The Australian company gets a federal loan of $107M from the US Department of Energy’s Advanced Technology Vehicles Manufacturing program.
Syrah Resources, which runs a graphite processing plant that makes materials used in EV batteries, received a $107M federal loan. This is to be used for further expanding the facility in Vidalia, Louisiana. The loan was said to be paid out over 10 years and was applied in June.
Shaun Verner, Syrah’s managing director, and CEO, said that the loan “highlights Vidalia’s strategic position in the USA and provides strong validation of Syrah, Vidalia and the Vidalia Initial Expansion.” He also said that “Importantly, the loan will allow Syrah to accelerate its growth strategy in its downstream business and support the rapidly growing EV and battery supply chain in the USA,”
The company announced in February that it would spend $176M to expand its plant in Vidalia. The project will add 180,000 square feet of space to its existing 50,000 square-foot plant so it can process graphite into active anode material (AAM) used in lithium-ion batteries used in EVs. In December, Syrah and Tesla reached an agreement to provide the latter with AAM for use in its batteries.