resources (OTCPK: SYAAF) (OTC: SRHYY) to build an electric vehicle battery parts facility in Louisiana, Reuters reports.
The DoE loan is the agency’s first in more than 10 years from its Advanced Technology Vehicles Manufacturing funding program and the first not directly to an automaker, according to the report.
Syrah Resources (OTCPK: SYAAF) plans to use the loan to help fund the expansion of the facility that will process graphite mined from Mozambique into anodes, the positively charged electrode of a battery; the plant is expected to produce enough anodes to build 2.3M EVs by 2040.
Lithium Americas (LAC), Ioneer (OTCPK: GSCCF), Lordstown Motors (RIDE) and Piedmont Lithium (PLL) have said they have applied for ATVM loans.
Syrah Resources’ (OTCPK: SYAAF) active anode material facility looks like a potential winner starting in 2023, Matt Bohlsen writes in a bullish analysis published on Seeking Alpha.