FinTechFunding

Syrah Resources: Receives US$102m loan from US Dept. of Energy for Vidalia expansion

Syrah Resources Receives US$102m loan from US Dept. of Energy for Vidalia expansion

  • Syrah Resources (SYR) receives a US$102 million (A$145.9 million) binding loan from the US Department of Energy (DOE)
  • The loan is for the initial expansion of Syrah’s Vidalia active anode material facility in Louisiana to a 11,250 tonnes per annum
  • This is the first from the DOE’s advanced technology vehicles manufacturing (ATVM) loan program since 2011 and its first ever to a materials processing facility
  • Syrah MD and CEO Shaun Verner says the loan validates the facility and allows the company to accelerate its growth strategy and support the EV and battery supply chain in the US
  • Shares in Syrah are up 9.3 per cent, trading at $1.41 as of 1:40 pm AEST
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Steve Sam
Steve Sam
Steve Sam is a financial reporter, analyst, and commentator with a strong focus on banking technology, digital payments, and the future of financial services.

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