Curated News
By: NewsRamp Editorial Staff
May 23, 2024
Lomiko Metals Secures $16.7 Million Grant from Department of Defense for Graphite Project
TLDR
- Lomiko Metals secures $16.7 million grant from Department of Defense for graphite project, giving them a significant advantage in funding and resources.
- The grant aims to strengthen and expand the industrial base for natural flake graphite in North America through a funding and development period of five years.
- This funding will contribute to North America's energy security by developing battery-grade anode material from natural flake graphite, making tomorrow better than today.
- This marks a significant milestone as one of the first instances where the Department of Defense has granted TIA funding to a Canadian management team and asset at this stage of development.
Impact - Why it Matters
The grant awarded to Lomiko Metals by the Department of Defense will have a significant impact on the company's efforts to strengthen and expand the industrial base for natural flake graphite in North America, contributing to the region's energy security. This milestone represents a major achievement for Lomiko Metals and underscores its commitment to advancing graphite production, which will ultimately benefit North America as a whole.
Summary
Lomiko Metals CEO Belinda Labatte has announced a milestone: the company has been awarded a Department of Defense Technology Investment Agreement (TIA) grant of $8.35 million. Under this agreement, Lomiko will match the funding over a period of five years, resulting in a total agreement value of $16.7 million with the DoD. The grant will be used to strengthen and expand the industrial base for natural flake graphite in North America.
This marks one of the first instances where the Department of Defense has granted TIA funding to a Canadian management team and asset at this stage of development. Additionally, Lomiko has been approved for a non-repayable contribution agreement of CA$4.9 million from the Critical Mineral Research, Development, and Demonstration program administered by Natural Resources Canada, bringing the total project funding to CA$6.6 million. The primary objective of the program is to pilot the proposed graphite upgrading process and convert La Loutre natural flake graphite into battery-grade anode material.
Source Statement
This curated news summary relied on content disributed by News Direct. Read the original source here, Lomiko Metals Secures $16.7 Million Grant from Department of Defense for Graphite Project
