Graphite producer and natural graphite anode developer Volt Resources says the US Department of Energy (DoE) has approved its concept paper for the ‘Integrated Production of Natural Graphite Anode via Innovative Process’, which puts it in the running to secure possible nondilutive funding of over $100-million.
On November 15, 2023, the US DoE announced a Funding Opportunity Announcement (FOA) Number: DE-FOA-0003099 under Bipartisan Infrastructure Law (BIL) Battery Materials Processing and Battery Manufacturing.
The BIL provides funding for the investment of more than $7-billion in the battery supply chain over the five-year period encompassing the US government’s 2022 to 2026 fiscal years.
The DoE expects to make about $3.5-billion of government funding available for new awards under the FOA, subject to the availability of funds.
In response to this FOA, Volt subsidiary Volt Energy Materials submitted its concept paper for the ‘Integrated Production of Natural Graphite Anode via Innovative Process’ in January.
Volt’s natural graphite concept paper has passed the DoE’s review, with the DoE encouraging the company to submit a full proposal.
“Note that in this competitive process, only a fraction of concept papers pass the DoE review and we estimate that there are more than ten applicants.
“If our full proposal and subsequent negotiations are successful, the DoE grant of over $100-million would be allocated towards design, construction and commissioning of the planned 10 250 t/y integrated natural graphite anode powder plant located in the US to meet the growing demand from battery manufacturers,” the company says.
The DoE will evaluate proposals on multiple criteria including technical merit, financial resources of the applicant, commercial market viability, team strength and community benefit plan.
DoE decisions are expected in August.
In addition to its US operations, ASX-listed Volt holds a 70% interest in the Zavalievsky graphite mine and processing facilities, in Ukraine, and is developing the Bunyu graphite project, in Tanzania.