Graphite One has its Ohio EPA air permit for a planned battery anode plant in Conneaut, Ohio, and it just laid out next steps.
The Phase 1 plant would blend and coat purchased synthetic graphite and other materials into active anode material for lithium-ion batteries in EVs and energy storage.
Because Phase 1 doesn’t depend on ore from Alaska, it gives the company a potential path to revenue before mine production begins at Graphite Creek, its natural graphite resource there.
Targets on Paper:
Capacity: 10,000 metric tons per year
Estimated initial capital cost: $80 million, to be updated after final engineering
Final investment decision: targeted by April 2027
First sales: targeted for the fourth quarter of 2028
On those targets, at least 18 months separate the investment decision from the first sale.
One Permit Down: The air permit clears the main environmental hurdle, but other state and local approvals are still required. Graphite One also has to finish final engineering and secure project financing.
“Ohio lets us pursue customer sales, generating company revenue, before mine production begins,” said CEO Anthony Huston.
Big Bank Energy: In December 2025, the Export-Import Bank of the United States issued an amended $1.4 billion letter of interest for the Ohio facility. It would support expansion in increments of 25,000 metric tons, up to 100,000 metric tons per year. That’s ten times Phase 1’s planned capacity.
The Ohio letter is non-binding and subject to due diligence and credit approval. With EXIM’s $670 million letter for Graphite Creek, the bank’s letters total $2.07 billion. The company’s supply agreements with Lucid Motors are non-binding, too.
Still on the Punch List: The timelines also depend on construction and on customers qualifying the material. The permit gets Graphite One to the gate, but the building part is still ahead.
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