hapabapa/iStock Editorial via Getty Images
Lucid Group (NASDAQ:LCID) said Wednesday it signed a multi-year supply agreement for U.S.-processed graphite with Graphite One (OTCQX:GPHOF), strengthening the company’s supply chain for American raw materials and resources following other recent agreements with Graphite One and Syrah Resources (OTCPK:SYAAF).
Graphite One (OTCQX:GPHOF) will supply Lucid (NASDAQ:LCID) and its battery cell suppliers with natural graphite, expected to begin production in 2028, sourced from the Graphite Creek deposit north of Nome, Alaska.
Lucid (NASDAQ:LCID) said the latest agreement builds on last year’s announcement with Graphite One (OTCQX:GPHOF) to provide synthetic graphite for future vehicles starting in 2028, which will be sourced from Graphite One’s proposed active anode material facility in Warren, Ohio.
Under a third agreement, Syrah Resource (OTCPK:SYAAF) is set to supply natural graphite active anode material to Lucid (LCID) with foreign material processed in Louisiana.
Lucid (LCID) said the agreements to source natural and synthetic graphite continue its focus on strengthening its U.S.-based supply chain and establishing local supply for critical minerals; graphite, both synthetic and natural, composes a significant amount of the material within lithium-ion batteries and is essential for fast-charging performance.