Graphite One Awarded $37.5 Million Department of Defense Grant Under the Defense Production Act

Graphite One awarded $37.5 million Department of Defense Grant Under the Defense Production Act.

Graphite One Inc. (TSXV: GPH) (OTCQX: GPHOF) (“Graphite One”, “G1” or the “Company”), planning a complete domestic U.S. supply chain for advanced graphite materials, announced that its wholly owned subsidiary, Graphite One (Alaska), Inc. was awarded a Department of Defense (“DoD”) Technology Investment Agreement grant of $37.5 million under Title III of the Defense Production Act (“DPA”), funded through the Inflation Reduction Act (“IRA”).

The funding objective of the DoD-Graphite One (Alaska) Technology Investment Agreement is to perform an accelerated Feasibility Study to modernize and expand domestic production capacity and supply for graphite battery anodes necessary for electronic vehicles and alternative energy batteries, as an essential national defense technology item.

The DoD grant to Graphite One follows the designation of graphite as one of the battery materials deemed under the DPA law to be “essential to the national defense.” At present, the U.S. is 100% import-dependent for graphite, with China being the world’s leading producer¹.

The DPA funding allows G1 to accelerate its Feasibility Study covering 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 world².”

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Graphite One Awarded $37.5 Million Department of Defense Grant Under the Defense Production Act, VANCOUVER, BC, July 17, 2023