Graphite One Secures Ohio Site and Accelerates Towards EV and Energy Storage Battery Material Production with Advances in Offtake Pipeline

Graphite One has secured a new site in Conneaut, Ohio, for its Active Anode Materials (AAM) facility via a license of occupation with a CN Rail subsidiary. The company is walking away from its previous Warren, Ohio lease because of power-infrastructure constraints, and the new Conneaut location offers an on-site substation, Great Lakes shipping access, and multi-line rail connectivity. Management reaffirmed the construction roadmap: Phase 1 of 10,000 tpy AAM capacity (finishing/blending) by Q4 2027, with a second phase of 25,000 tpy graphitization capacity by Q3 2028. On the commercial front, anode material samples of up to 20 kg have been shipped to three major EV manufacturers and three top battery companies, all of which are now running specification testing; discussions towards binding offtake agreements are underway. Separately, the board granted 968,016 RSUs and 525,000 stock options (strike C$1.13) to employees and consultants – a routine compensation move.

The site change is a pragmatic step: the old Warren site had electricity hurdles that could have delayed Phase 1; the Conneaut location solves that and adds stronger logistics. No timeline slip was announced – Phase 1 still targets late-2027, consistent with the Q1 2026 corporate presentation. The sample deliveries to six blue-chip counterparties are incremental validation but remain early-stage; binding offtake could be 12–18 months away. No new financing, permitting milestone, or strategic partnership was unveiled.

Set against the historical record – the Graphite Creek mine permit is on course (FAST-41 completion September 2026), EXIM has lifted non-binding loan letters to $2.07 billion, and the feasibility study shows robust economics – this release is essentially a progress note. It does not alter the risk/reward profile or fill any glaring information gap. Therefore, the announcement is a routine positive update rather than a game-changing event.

Graphite One aims to build the first fully domestic U.S. graphite supply chain, spanning mining of natural flake graphite at the Graphite Creek deposit (Seward Peninsula, Alaska) and downstream production of anode active material (AAM) at a planned facility in Ohio, with a future recycling loop. The Graphite Creek mine is considered the largest known graphite resource in the U.S. and one of the largest globally. A definitive feasibility study (April 2025) outlined a 20‑year open‑pit mine producing 175,000 tpy of graphite concentrate, with a post‑tax NPV of $5.03 bn (8% discount rate) and an IRR of 27%. The downstream Ohio plant will start with 10,000 tpy of finished AAM by Q4 2027, scaling eventually to 100,000 tpy. The project has drawn strong federal backing: a $37.5 million DPA Title III grant, a FAST‑41 permitting designation, and non‑binding EXIM letters of interest totaling $2.07 bn.