Written by Cláudio Afonso | LinkedIn | X
The electric vehicle (EV) manufacturer Lucid Motors signed a three-year binding offtake agreement with Syrah Resources on Monday.
Under the deal, Syrah will supply approximately 7,000 metric tons (7kt) of anode active material (AAM) in aggregate from its plant in Louisiana.
The agreement includes a three-year commitment for Lucid and/or its battery suppliers to purchase AAM from Syrah’s Vidalia facility. AAM are critical components in EV battery anodes, enabling energy storage and discharge during charging cycles.
Deliveries under the contract are expected to commence in January 2026, subject to the completion of qualification.
Syrah said the pricing structure will follow a floating mechanism, incorporating quarterly adjustments based on a natural flake graphite index.
“We are committed to creating a resilient ex-China anode supply chain for US customers,” the supplier wrote on X.
This agreement follows Lucid’s non-binding supply deal with Graphite One in July 2024 for anode active materials.
Peter Rawlinson, Lucid‘s chief executive, said last July the company is “committed to accelerating the transition to sustainable vehicles and the development of a robust domestic supply chain ensures the United States, and Lucid, will maintain technology leadership in this global race”.
“Through work with partners like Graphite One, we will have access to American-sourced critical raw materials, helping power our award-winning vehicles made with pride in Arizona,” he added.
The company will report its fourth quarter earnings results later this Tuesday, after the market close. Lucid delivered 10,241 in 2024, of which “approximately 5%” of them were leased.
