Letter of Interest considers potential future funding of $400 million of Anovion’s first project.
Initial program qualification is based on U.S. national security concerns for key battery materials like synthetic graphite, the number of U.S. jobs created, and satisfying the required export nexus.
CHICAGO, IL, November 7, 2024 – Anovion, LLC (d/b/a Anovion Technologies) (“Anovion” or the “Company”), a climate-tech driven advanced materials business focused on battery grade synthetic graphite, announced that it received a non-binding Letter of Interest (“LOI”) from the Export-Import Bank of the United States (“EXIM”). The LOI outlines a potential debt facility and/or backstop to fund project financing of up to $400 million, which would be utilized for the Company’s first-of-a-kind scaled capacity in Bainbridge, GA of battery grade synthetic graphite which is reshoring originally developed U.S. furnace technology currently dominated by Chinese suppliers. Synthetic graphite is one of several battery materials listed on the U.S. Geological Survey’s Critical Minerals list. The potential debt funding package would carry a repayment tenor of minimum 10 years under EXIM’s Make More in America initiative (MMIA).
“The United States is currently establishing a more secure and reliable domestic supply chain for key industries like battery technologies as a critical initiative to de-risk from adversaries,” said Chip Dunn, Founder & Chairman of Anovion. “Synthetic graphite production for batteries used in electric vehicles and energy storage systems falls squarely in EXIM’s Make More in America initiative to ensure critical battery materials such as synthetic graphite are produced on U.S. soil, driving domestic benefits such as job creation and repatriation of U.S. technologies while boosting the U.S. economy and providing a foundation to the North American battery supply chain, a key driver of the next 100 years of U.S. defense and industrial base policies. We are pleased to receive this LOI and look forward to exploring this long-term partnership with EXIM as we continue diligence to secure a commitment for our first project in Bainbridge.”
Given the significant demand growth for graphite as the largest component of current lithium-ion and numerous other key battery technologies, and the associated vulnerabilities of the graphite supply chain, the LOI from EXIM demonstrates a growing awareness and commitment by the U.S. government to securing an integrated, domestic battery supply chain. EXIM’s MMIA is part of a whole-of-government effort to strengthen America’s supply chains, support American jobs and boost America’s ability to compete with countries like China, especially in sectors critical to national security.
Anovion expects to submit a formal application to EXIM in 2025, at which point it is expected that EXIM will finalize the necessary due diligence to determine if a final commitment may be issued. A final commitment, if any, must comply with EXIM policies and eligibility requirements, and will depend on meeting EXIM’s underwriting criteria, authorization process, finalization and satisfaction of terms and conditions. The LOI does not represent a funding commitment nor an indication of financing or project viability.
About Anovion Technologies
Anovion Technologies is a U.S.-owned and based advanced materials business focused on the supply of premium, anode-grade synthetic graphite. As a leader in clean-energy production of lithium-ion and other battery materials, Chicago-based Anovion is a key domestic source of this critical battery material that powers electric vehicles, energy storage systems, medical devices, and military and defense applications. Our strategic vision focuses on growth and innovation, positioning Anovion as a climate tech-driven leader in the U.S. energy transition and helping to secure the domestic supply chain for lithium-ion batteries. To learn more about Anovion, please visit www.AnovionTech.com.
