Syrah Resources (ASX:SYR) unit Syrah Technologies received a $165 million tax credit from the US Internal Revenue Service under the Inflation Reduction Act, according to a Monday filing with the Australian bourse.
The funding will support the expansion of its Vidalia active anode material facility in Louisiana to a 45,000 tonnes per annum of production capacity, the filing said.
The tax credit, which can be monetized or used to offset Syrah Technologies' federal tax liabilities, is contingent on the unit meeting wage and apprenticeship standards and timely certification and operation of the expanded facility, the filing added.
The company said it is progressing with engineering and permitting for the expansion, with a final investment decision to follow based on commercial sales and customer commitments.
Shares of the company rose nearly 8% in recent Monday trade.
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