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| Syrah Resources |
Boost for Domestic Anode Material Production
Syrah Resources, an Australian graphite producer, has received a $165 million tax credit. This credit comes from the US Inflation Reduction Act (IRA). The funds will support the expansion of its active anode material (AAM) plant. Syrah Technologies, its subsidiary, won the credit from the US Internal Revenue Service (IRS). This is under the IRA Section 48C program. The tax credit will aid the Vidalia AAM facility in Louisiana. The plant's capacity could expand from 11,250 metric tonnes/yr to 45,000 metric tonnes/yr. The Vidalia facility processes graphite from the Balama operation in Mozambique. This move strengthens domestic supply chains.
IRA Support Drives Graphite Processing Growth
The Inflation Reduction Act is boosting US energy projects. Syrah's tax credit highlights this support. The expansion will increase domestic AAM production. This reduces reliance on foreign suppliers. The Vidalia plant plays a vital role in the battery supply chain. The increase in capacity will strengthen US battery manufacturing.
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