Graphite One and Lucid Supply Agreement Announced at U.S. Capitol Briefing Graphite One-Lucid agreement marks the first step in a 100% U.S.-based supply chain linking Alaska , Ohio and Arizona
Graphite One and Lucid Supply Agreement Announced at U.S.
Capitol Briefing
Graphite One-Lucid agreement marks the first step in a 100% U.S.-based supply chain linking
Alaska
,
Ohio
and
Arizona
VANCOUVER, BC
,
July 29, 2024
/CNW/ -
Graphite One Inc.
(TSXV: GPH) (OTCQX: GPHOF)
("Graphite One", "G1" or the
"Company"),
planning a complete domestic U.S. supply chain for advanced graphite materials, took part on
July 25, 2024
in a briefing
held at the U.S. Capitol announcing a non-binding supply agreement ("Supply Agreement") with Lucid (NASDAQ: LCID), maker of the
world's most advanced electric vehicles, for anode active materials (AAM).
Creation of an
Alaska
–
Ohio
– Arizona Supply Chain
Senators and Members of the House of Representatives underscored the significance of the Graphite One-Lucid agreement:
"I'm pleased that Graphite One and Lucid Motors are partnering to create a domestic supply chain for electric vehicles made in
America from materials mined in
Alaska
,"
Senator
Lisa Murkowski
(R-AK)
said
.
"These companies represent the start and the end of
the supply chain, and they have the right vision to help strengthen our economy, our competitiveness, our security, and our commitment
to true sustainability. Graphite One is an excellent example of responsible resource development in
Alaska
, and this new partnership
with Lucid only further solidifies their leadership."
Graphite One's partnership with Lucid Motors is a positive step towards opening up opportunities in
Alaska
to develop our abundant
reserves of critical minerals and metals like graphite," said
Senator Dan Sullivan (R-AK).
"It's also significant for our country's national
security: We must end America's dangerous dependence on
China
for critical minerals, which are increasingly necessary for alternative
energy sources, advanced batteries, and defense technologies. Alaska can and will lead the way in unleashing America's resource
potential."
"I have always said that it is best to develop minerals and resources at home instead of relying on international and often adversarial
supply lines. I am thrilled that Lucid has partnered with Graphite One to supply graphite for their cars," said
Mary Peltola
(D-AK),
Congresswoman for
Alaska
.
"I hope they will continue to look to
Alaska
for minerals as we develop a robust and secure domestic
supply chain to power our future."
"With manufacturing being one of
Ohio's
largest economic drivers, I was proud to see
Niles, Ohio
chosen for Graphite
One's new advanced graphite production site. This new project will bring over 160 jobs to my district and spur even more economic
growth in the area," said
Congressman
Dave Joyce
(R-OH
). "By combining the resources from the new
Ohio
facility with the natural
graphite mined in
Alaska
for Lucid's cars manufactured in
Arizona
, we are showcasing the importance of developing critical mineral
supply on American soil. I look forward to seeing the success of this project in
Ohio
and across the country."
"My district is home to Lucid Motor's state-of-the-art manufacturing facility,"
said Congressman
Juan Ciscomani
(R-AZ)
. "The
partnership between Lucid Motors and Graphite One will strengthen our economy, bolster our domestic supply chain of critical
minerals, and reduce our reliance on foreign entities for the materials needed to build electric vehicles. Securing a reliable supply of
American-mined graphite will lower costs, drive innovation, and ensure
Arizona
remains a leader in the electric vehicle industry."
Alaska
support for the Graphite One-Lucid agreement extended from the Governor to the Bering Straits Native Corporation, owned by
more than 8,200 Native Alaskan shareholders, which owns and manages a subsurface estate of approximately 2.1 million acres.
Alaska
Governor
Mike Dunleavy
said: "I am delighted to see
Alaska's
role in the announcement on Capitol Hill today that Graphite
One, developer of the Graphite Creek Project, and Lucid Motors of
Arizona
have reached agreement on an offtake contract providing
U.S.-made graphite anode material for U.S.-built electric vehicles – one major use of the rechargeable batteries that are transforming
American technology and the U.S. economy."
"This is the outcome of on-going hard work with great partners that will help transform America's energy future," said
Dan Graham,
CEO of Bering Straits Native Corporation,
an investor in Graphite One. "This project will strengthen national security and create not
only a new domestic supply of graphite but the opportunity for new jobs and economic growth across the US. BSNC is proud to be a
part of it."
Graphite One's Domestic Supply Chain Strategy
With
the United States
currently 100 percent import dependent for synthetic and natural graphite, Graphite One is developing a
complete U.S.-based, advanced graphite supply chain solution anchored by the Graphite Creek deposit, recognized by the US
Geological Survey as the largest graphite deposit in the U.S. "and among the largest in the world." Subject to project financing, the
Graphite One Project plan includes an advanced graphite material and battery anode material manufacturing plant located in
Warren,
Ohio
. The plan also includes a recycling facility to reclaim graphite and the other battery materials, to be co-located at the
Ohio
site,
the third link in Graphite One's circular economy strategy.
About Graphite One Inc.
GRAPHITE ONE INC. continues to develop its Graphite One Project (the "
Project
") to become an American producer of high-grade
anode materials that is integrated with a domestic graphite resource. The Project is proposed as a vertically integrated enterprise to
mine, process and manufacture anode active materials primarily for the lithium
ion electric vehicle battery market. As set forth in the
Company's 2022 Pre-Feasibility Study, graphite mineralization mined from the Company's Graphite Creek Property, situated on the
Seward Peninsula
about 60 kilometers north of
Nome, Alaska
, would be processed into concentrate at an adjacent processing plant.
Natural and artificial graphite anode active materials and other value
added graphite products would be manufactured from the
concentrate and other materials at the Company's proposed advanced graphite materials manufacturing facility located in northeastern
Ohio. The Company intends to make a production decision on the Project upon the completion of the Feasibility Study.
On Behalf of the Board of Directors
"Anthony Huston" (signed)
On X (formerly, Twitter) @GraphiteOne
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
All statements in this release, other than statements of historical facts, including those related to the timing and completion of the
anticipated Feasibility Study, future production, establishment of a processing plant and a graphite manufacturing plant,
establishment of a battery materials recycling facility, finalization of a definitive binding agreement with Lucid and events or
developments that the Company intends, expects, plans, or proposes are forward-looking statements. Generally, forward
looking
information can be identified by the use of forward
looking terminology such as "proposes", "expects", "is expected", "scheduled",
"estimates", "projects", "plans", "is planning", "intends", "assumes", "believes", "indicates", "to be" or variations of such words and
phrases that state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".
The Company cautions that there is no certainty that tests of the Company's material will be successful or that such tests will result in
the development of successful products. Although the Company believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or
developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ
materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of
mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party
opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued
availability of capital and financing, and general economic, market or business conditions. Readers are cautioned not to place undue
reliance on this forward-looking information, which is given as of the date it is expressed in this press release, and the Company
undertakes no obligation to update publicly or revise any forward-looking information, except as required by applicable securities
laws. For more information on the Company, investors should review the Company's continuous disclosure filings that are available
at
www.sedarplus.ca
.
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For further information:
For more information on Graphite One Inc., please visit the Company's website, www.GraphiteOneInc.com
or contact: Anthony Huston, CEO, President & Director, Tel: (604) 889-4251, Email: [email protected]; Investor
Relations Contact: Tel: (604) 684-6730, [email protected]
CO: Graphite One Inc.
CNW 07:00e 29-JUL-24