GPH:CC - Will Shares Pop on Multi Million Dollar Defense Grant?

2023-07-17 09:35:31 ET

This company is planning to develop a complete U.S.-based, advanced %Graphite supply chain solution anchored by the Graphite Creek resource and was just granted a $37.5 million Department of Defense grant.

GraphiteOne (TSXV: ) (OTCQX: ) announced in a press release that its wholly owned subsidiary, Graphite One ( Alaska ), Inc. was awarded a Department of Defense Technology Investment Agreement grant of $37.5 million under Title III of the Defense Production Act funded through the Inflation Reduction Act.

Through the DoD-Graphite One Technology Investment Agreement, the objective is to perform an accelerated Feasibility Study to modernize and expand domestic production capacity and supply for graphite battery anodes necessary for electronic vehicles and alternative energy batteries, as an essential national defense technology item. At present, the U.S. is 100% import-dependent for graphite, with China being the world's leading producer

U.S. shares closed Friday trade at $1.05.