Syrah received a US$165 million tax credit from the U.S. Inflation Reduction Act

Syrah Resources Limited (ASX: SYR) announced that its subsidiary, Syrah Technologies LLC, has been awarded a tax credit of approximately US$165 million under the US Inflation Reduction Act's Section 48C Qualifying Advanced Energy Project Tax Credit Program. This credit will support the potential expansion of Syrah's Vidalia active anode material facility in Louisiana to a 45ktpa production capacity.

The 48C tax credit program, managed by the IRS and DOE, aims to enhance US critical materials processing and refining capacity, aligning with the IRA's energy and economic security goals. Syrah Technologies was selected from over 350 applications during the program's second funding round. The tax credit can be monetized or offset by federal corporate income tax liabilities, subject to compliance with certification, wage, apprenticeship, and commissioning requirements within two years. Syrah is advancing engineering, permitting, and procurement activities for the Vidalia expansion.

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