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The U.
S.
Department of Energy provided graphite miner Syrah Resources Ltd with a $107 million loan to build an electric vehicle battery parts plant in Louisiana, the first loan
in more than 10 years for the Ministry's Advanced Technology Vehicle Manufacturing (ATVM) grant program.
President Joe Biden has set an ambitious goal of half of all cars sold in the U.
S.
being electric by 2030, a goal that requires more domestically processed EV components
.
While the ATVM program has provided loans to automakers Ford Motor Co.
and Tesla Inc.
in the past, the Syrah loan is the first loan
not offered directly to automakers.
Jigar Shah, head of the U.
S.
Department of Energy's Office of Loan Projects, told Reuters: "The United States attaches great importance to battery manufacturing and outsourcing
of the supply chain of critical materials.
He estimates that the U.
S.
has only about 5 percent of the manufacturing capacity
needed to meet Biden's 2030 goals.
In addition, other manufacturers of electric vehicle batteries and accessories, such as Lithium Americas Corp, ioneer Ltd, Lordstown Motors Corp and Piedmont Lithium Inc, have also applied for ATVM loans
.
Australia-based Syrah plans to use the loan to fund an expansion of a Louisiana facility that will process graphite mined in Mozambique into an anode, the battery's positively charged electrode
.
The facility is expected to produce the anodes
needed for 2.
3 million electric vehicles by 2040.
The U.
S.
Department of Energy provided graphite miner Syrah Resources Ltd with a $107 million loan to build an electric vehicle battery parts plant in Louisiana, the first loan
in more than 10 years for the Ministry's Advanced Technology Vehicle Manufacturing (ATVM) grant program.
President Joe Biden has set an ambitious goal of half of all cars sold in the U.
S.
being electric by 2030, a goal that requires more domestically processed EV components
.
While the ATVM program has provided loans to automakers Ford Motor Co.
and Tesla Inc.
in the past, the Syrah loan is the first loan
not offered directly to automakers.
Jigar Shah, head of the U.
S.
Department of Energy's Office of Loan Projects, told Reuters: "The United States attaches great importance to battery manufacturing and outsourcing
of the supply chain of critical materials.
He estimates that the U.
S.
has only about 5 percent of the manufacturing capacity
needed to meet Biden's 2030 goals.
In addition, other manufacturers of electric vehicle batteries and accessories, such as Lithium Americas Corp, ioneer Ltd, Lordstown Motors Corp and Piedmont Lithium Inc, have also applied for ATVM loans
.
Australia-based Syrah plans to use the loan to fund an expansion of a Louisiana facility that will process graphite mined in Mozambique into an anode, the battery's positively charged electrode
.
The facility is expected to produce the anodes
needed for 2.
3 million electric vehicles by 2040.
