Graphite One Secures $325 Million Financing from EXIM Bank for Graphite Supply Chain

Graphite One Inc. announced on October 18 that it received a non-binding Letter of Interest (LoI) from Export-Import Bank of the United States (EXIM) for a potential debt financing of up to $325 million. This funding would support the construction of the company’s Advanced Anode Materials (AAM) Manufacturing Facility in the United States. The LoI states potential for a Final Commitment of up to $325 million with a repayment tenor of 15 years.

This funding falls under EXIM’s Bank’s “Make More in America” and “China and Transformational Exports Program” (CTEP) initiatives according to the official presser released by Graphite One. This loan is a step towards minimizing U.S’s dependency on foreign graphite supplies, particularly from China.

This funding would be crucial for Graphite One to proceed with the construction of its AAM Manufacturing Facility. The company is expected to submit a formal application to EXIM in 2025, and the final decision on financing will depend on meeting EXIM’s underwriting criteria and other requirements.

Graphite One’s President and CEO, Anthony Huston, emphasized the significance of this potential financing, and stated, “Today’s announcement confirms Graphite One’s commitment to developing a 100% U.S.-based advanced graphite materials supply chain. EXIM’s potential financing, following on G1’s two Department of Defense grants under the Defense Production Act and from the Defense Logistics Agency, underscores the urgent need to bring U.S. graphite supply into production, and end the nation’s 100% foreign dependency.”

Graphite One’s supply chain strategy includes mining graphite from its Graphite Creek property in Alaska, processing it into concentrate, and manufacturing anode materials at the proposed facility in Warren, Ohio. The company also plans to establish a recycling facility at the Ohio site to reclaim graphite and other battery materials.

The potential financing from EXIM Bank would be a significant boost for Graphite One’s efforts to establish a domestic U.S. graphite supply chain. As the United States currently relies heavily on imports for anode materials, the company’s project could help to secure a more reliable and sustainable source of this critical material for the electric vehicle and other industries.

Graphite One continues is an American producer of high-grade anode materials on a commercial scale integrated with a U.S. domestic graphite resource.  The Graphite One Project is proposed as a vertically integrated enterprise to mine, process and manufacture anode active materials primarily for the lithium-ion electric vehicle battery market.  Natural and artificial graphite anode materials and other value-added graphite products would be manufactured at the Company’s proposed advanced graphite materials manufacturing facility in Ohio.