ASX-listed graphite producer and natural graphite anode developer Volt Resources Limited has released an update on its efforts to secure a USD 100 million (AUD 149.2 million) US Department of Energy (DOE) grant for battery materials processing and battery manufacturing.
The Western Australia-based company said it aims to lead a strong consortium of customers, manufacturing technology partners, economic development authorities, engineering companies, and community organisations to secure the DOE grant.
Volt said its transformation from junior miner to integrated natural graphite anode producer remains its top priority.
“Volt is pleased with the customer interest in our planned 10,250 tpa natural graphite anode plant and the Company is confident of a successful grant application which will dramatically accelerate Volt’s growth,” the company said in an ASX announcement today.
In November 2023, the US DOE announced a funding opportunity to invest more than USD 7 billion (AUD 10.4 billion) in the battery support chain over the five years encompassing US government fiscal years 2022 through 2026.
The US agency aims to make approximately $3.5 billion (AUD 5.2 billion) of US government funding available for new awards under the funding opportunity announcement, subject to the availability of appropriate funds.
A total of four to eight grant awards of USD 50 million to USD 300 million each are expected to be awarded under the program.
The DOE will vet proposals on multiple criteria including technical merit, financial resources of the applicant, commercial market viability, team strength, and community benefit.
Successful applicants are slated to be announced in August 2024.
