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DOE awards first battery supply chain loan to Syrah anode project","us-doe-awards-first-battery-supply-chain-loan-to-syrah-anode-project","article/us-doe-awards-first-battery-supply-chain-loan-to-syrah-anode-project",{"_uid":557,"date":558,"tags":559,"editor":569,"content":579,"excerpt":688,"featured":51,"reporter":689,"_editable":693,"component":694,"seo_title":553,"categories":695,"visibility":702,"author_company":49,"featured_image":703,"seo_description":688,"author_full_name":49,"author_job_title":49,"formattedDate":708,"formattedArticleDate":709},"74ba393c-e028-4baa-8588-11204b1daa75","2022-04-19 00:00",[560,563,566],{"slug":561,"name":562},"department-of-energy","Department of Energy",{"slug":564,"name":565},"syrah-resources","Syrah Resources",{"slug":567,"name":568},"usa","USA",[570],{"slug":571,"name":572,"content":573},"matthew-bird","Matthew Bird",{"job_title":574,"image":575,"bio":577,"linkedin":578},"Senior Editor - Supply Chains & Data Visualisation",{"filename":576},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":580,"content":581},"doc",[582,589,594,599,606,611,616,623,628,633,638,643,648,653,658,663,668,673,678,683],{"type":583,"attrs":584,"content":585},"paragraph",{"textAlign":49},[586],{"text":587,"type":588},"The US Department of Energy will support a US graphite anode project with a $107 million loan, in its first commitment to building a domestic electric vehicle supply chain.","text",{"type":583,"attrs":590,"content":591},{"textAlign":49},[592],{"text":593,"type":588},"The DOE said it had made a “conditional commitment” to lend Syrah Resources the money for ten years to help it expand production capacity of battery anode materials in Louisiana.",{"type":583,"attrs":595,"content":596},{"textAlign":49},[597],{"text":598,"type":588},"The loan, which is subject to further due diligence, is the first to the battery supply chain from the department’s $17.7 billion Advanced Technology Vehicles Manufacturing Loan Program (ATVM), which was created in 2007 to support the automotive industry.",{"type":583,"attrs":600,"content":601},{"textAlign":49},[602,604],{"text":603,"type":588},"The facility is a key plank in President Joe Biden’s efforts to boost US clean energy technology and reduce the country’s reliance on China. The DOE says it has received over ",{"text":605,"type":588},"$3 billion of loan applications for critical mineral projects. ",{"type":583,"attrs":607,"content":608},{"textAlign":49},[609],{"text":610,"type":588},"The AVTM program lent $6 billion to Ford in 2009 and also helped fund Tesla via a $465 million loan in 2010, but has not lent any money to battery materials projects.",{"type":583,"attrs":612,"content":613},{"textAlign":49},[614],{"text":615,"type":588},"Last week Lithium Americas, which is building a lithium mine in Nevada, said it had applied to the DOE’s Loan Programs Office for funding. Lithium producers Ioneer and Piedmont Lithium have also applied for funding.",{"type":617,"attrs":618,"content":620},"heading",{"level":619,"textAlign":49},4,[621],{"text":622,"type":588},"Building a supply chain",{"type":583,"attrs":624,"content":625},{"textAlign":49},[626],{"text":627,"type":588},"Jigar Shah, director of the Loan Programs Office at the DOE, said a key area of focus of the department’s loan program was to “increase the availability of the critical minerals” for clean energy technologies.",{"type":583,"attrs":629,"content":630},{"textAlign":49},[631],{"text":632,"type":588},"China currently produces almost all the world’s supplies of graphite for battery anode materials.",{"type":583,"attrs":634,"content":635},{"textAlign":49},[636],{"text":637,"type":588},"Syrah’s project could help alleviate that vulnerability, with its graphite mined in Mozambique and then shipped to Louisiana to be processed into anode materials.",{"type":583,"attrs":639,"content":640},{"textAlign":49},[641],{"text":642,"type":588},"Syrah said it had already secured enough funds to build a plant to produce 11,250 tonnes a year of anode materials at its Vidalia plant in Louisiana. It would use the DOE loan to “accelerate studies and detailed engineering of a potential larger expansion of Vidalia,” it said.",{"type":583,"attrs":644,"content":645},{"textAlign":49},[646],{"text":647,"type":588},"“Projects like Syrah Vidalia are critical to our national security, our foreign policy, building our supply chain, and our economy,” Shah said.",{"type":583,"attrs":649,"content":650},{"textAlign":49},[651],{"text":652,"type":588},"In December Syrah signed a deal with Tesla to supply graphite to the carmaker for four years at a fixed price.",{"type":617,"attrs":654,"content":655},{"level":619,"textAlign":49},[656],{"text":657,"type":588},"One small step",{"type":583,"attrs":659,"content":660},{"textAlign":49},[661],{"text":662,"type":588},"Syrah’s initial production of 11,250 tonnes of anode material is less than 1% of the global capacity under construction, most of it in China, according to Benchmark’s Anode Capacity Index. Tier 1 Chinese anode producer Shanshan is building 190,000 tonnes of anode production capacity, according to Benchmark.",{"type":583,"attrs":664,"content":665},{"textAlign":49},[666],{"text":667,"type":588},"It’s also only around 5.5% of total US anode production planned capacity, according to Benchmark.",{"type":583,"attrs":669,"content":670},{"textAlign":49},[671],{"text":672,"type":588},"“It’s critically important to the localised US supply chain given it’s underdeveloped state, even if it’s a marginal contribution to the global pipeline,” George Miller, an analyst at Benchmark, said. “Hopefully it will improve anode producers access to funding in the US.”",{"type":583,"attrs":674,"content":675},{"textAlign":49},[676],{"text":677,"type":588},"Syrah says it eventually wants to expand production at the site to 40,000 tonnes a year by 2040.",{"type":583,"attrs":679,"content":680},{"textAlign":49},[681],{"text":682,"type":588},"Syrah said it is targeting financial close of the loan by the end of June 22 with the first advance to come in the September quarter. The loan still needs to undergo due diligence by the DOE before it becomes binding, however.",{"type":583,"attrs":684,"content":685},{"textAlign":49},[686],{"text":687,"type":588},"Interest on the loan will be fixed and based on “applicable long-dated US Treasury rates,” Syrah said.","The US Department of Energy will support a US graphite anode project with a $107 million loan, in its first commitment to building a domestic electric vehicle supply chain. The DOE said it had made a “conditional commitment” to lend Syrah Resources the money for ten years to help it expand production capacity of battery […]",[690],{"slug":571,"name":572,"content":691},{"job_title":574,"image":692,"bio":577,"linkedin":578},{"filename":576},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"74ba393c-e028-4baa-8588-11204b1daa75\", \"id\": \"\"}-->","article",[696,699],{"slug":697,"name":698},"critical-minerals","Critical Minerals",{"slug":700,"name":701},"graphite","Graphite","private",{"id":49,"alt":704,"name":704,"focus":704,"title":704,"source":704,"filename":705,"copyright":704,"fieldtype":706,"meta_data":707,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/9724e58432/bm-granholm.jpg","asset",{"alt":704,"title":704,"source":704,"copyright":704},"Apr 19, 2022","19th April 2022",[],[],1790082838835]