Graphite One Clears Ohio Roadblock, Now Awaits September Verdict on Alaska Mine

Graphite One moves anode factory to Conneaut, Ohio with existing power. Stock down 39% in 2026. Alaska mine decision due Sept 29, 2026.

Graphite One has traded one set of headaches for another. After abandoning its planned factory site in Warren, Ohio, because local power infrastructure could not be delivered in time, the company secured a new location in Conneaut, Ohio, on the shores of Lake Erie. The move removes a critical bottleneck — the Conneaut site already has a substation on the property — but the calendar remains crowded with make-or-break events that will determine whether this fully domestic graphite supply chain becomes a reality.

The stock, meanwhile, continues to reflect the uncertainty. Trading around €0.71, shares have lost 39% since the start of 2026 and sit more than 50% below the 52-week high of €1.52. The relative strength index of 61.8 suggests mild buying interest, but the trend has been one-way for months.

Conneaut Offers Rail, Water, and Power

Under a usage agreement with the Bessemer and Lake Erie Railroad, a subsidiary of Canadian National Railway, Graphite One secured a site in Conneaut, Ashtabula County, on May 19. The previous location in Warren was scrapped because the necessary power upgrades could not be completed on schedule. The new site offers direct rail links, access to the Great Lakes shipping corridor via Lake Erie, and — crucially — an existing electrical substation.

The planned anode factory carries a price tag of $1.4 billion and is expected to create up to 160 jobs. Local officials in the small port town are betting the project will revive an area that has seen its industrial base shrink. Graphite One has already begun talks on binding offtake agreements and has shipped samples of up to 20 kilograms to three major automakers and six battery producers.

Alaska Decision Sets the Pace

While the Ohio site switch solves an immediate infrastructure problem, the bigger question mark remains Alaska. Graphite Creek, the company's planned mine, is proceeding under the federal FAST-41 permitting program. In June 2025 it became the first Alaska mining project to be listed on the Federal Permitting Dashboard. The U.S. Army Corps of Engineers is still reviewing the application, with a decision deadline set for September 29, 2026.

That date is the centerpiece of a second half that also includes Graphite One’s annual shareholder meeting on June 26, where equity awards will be voted on — most recently granted at an exercise price of CAD 1.13 per share — and a warrant expiry on September 17. The timing means the company will face simultaneous pressure from its financing calendar and permitting milestones.

Funding Framework Is in Place

The Export-Import Bank of the United States has issued non-binding letters of interest totaling $2.07 billion. Of that, $670 million is earmarked for the Alaska project and $1.4 billion for the Ohio plant, the latter on a 15-year term. Formal applications are expected to be filed before the end of 2026. The remaining roughly 30% of the capital stack is being negotiated with commercial banks. A public offering in February 2026 brought in CAD 35 million.

The financing structure is largely in place, but final approval from the EXIM Bank and private lenders hinges on the permitting outcome. If the Army Corps grants the go-ahead in September, Graphite One will be able to draw on that liquidity. If not, the entire project timeline will need reconsideration.

Trade Winds Shift, but Not All Favor Domestic Production

Washington’s trade policy offers mixed support. The U.S. International Trade Commission recently rejected antidumping tariffs on Chinese active anode material, a blow to domestic producers hoping for protection against heavily subsidized imports. Yet the broader direction remains supportive. In January 2026, following a Section 232 investigation, the administration ordered negotiations over critical mineral imports. A second Section 232 probe into processed raw materials was launched in April, with a decision expected around mid-October. Tariffs, minimum prices, and quotas all remain possible outcomes.

China controls more than 90% of global graphite anode production, and the United States currently imports all of its graphite. Graphite One’s pitch — from mine in Alaska to battery anode in Ohio — is designed to break that dependence.

Production Roadmap Depends on Alaska

Even with the September decision, full production is years away. Graphite One targets first-stage output of 10,000 tonnes per year by the end of 2027, split between materials for energy storage, fast charging, and high energy density. A second stage reaching 25,000 tonnes is scheduled for the third quarter of 2028. The ultimate capacity of 175,000 tonnes will not be achievable until the Alaska mine is operational, currently projected for 2030.

That leaves the company in a race against both its own deadlines and the market’s patience. The site switch has bought it some breathing room, but the real test comes in September — and the clock is ticking.