orth America-focused Graphite One has received a non-binding letter of interest from the Export-Import Bank of the United States (Exim) for potential debt financing of up to $325-million to fund a planned anode active materials (AAM) manufacturing facility.
The funding is proposed through Exim’s “Make More in America” and “China and Transformational Exports Program” (CTEP) initiatives.
“Today’s announcement confirms Graphite One’s focus on developing a 100% US-based advanced graphite materials supply chain,” said Graphite One president and CEO Anthony Huston on Friday.
He said Exim’s potential financing, following on Graphite One’s two Department of Defense grants under the Defense Production Act and from the Defense Logistics Agency, underscored the need to bring US graphite supply into production, ending the nation’s 100% foreign dependency.
Given China’s dominance over global graphite production, the Exim letter of interest indicated the transaction may also be eligible for special consideration under Section 402 of Exim’s 2019 reauthorization, which directs Exim to take steps to mitigate the competitive impact of export support provided by China and other covered countries for opportunities such as this one under the CTEP initiative.
Graphite One expects to submit a formal application to Exim in 2025.
The company intends to make a production decision on the Graphite One project upon completion of its feasibility study, expected in the first quarter of 2025. The study’s release has been delayed from December 2024 to allow time for the review and analysis of additional geotechnical data resulting from the extension of the summer drilling programme.
With the US almost 100% import dependent for anode materials, Graphite One is developing a complete US-based, advanced graphite supply chain solution anchored by the Graphite Creek deposit, in Alaska.
The Graphite One project plan includes an advanced graphite material and battery anode manufacturing plant located in Warren, Ohio. The plan also includes a recycling facility to reclaim graphite and other battery materials, to be co-located at the Ohio site, the third link in Graphite One’s circular economy strategy. The building of these facilities remains subject to financing.