Volt Resources Ltd (ASX:VRC, OTC:VLTRF) — an established graphite producer and natural graphite anode developer — continues to make progress in its bid to secure non-dilutive funding.
In response to a funding opportunity announcement from the US Government, Volt subsidiary, Volt Energy Materials LLC (VEM), submitted a 'Concept Paper on Critical Materials' project last month.
The US Government has now completed the review of Volt’s concept paper and is encouraging Volt to submit a full proposal, which the company intends to do next month.
This is significant as only a fraction of concept papers submitted pass the government review.
If the full proposal is successful, VEM could receive non-dilutive funding of up to US$1.0 million for this cost-reimbursable program. Volt expects the funding decisions to be announced around August 2024.
The company highlights that this critical materials project is separate from the company’s US$100+ million US Department of Energy grant proposal to fast-track downstream graphite anode business, as previously announced.
Volt says a review of the concept paper for this project is also underway and expects to provide an update by February 12, 2024.