Volt Resources (ASX:VRC) is looking to fast-track its downstream graphite anode business after applying for a US$100 million plus US Department of Energy (DOE) grant proposal.
The $24.78 million market capitalisation company says the funds, if approved, would be allocated towards the design, construction, and commissioning of a planned 10,250 tonne per annum (tpa) integrated natural graphite anode power plant in the US.
As part of the planned 10,250tpa capacity, Volt has obtained letters of support for the purchase of over 9,000tpa of anode power from battery producers.
Volt will lead a ‘strong’ consortium of customers, manufacturing technology partner, economic development authority, engineering company, and community organisations to secure the grant.
The company notes full proposals are due in March this year and expects the DOE to announce successful applications by August.
Volt submitted the concept paper, which represents step one of the proposal submission, yesterday (9 January 2024).
The funds are being requested under the DOE’s US$3.5 billion grant program for battery materials processing and battery manufacturing, as announced in November 2023.
Volt Resources is a graphite producer and natural graphite anode developer with a majority 70% interest in the Zavalievsky Graphite business in Ukraine.
As of 30 September 2023, Volt Resources had $1.129 million cash and cash equivalents at hand, according to its latest quarterly report.
However, the company in November completed a share purchase plan raising an additional $400,000.
Write to Adam Drought at Mining.com.au
Images: Volt Resources
