Volt Resources Ltd (ASX:VRC, OTC:VLTRF) is forging ahead with its downstream graphite business operations, bolstered by a thumbs up from the US Department of Energy (DOE).
Plant on its way
The graphite production and anode development company’s Concept Paper was signed off by DOE, which paves the way for substantial non-dilutive funding of more than US$100 million for its activities.
If Volt meets with full approval, the proposed DOE grant will fund the design, construction and commissioning of a 10,250 tonnes per annum integrated natural graphite anode powder plant in the United States.
This facility will meet the burgeoning demand from battery manufacturers, supporting the growing domestic electric vehicle and renewable energy sectors.
The funding is aimed at enhancing the integrated production of natural graphite anode using an innovative method.
Bipartisan Infrastructure Law
It follows through on the DOE’s commitment, on February 7, to provide US$1 million in non-dilutive funding for the review of Volt's 'Concept Paper on Critical Materials' project under the Bipartisan Infrastructure Law (BIL).
The BIL earmarks more than US$7 billion over five years to strengthen the battery supply chain, with some US$3.5 billion allocated for new awards under this funding opportunity announcement (FOA).
Volt Energy Materials LLC, a subsidiary of Volt, submitted the Concept Paper in January, addressing the commercial-scale domestic production of battery anodes.
The DOE’s encouragement for Volt to submit a full proposal after passing the concept paper review is a critical milestone, especially considering the competitive nature of the process and the large number of applicants.
The DOE’s evaluation criteria included technical merit, financial stability of the applicant, commercial market viability, team strength and the community benefit plan.
Final decisions are anticipated in August 2024.