Australian graphite miner Syrah Resources has been of-fered a US$107 million loan from the U.S. Department of Energy to allow the company to fund the initial expansion of its Vidalia active anode material facility in Louisiana to an annual output capacity of 11,250 tonnes per year.
“The proposed loan is to be made under DOE’s Advanced Technol-ogy Vehicles Manufacturing … loan program in support of the Biden Administration’s critical minerals strategy. DOE has US$17.7 billion in uncommitted loan authority under the ATVM program to support the manufacture of eligible advanced technology vehicles including electric vehicles … and qualifying components and materials” in the U.S., the company said in a statement.
Stephen Wells, the miner’s chief financial officer, said Syrah Re-sources was committed to diversify its sources of funding.
“The due diligence process has been extensive and thorough, and we are pleased to have been offered a Conditional Commitment by DOE,” he said.