Graphite One (TSX-V:GPH) said today that it was awarded a Department of Defense Technology Investment Agreement grant of $37.5 million under Title III of the Defense Production Act, funded through the Inflation Reduction Act.
The DPA funding allows G1 to accelerate its feasibility study covering the copmpany's Graphite Creek project, 35 miles north of Nome, Alaska. Graphite Creek was recently confirmed by the U.S. Geological Survey to be the country’s largest known graphite resource, and “among the largest in the world,” noted Graphite One.
"The DoD grant to Graphite One follows the designation of graphite as one of the battery materials deemed under the DPA law to be 'essential to the national defense.' At present, the U.S. is 100% import-dependent for graphite, with China being the world’s leading producer," wrote the company.
