Volt Resources Ltd (ASX:VRC, OTC:VLTRF) has made a strategic move to secure more than US$100 million in non-dilutive funding from the United States Department of Energy (DOE), aimed at accelerating the development of its downstream graphite anode business.
The first step in this process is a submission, aligning with the DOE's announcement in November 2023 of a US$3.5 billion grant program for battery materials processing and battery manufacturing.
Funds would be allocated towards design, construction and commissioning of the planned 10,250 tonnes per annum integrated natural graphite anode powder plant in the US.
Strong consortium
To strengthen its proposal, Volt has formed a strong consortium, comprising customers, a manufacturing technology partner, an economic development authority, an engineering company and community organisations.
Of the planned 10,250 tonnes capacity, Volt has obtained letters of support for the annual purchase of more than 9,000 tonnes of anode powder from leading battery producers.
The full proposals are due in March 2024, with the DOE expected to announce the successful applicants by August 2024.
This development marks a significant step for Volt in its journey towards establishing a foothold in the highly competitive battery materials market.