In July 2022, the Department of Energy issued a $102.1 million loan to Syrah Technologies LLC for the expansion of its Syrah Vidalia Facility—a processing facility that produces graphite-based active anode material (AAM), a critical material used in lithium-ion batteries for electric vehicles (EVs) and other clean energy technologies. Located in Vidalia, LA, the facility would be the first of its kind in the country, bringing a key industry to the United States to support the growing EV sector.
The loan will help finance the construction of the Syrah Vidalia Facility, which is the only vertically integrated, large-scale AAM manufacturer outside of China, and the first of its kind in the United States.
Syrah Vidalia is expected to create up to 150 construction jobs and 98 operations jobs.
With this expanded production capacity, the Syrah Vidalia Facility is expected to produce enough natural graphite-based AAM to support enough EVs to save 52 million gallons of gasoline annually.
|Owners||Syrah Technologies, LLC|
|FINANCIAL SUMMARY||Loan Type||Direct Loan|
|Loan Amount1||$102.1 Million|
|Issuance Date||July 2022|
|ECONOMIC IMPACT2||Permanent U.S. Jobs Supported||98|
|U.S. Construction Jobs Supported||150|
|CLIMATE BENEFIT||Gallons of Gasoline Saved Annually||52 Million|
All information up-to-date as of July 2022.
1 Approximate amount of the loan facility approved at closing including principal and any capitalized interest.
2 Estimated at the time of closing.