Syrah receives US$102 million binding loan from US Department of Energy

Syrah Resources Limited (ASX: SYR) announced that it had entered into binding documentation with the US Department of Energy for a loan facility up to US$102 million (AU$146 million). The loan facility is for Syrah Technologies, LLC, which is a wholly owned subsidiary of Syrah Resources Limited, to fund the early expansion of its Vidalia active anode material facility in Louisiana, USA, to 11.25ktpa AAM production capacity.

The loan from the Department of Energy will allow the company to use surplus existing cash to fast-track its growth strategy. Both DOE and Syrah Resources are targeting the loan to be effective by the end of the September 2022 quarter, with the first advance from the loan within the December 2022 quarter aligned with the capital spending program for the Vidalia Initial Expansion project.

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