EXIM Letter of Interest is non-binding and indicates potential financing could provide 15 year repayment tenor under EXIM’s Make More In America initiative and may be eligible for special consideration under the China and Transformational Exports Program.
Potential funding supports G1’s complete U.S.-based graphite supply chain strategy, with benefits to the national economy and national defense.
EXIM’s funding commitment is conditional upon completing the application, due diligence and underwriting process and receiving all required approvals.
VANCOUVER, BC, Oct. 18, 2024 /CNW/ – Graphite One Inc. (TSXV: GPH) (OTCQX: GPHOF) (“Graphite One” or the “Company“), planning a complete domestic U.S. supply chain for advanced graphite materials, announced today that it received a non-binding Letter of Interest (“LI“) from the Export-Import Bank of the United States (“EXIM“) for potential debt financing of up to $325 million through EXIM’s “Make More in America” and “China and Transformational Exports Program” (CTEP) initiatives.
The Letter of Interest states: “We are pleased to extend this Letter of Interest in support of the proposed capital funding plan by Graphite One (Alaska) Inc. for the AAM Manufacturing Facility. Based on the preliminary information submitted regarding expected U.S. exports and U.S. jobs supported by this project, EXIM may be able to consider potential financing of up to $325 million of the project’s costs with a repayment tenor of 15 years under EXIM’s Make More in America initiative.”
“Today’s announcement confirms Graphite One’s focus on developing a 100% U.S.-based advanced graphite materials supply chain,” said Anthony Huston, President and CEO of Graphite One. “EXIM’s potential financing, following on G1’s two Department of Defense grants under the Defense Production Act and from the Defense Logistics Agency, underscores the urgent need to bring U.S. graphite supply into production, and end the nation’s 100% foreign dependency.”
Given China’s dominance over global graphite production, the EXIM Letter of Interest indicated the transaction may also be eligible for special consideration under Section 402 of EXIM’s 2019 reauthorization (P.L. 116-94), which directs EXIM to take steps to mitigate the competitive impact of export support provided by the People’s Republic of China and other covered countries for opportunities such as this one under EXIM’s CTEP initiative.Story ContinuesView Comments (1)
