Graphite One Locks in Ohio Lakefront Site as $1.4 Billion Anode Plant Takes Shape

Graphite One shifts anode plant to Conneaut for better logistics, plans 10,000-tonne capacity by Q4 2027, backed by $2B Ex-Im Bank commitment despite no revenue yet.

Graphite One has finalised a location for its planned anode-material factory on Lake Erie, swapping an earlier site in Warren, Ohio, for a property in Conneaut that offers better grid connectivity and direct rail and water access. The move, secured on 19 May 2026 under a usage agreement with a Canadian National Railway subsidiary, anchors a broader push to build a fully domestic supply chain for lithium-ion battery components. The Conneaut facility carries a total investment tag of $1.4 billion.

First production is slated to begin in the fourth quarter of 2027 at an initial annual capacity of 10,000 tonnes of active anode material. Management is already eyeing a second expansion phase that would lift throughput to 25,000 tonnes per year by the third quarter of 2028. The plant will process graphite from Graphite One’s own Graphite Creek deposit in Alaska — described by the U.S. Geological Survey as the largest known natural graphite resource in the country — completing a vertical integration strategy that stretches from mine to finished product.

The project has drawn significant government backing. The U.S. Export-Import Bank recently raised its financing commitment for Graphite One’s supply-chain initiatives to more than $2 billion, providing crucial capital support for a venture that still awaits final permitting. The company remains in project-development stage with no current revenue, and successfully navigating the regulatory process alongside potential swings in raw-material prices will be key to meeting the 2027 production target.

On the commercial front, Graphite One has shipped anode samples of up to 20 kilograms to three electric-vehicle manufacturers and three battery producers. Those samples have triggered preliminary offtake discussions, though no binding supply agreements have been announced. How those conversations translate into contracts before the plant comes online will heavily influence investor perception of the company’s value.

The stock market has so far shown little enthusiasm for the operational progress. Shares trade around €0.75 — roughly half the January high of €1.52 — and have lost about 36% since the start of the year. The equity hugs its 50-day moving average, reflecting a market that remains cautious about the timeline to revenue and the volatile landscape for battery metals, even as North American materials command premium pricing versus Chinese alternatives.