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Anovion Battery Materials Selected to Receive $117 Million Grant under the Bipartisan Infrastructure Law for Battery Materials Processing and Manufacturing

Anovion, a leader in supplying U.S. Critical Mineral Synthetic Graphite for Lithium-Ion Batteries, accelerates plans to scale capacity, create jobs, and secure the domestic supply chain for our clean energy future

NIAGARA FALLS, N.Y., October 19, 2022--(BUSINESS WIRE)--Anovion Battery Materials ("Anovion" or the "Company"), an advanced battery materials business with North America’s first commercially operational capacity for synthetic graphite anode material, announced today that it has been selected to receive a $117 million grant under the Bipartisan Infrastructure Law. This is the first set of projects funded by the President’s Bipartisan Infrastructure Law to expand domestic manufacturing of batteries for electric vehicles (EVs) and the electrical grid and for materials and components currently imported from other countries. This grant nomination is part of a once-in-a-generation investment in infrastructure, which will grow a more sustainable, resilient, and equitable economy by enhancing U.S. competitiveness, creating new energy economy jobs, and better access to these economic benefits for communities.

"We are thrilled to have been recognized as a nominee for the Infrastructure Grant opportunity. This grant consideration will enable Anovion to expedite its ongoing investments in expansion to advance the company’s mission of growing a resilient, secure and sustainable North American lithium-ion battery supply chain," said Eric Stopka, Chief Executive Officer of Anovion. "This nomination affirms Anovion’s commitment to creating a meaningful, positive impact on the environment, communities where we currently and plan to operate, people we employ, and the broader clean-energy economy. Anovion’s existing qualified commercial products, process technologies, focus on R&D, and experienced team uniquely position this project for success."

Anovion plans to build a new, large-scale manufacturing facility producing 35,000 tons per annum of synthetic graphite anode materials for lithium-ion batteries used in electric vehicles (EV), energy storage systems, personal e-mobility, medical devices and military and aerospace, as well as other industrial applications. This U.S.-owned and operated, state-of-the-art manufacturing plant will be the first of its scale in North America, creating hundreds of high-quality clean energy jobs in communities previously impacted by offshoring over the years. This project will supplement the expansion of Anovion’s existing manufacturing capacity near Niagara Falls, NY, notably the only qualified U.S. source of battery-grade synthetic graphite anode material commercially shipping product today.

The country’s ability to produce synthetic graphite battery anode materials is essential to competitiveness across many industries as batteries are critical to the ongoing transition to the new energy economy, enabling decarbonization, lower energy costs, and resilient power grids. The automotive industry has rapidly increased its investments and commitment to electric powertrains, causing domestic demand for synthetic graphite battery anode materials to skyrocket. Establishing a domestic lithium-ion battery supply chain directly impacts several strategic imperatives, including national security interests, a robust economic growth, and environmental stewardship.

Mr. Stopka added, "Our sincere thanks to customers, partners, community, stakeholders, suppliers, and employees that came together to make this exciting moment in Anovion’s history a possibility and we look forward to sharing continued progress as we work to grow a resilient, secure and sustainable North American battery supply chain. This grant represents an enormous vote of confidence in the critical work our team is dedicated to advancing every day."

The Monomyth Group, a diversified holding company that provides long-term, partner capital to help companies reach potential, is a majority investor in Anovion. Amsted Industries, an employee-owned diversified global manufacturer of industrial components for the rail, automotive, commercial vehicle, and construction markets, is the minority investor.

About Anovion Battery Materials

Headquartered in Chicago, Illinois, Anovion brings more than 140 years of experience in the production of synthetic graphite materials. Now a leader in synthetic graphite lithium-ion battery anode materials innovation and manufacturing, Anovion’s products were the first made in North America to gain qualification for EV applications. Commercial production commenced in early 2021 and Anovion continues to operate the largest manufacturing capacity available today. Product qualification testing continues with leading automotive electric vehicle OEMs, battery cell suppliers, and many others. Anovion plans capacity expansion targeting up to 150,000 tons per annum of finished product by 2030.

Responsible and sustainable domestic sourcing and processing of the critical materials used to make lithium-ion batteries will strengthen American supply chains, accelerate battery production to meet increased demand, and secure the nation’s economic competitiveness, energy independence, and national security. The funding announced today by the Department of Energy is the first phase of over $7 billion in total provided by the President’s Bipartisan Infrastructure Law for the battery supply chain. DOE’s Office of Manufacturing and Energy Supply Chains (MESC) is responsible for strengthening and securing manufacturing and energy supply chains needed to modernize the nation’s energy infrastructure and support a clean and equitable energy transition. MESC will manage the portfolio of projects with support from DOE’s Office of Energy Efficiency and Renewable Energy’s Vehicle Technologies Office.

For more information on Anovion, visit www.anovion-anode.com

Monomyth Group

Following a long career on Wall Street, Chip Dunn founded Monomyth Group in Chicago, Illinois in 2017 as a diversified holding company to pioneer the new concept of monomyth capital — a blueprint not bound by the traditional conventions of venture capital or private equity, not just growth capital and not simply buyout funds or acquisition finance — but the capital a business needs over its entire journey through evolution and transformation, development and restructuring, recapitalization and transactional. It is flexible capital for the long-term focused on control or structured minority stakes; it is partner capital for entrepreneurs, founders, business owners, and management teams, investing almost always alongside like-minded families or other long-term capital sources and predominantly targeting production-based and services-oriented companies in North America and Europe. Monomyth Group leverages this blueprint for monomyth capital, its solutions-based framework for corporate strategy provided by MAITS TM and its global relationship network on behalf of affiliate companies to focus on value creation of an indefinite holding period. For more information, please visit www.monomythgroup.com.

Amsted Industries

Amsted Industries is an employee-owned diversified global manufacturer of industrial components for the rail, automotive, commercial vehicle, and construction markets. Combining leading-edge manufacturing processes with a history of continuous innovation, Amsted is a leader in each of the market segments it serves. Through its culture of employee ownership, Amsted delivers premium value to customers and seeks to improve the communities in which it operates.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221019005842/en/

Contacts

Media
Jennifer Nardicchio
Email: JNardicchio@anovion-anode.com