Graphite One (TSXV: GPH; US-OTC: GPHOF) has been awarded a Department of Defense Technology Investment Agreement grant of US$37.5 million under the Defense Production Act, funded through the Inflation Reduction Act.
The funding will help the company to accelerate the feasibility study for its Graphite Creek project 35 miles north of Nome, Alaska.
Graphite Creek was recently confirmed by the U.S. Geological Survey to be the country’s largest known graphite resource, and among the largest in the world.
The company plans to manufacture natural and artificial graphite anode materials and other value‐added graphite products from the concentrate and other materials in a facility expected to be located in Washington State.
The grant to Graphite One follows the designation of graphite as one of the battery materials deemed essential to the country’s national defence. Currently, the U.S. is 100% import-dependent for graphite, with China being the world’s leading producer.
Shares of Graphite One jumped 22% by late morning in Toronto. The company has a market capitalization of $203 million.
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