{"id":18131,"date":"2022-04-20T14:39:48","date_gmt":"2022-04-20T14:39:48","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/syrah-resources-gets-107-mln-u-s-loan-for-louisiana-ev-battery-plant"},"modified":"2022-04-20T14:53:14","modified_gmt":"2022-04-20T14:53:14","slug":"syrah-resources-gets-107-mln-u-s-loan-for-louisiana-ev-battery-plant","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/syrah-resources-gets-107-mln-u-s-loan-for-louisiana-ev-battery-plant","title":{"rendered":"Syrah Resources gets $107 mln U.S. loan for Louisiana EV battery plant"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>The U.S. Department of Energy is lending $107 million to graphite miner Syrah Resources Ltd to build an electric vehicle battery parts facility in Louisiana, the first loan in more than 10 years from the department\u2019s Advanced Technology Vehicles Manufacturing (ATVM) funding program.<\/p>\n

President Joe Biden has set aggressive targets for half of all vehicles sold in the United States to be electric-powered by 2030, a goal that will require more domestic processing of EV building blocks. While the ATVM program has lent to automakers Ford Motor Co and Tesla Inc in the past, the Syrah loan is the first not directly to an automaker.<\/p>\n

\u201cThe U.S. is serious about onshoring the battery manufacturing and critical materials supply chains,\u201d Jigar Shah, head of the Energy Department\u2019s Loan Programs Office, told Reuters. He estimated the United States only has about 5% of the manufacturing capacity needed to hit Biden\u2019s 2030 target.<\/p>\n

Lithium Americas Corp, ioneer Ltd, Lordstown Motors Corp and Piedmont Lithium Inc have said they also have applied for ATVM loans.<\/p>\n

Australia-based Syrah plans to use the loan to help fund the expansion of a Louisiana facility that will process graphite mined from Mozambique into anodes, the positively charged electrode of a battery. The facility is expected to produce enough anodes to build 2.3 million EVs by 2040.<\/p>\n

Syrah, which has a deal to supply anodes to Tesla starting in 2024, completed a stock offering in February to help further fund the $176 million project.<\/p>\n

Importantly for Shah\u2019s office, Syrah said its mine follows sustainable mining practices and most of the mine\u2019s employees are Mozambican, with independent auditors verifying the claims. The Louisiana facility is expected to create about 150 construction jobs and 98 full-time jobs.<\/p>\n

\u201cThe loan will allow Syrah to \u2026 support the rapidly growing EV and battery supply chain in the USA,\u201d said Shaun Verner, Syrah\u2019s managing director.<\/p>\n

By Congressional mandate the ATVM program is not allowed to fund construction of new mines, but it can fund processing facilities. Shah\u2019s office is review $2 billion in other loan applications.<\/p>\n

Shah said Syrah\u2019s loan was processed in about five months because the company was quick to respond to information requests, though he said other loan applications will take longer.<\/p>\n

\u201cThe vast majority of applicants aren\u2019t ready,\u201d Shah said. \u201cWe need all of our questions answered to be able to process a loan.\u201d<\/p>\n

For More News And Analysis About Mozambique<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. The U.S. Department of Energy is lending $107 million to graphite miner Syrah Resources Ltd to build an electric vehicle battery parts facility in Louisiana, the first loan in more than 10 years from the department\u2019s Advanced Technology Vehicles Manufacturing (ATVM) funding program. President Joe Biden has set aggressive targets for half […]<\/p>\n","protected":false},"author":84,"featured_media":18128,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[233,281,283],"class_list":["post-18131","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nSyrah Resources gets $107 mln U.S. loan for Louisiana EV battery plant - Mozambique<\/title>\n<meta name=\"description\" content=\"The U.S. Department of Energy is lending $107 million to graphite miner Syrah Resources Ltd to build an electric vehicle ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/syrah-resources-gets-107-mln-u-s-loan-for-louisiana-ev-battery-plant\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Syrah Resources gets $107 mln U.S. loan for Louisiana EV battery plant\" \/>\n<meta property=\"og:description\" content=\"The U.S. Department of Energy is lending $107 million to graphite miner Syrah Resources Ltd to build an electric vehicle ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/syrah-resources-gets-107-mln-u-s-loan-for-louisiana-ev-battery-plant\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-20T14:39:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-04-20T14:53:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2022\/04\/img-62601e43c6853.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"728\" \/>\n\t<meta property=\"og:image:height\" content=\"497\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/syrah-resources-gets-107-mln-u-s-loan-for-louisiana-ev-battery-plant#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/syrah-resources-gets-107-mln-u-s-loan-for-louisiana-ev-battery-plant\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Syrah Resources gets $107 mln U.S. loan for Louisiana EV battery plant\",\"datePublished\":\"2022-04-20T14:39:48+00:00\",\"dateModified\":\"2022-04-20T14:53:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/syrah-resources-gets-107-mln-u-s-loan-for-louisiana-ev-battery-plant\"},\"wordCount\":416,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/syrah-resources-gets-107-mln-u-s-loan-for-louisiana-ev-battery-plant#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2022\/04\/img-62601e43c6853.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/syrah-resources-gets-107-mln-u-s-loan-for-louisiana-ev-battery-plant#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/syrah-resources-gets-107-mln-u-s-loan-for-louisiana-ev-battery-plant\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/syrah-resources-gets-107-mln-u-s-loan-for-louisiana-ev-battery-plant\",\"name\":\"Syrah Resources gets $107 mln U.S. loan for Louisiana EV battery plant - 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