Curated News
By: NewsRamp Editorial Staff
July 31, 2024
Graphite One Enters Landmark Supply Agreement with Lucid Group for Anode Active Materials
TLDR
- Graphite One's non-binding supply agreement with Lucid Group Inc. for anode active materials provides credibility and reassurance.
- The agreement entails a supply of 5,000 tonnes per annum of anode material to Lucid once Graphite One commences production, based on an agreed price formula linked to future market pricing.
- This landmark collaboration ensures a robust domestic supply chain for sustainable vehicles, national security, and technology leadership in the global race.
- Graphite One's plan to transform the U.S. graphite industry includes a site selection in Ohio's 'Voltage Valley' and a circular economy strategy.
Impact - Why it Matters
This news matters as it marks a significant milestone in the U.S. graphite industry, signaling a shift towards a secure 100% U.S.-based supply chain for natural and synthetic graphite. The collaboration also has broader implications for the U.S. EV industry and national security, as it aims to reduce dependency on imported graphite and meet the increasing demand for advanced graphite materials in lithium-ion EV batteries and energy storage systems.
Summary
Graphite One Inc. (TSX-V: GPH) (OTCQX: GPHOF) has entered into a non-binding supply agreement with Lucid Group Inc. (NASDAQ: LCID) for anode active materials (AAM), marking the first synthetic graphite supply agreement between a U.S. graphite developer and a U.S. EV company. This collaboration is a significant development for Graphite One, providing credibility and reassurance. The agreement follows Graphite One's recent selection of a site for its proposed AAM facility, located in Warren, Ohio, with plans to ramp up to 100,000 tpy of production. This move is part of Graphite One's strategy to reduce U.S. dependency on China for graphite and meet the growing demands of electrification.
Source Statement
This curated news summary relied on content disributed by News Direct. Read the original source here, Graphite One Enters Landmark Supply Agreement with Lucid Group for Anode Active Materials
