In an update on plans to build a graphite processing plant in Weathersfield Township, the Canadian company behind the project has received Letters of Interest to increase the project's size.

Graphite One has received a non-binding Letter of Interest (LOI) from the Export-Import Bank of the United States (EXIM) for potential financing.

According to the media release, the plant's budget is being increased from $325 million to $1.4 billion.

The 220-acre site, formerly the Warren Depot, which once served as a U.S. Government stockpile for critical materials, including graphite.

The location will include approximately 88 buildings for secondary graphite treatment. Graphite is a natural resource that is a pure form of carbon. It is often used in Electric Vehicle Batteries. Opening a plant is a part of the company's goal to establish a 100% U.S.-based manufacturing hub for graphite products.

"This is more good news for the Graphite One project in Trumbull County, but we are still being cautious that we have a lot of work to do," said Guy Coviello, president & CEO, Youngstown/Warren Regional Chamber.

"We have had a really good experience working with Anthony Huston and his team at G1. Our Government Affairs division has worked alongside G1 in D.C. for several years now," he added. "G1 has been receptive to meeting small and micro businesses in the region so that our local companies have supply chain and procurement opportunities should this project move forward. Hopefully, we can soon welcome another good corporate citizen into our community."

The increases were decided after a meeting between Chairman Jovanovic and G1 CEO Anthony Huston at EXIM headquarters in Washington, D.C. The LoIs are executed through EXIM's "Make More in America" and "China and Transformational Exports Program" (CTEP) initiatives.

G1 expects to submit a formal application to EXIM under the LOIs in 2026.

Upon receipt, EXIM will conduct the requisite due diligence to determine whether a final commitment may be issued.

The U.S. has not mined graphite domestically since the 1950s.