Vancouver – November 10, 2026 -- Graphite One Inc. (TSXV: GPH; OTCQX: GPHOF) is targeting a final investment decision by April 2027 on a US$80 million, 10,000-tonne-per-year synthetic graphite anode plant in Conneaut, Ohio, with first sales planned for fourth quarter 2028.
Ohio plant is designed to generate revenue before Alaska mining starts
The Phase 1 facility would blend and coat purchased synthetic graphite and other materials into active anode material (AAM) for lithium-ion batteries used in electric vehicles and energy storage. It does not depend on ore from the company's Graphite Creek deposit in Alaska, which gives Graphite One a potential revenue path ahead of mine production. The US$80 million initial capital cost is an estimate and will be updated after final engineering.
President and CEO Anthony Huston said, "Ohio lets us pursue customer sales, generating company revenue, before mine production begins."
Ohio EPA air permit clears the main environmental hurdle, but other approvals remain
The company holds an air permit from the Ohio Environmental Protection Agency for the Conneaut plant. Other state and local approvals are still required. Remaining steps are final engineering, those permits and project financing.
EXIM letters of interest across both projects total $2.07 billion
In December 2025, the Export-Import Bank of the United States (EXIM) issued an amended letter of interest for US$1.4 billion to support phased expansion of the Ohio facility. Expansion would proceed in 25,000-tonne increments to 100,000 tonnes per year. Combined with EXIM's US$670 million letter of interest for the Graphite Creek Project, the total reaches US$2.07 billion.
The letters are non-binding and subject to application, due diligence, credit approval and other EXIM requirements.
Lucid Motors has signed non-binding supply agreements as qualification continues
Prospective buyers are U.S. battery and energy-storage customers. Graphite One has provided samples for testing and qualification and has concluded non-binding supply agreements with Lucid Motors. The timelines remain subject to engineering, remaining permits, financing, construction and successful customer qualification.
Separately, the company completed its Graphite Creek Feasibility Study in April 2025. A U.S. Geological Survey study found the Alaska deposit to be the largest known flake graphite resource in the USA.