Graphite One signs supply deal with Lucid Motors
This agreement builds on Graphite One’s announcement last year that it would supply Lucid and its battery cell suppliers with synthetic graphite from Ohio from 2028. In February, Lucid also signed a binding offtake agreement with Syrah Resources for the supply of Louisiana graphite for battery anodes.
Graphite One has committed to supplying its graphite concentrate from its Graphite Creek deposit in Nome, Alaske, as well as active anode material (AAM) from a facility which is to be built in Warren, Ohio, but remains subject to financing. The initial term for the supply deal will run for a period of five years. The sales price is not entirely clear, but it is “based on a price formula agreeable to both parties,” as Graphite One writes.
“This agreement complements the deal we struck with Lucid in 2024 – which marked the first synthetic graphite agreement between a U.S. graphite developer and a U.S. EV company. We made history then – and we’re continuing to make history now, as the deal makes Graphite One the only company to date to provide both natural and synthetic graphite materials required for battery anodes to a U.S. EV company,” said Graphite One CEO Anthony Huston. “From Presidential Executive Orders to increase mineral resource production and leveraging Alaska’s resource potential, to the recent inclusion of our Company on the Federal Fast-41 Permitting Dashboard — we are building momentum for our efforts to develop a fully domestic graphite supply chain, to meet market demands and strengthen U.S. industry and national defense.”
As mentioned above, Syrah Resources will start supplying Lucid with natural graphite starting next year, which the company also mentioned again in the press release. According to the release, Syrah’s natural graphite AAM will be sourced from its vertically integrated AAM production facility in Vidalia, Louisiana, and Syrah will deliver the graphite for a three-year period.
With the signed supply agreements, Lucid is attempting to build a robust supply chain in the USA, in order to help get around the tariffs set up by the current White House administration, as well as finally launch production in a profitable manner, which the U.S. startup is getting closer to, having achieved its highest turnover yet in 2024, as well as setting a new delivery record. While the delivery record stands at only 3,109 vehicles delivered between January and March of this year, this is nonetheless a steady improvement for the company.
“A supply chain of critical materials within the United States drives our nation’s economy, increases our independence against outside factors or market dynamics, and supports our efforts to reduce the carbon footprint of our vehicles,” added Marc Winterhoff, Interim CEO at Lucid.
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