Tesla Graphite Supplier Lands $107 Million U.S. Loan for Plant
- Conditional financing to cover Syrah Resources plant expansion
- Loan comes as Biden revives loan program dormant under Trump
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A critical minerals company with an agreement to supply Tesla Inc. with battery-ready graphite has been awarded a conditional loan of up to $107 million from the Biden administration to help finance a U.S. plant expansion.
A U.S. unit of Syrah Resources Ltd. will use the money to expand its facility in Vidalia, Louisiana, to produce enough natural graphite-based active anode material for approximately 2.5 million electric vehicles by 2040, the Energy Department said Monday in a blog post. The loan comes as the Biden administration seeks to create a domestic supply chain for electric-vehicle batteries.