The companies entered into agreement in principle in February this year.
Under the deal, Great Lakes Graphite agreed to lease the facility, which is capable of processing flake graphite.
The FUA includes an initial five year term with an option for an additional five years.
The facility features equipment required to micronize flake graphite, and can produce more than 10,000 tons of graphite a year.
Site engineering assessment was conducted at the facility earlier this week to finalize the scope of work to re-commission the facility.
Great Lakes’ GLK Innovations unit will configure the equipment in the coming days to produce four types of micronized products.
Great Lakes Graphite CEO Paul Gorman said: "Securing long term access to this facility positions us to quickly complete our transition to a commercial enterprise.
"While our business plan has always included a micronization component, we anticipated a much longer timeline and many millions more in CAPEX."
