Syrah Resources subsidiary gets loan for expansion of EV battery facility in Louisiana

WCN Editorial Team 19 Apr 2022 NORTH AMERICA BUILDINGS

Syrah Resources has announced that its wholly-owned subsidiary, Syrah Technologies, has finalised a non-binding term sheet and been provided a conditional commitment of a $107m loan from the US Department of Energy (DOE) to finance the initial expansion of its Vidalia active anode material factory in Louisiana, US.

This loan will help the subsidiary increase the Vidalia factory’s production capacity to 11.25ktpa.

The loan will be given through DOE’s Advanced Technology Vehicles Manufacturing (ATVM) loan programme in support of the critical minerals strategy of the US administration.

US President Joe Biden has set a goal that half of all vehicles sold in the country will be electric powered by the end of this decade.

It is the first from the ATVM loan programme since 2011, and also, the first ever from this special funding programme to a materials processing factory.

Syrah's managing director Shaun Verner said: “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 subsidiary and DOE are aiming to financial close of the loan by the end of June this year and the first advance of the loan by this September quarter.

Under the term sheet, the loan has a term of up to around 10 years from financial close.

The factory is anticipated to manufacture enough anodes to develop 2.3 million EVs by 2040.

----------------------------------------------------------------------------------------------------------------

Image:Syrah Resources gets $107 m U.S. loan for Louisiana EV battery plant. Credit: (Joenomias) Menno de Jong from Pixabay

With 11 websites and newsletters covering all the key areas within the construction industry, World Construction Industry Network is the leading global construction information resource. READ ABOUT US
PRIVACY POLICY

STAY IN TOUCH!

LATEST TWEETS

World Construction Network | www.worldconstructionnetwork.com is a product of GlobalData. Copyright © 2022 GlobalData. All rights reserved.