Leading international law firm Clifford Chance advised the US Department of Energy Loan Programs Office (DOE LPO) on a US$102.1 million loan to Syrah Technologies, LLC for the expansion of a facility producing material used in batteries for electric vehicles.
The processing facility in Vidalia, Louisiana makes graphite-based active anode material used in lithium-ion batteries for electric vehicles. This is DOE’s first Advanced Technology Vehicles Manufacturing Loan Program (ATVM) guaranteed loan in over a decade. This manufacturing facility expansion will allow the production of enough natural graphite-based active anode material for approximately 2.5 million electric vehicles by 2040, saving an estimated 970 million gallons of gasoline from consumption.
Partner Lori Bean, counsel Peter Hughes and associates Lauran Smith and Jenny Ahn led the cross-border team advising DOE LPO. They were supported on financing matters by US-based associates Daniel Justus and Trevor Nichols; on construction and supply chain matters by UK-based partners Edward Bretherton and James Pay and lawyer Jonathan Forrest; and on Australian law matters by Australia-based partner Elizabeth Russell and senior associate Zoe Anderson.
Bean said, “This transaction continues our work with our long-time client the US Department of Energy in the important work of financing clean energy and advancing the energy transition. We are delighted to continue this partnership and to be at the forefront of these important transactions.”
Clifford Chance has an extensive record in energy and renewable financing deals, including recent matters advising DOE LPO on a US$504.4 million financing for an innovative clean hydrogen production and storage facility in Delta, Utah, and advising Japan Bank for International Cooperation on acquiring US$110 million of preferred shares in NuScale Power, LLC to promote the development of clean advanced nuclear power technology and renewable energy solutions.
