NOVONIX Limited (NASDAQ: NVX, ASX: NVX) (“NOVONIX” or the
“Company”), a leading battery materials and technology company,
today announced that its NOVONIX Anode Materials division finalized
its US$100 million grant award from the U.S. Department of Energy
(DOE) to expand domestic production of high-performance, synthetic
graphite anode materials at its Riverside facility in Chattanooga,
Tennessee.
On 20 October 2022, NOVONIX announced its selection to enter
negotiations for US$150 million in grant funding to support the
construction of a new synthetic graphite manufacturing facility
with a targeted initial output of 30,000 tonnes per annum (tpa).
Through negotiations with the DOE, the Company successfully
reallocated the funding more immediately to its Riverside facility
which has a target production of up to 20,000 tpa and, accordingly,
resized the award to US$100 million. The DOE grant funding will
support the installation and commissioning of equipment to produce
the targeted 20,000 tpa of capacity from Riverside. Under the terms
of the grant, government funds must be matched by the recipient. In
addition to the US$100 million DOE grant funding, the Company
expects its cash position, customer revenues, additional government
programs, strategic partners and other capital sources to fund
planned growth.
“We are excited to complete the award negotiation with the DOE
and expand the capacity of our Riverside facility. The ability to
deploy $100 million towards Riverside’s recently increased
production targets will have an immediate beneficial impact on the
Company’s plans and the battery materials supply chain here in
North America,” said Dr. Chris Burns, CEO of NOVONIX.
“Recent Chinese export controls on graphite reiterate the
importance of building domestic supply in the U.S. We remain
committed to continued expansion and building additional production
facilities with our focus currently on reaching mass production at
Riverside to demonstrate our ability to compete, both technically
and commercially, on a global scale.”
This funding from DOE’s Office of Manufacturing & Energy
Supply Chains (MESC) is enabled by the Bipartisan Infrastructure
Law (BIL) with the goals of strengthening the United States’
battery supply chain and of supporting American manufacturing,
workforce, and innovation in critical energy industries. Synthetic
graphite is currently imported almost exclusively from China, and
NOVONIX’s plant aims to be the first large-scale battery-grade
synthetic graphite manufacturing operation in the U.S. MESC will
work closely with NOVONIX to oversee the award over the course of
the project through full operation.
NOVONIX’s Riverside facility is due to begin production in late
2024 to support the Company’s supply agreement with KORE Power, and
the Company will provide a progress update in the first quarter of
2024. The Company continues to engage with other prospective
customers about product qualification, production timelines, and
potential supply agreements that could be supported from Riverside
or future production facilities.
NOVONIX also continues to advance plans for a new production
facility with an initial production target of at least 30,000 tpa.
The engineering and design of this facility will leverage the
updated engineering specific to Riverside to be completed in the
first quarter of next year.
The Company continues to pursue funding support under the DOE
Loan Programs Office’s Advanced Technology Vehicles Manufacturing
(ATVM) Program. A loan through the ATVM program may provide
leverage up to 80% of eligible project costs of the Company's next
facility. The timing of this next facility and NOVONIX’s subsequent
plans to reach 150,000 tpa of production in North America will be
based on the timelines of potential customer demand.
This announcement has been authorized for release by NOVONIX
Chairman, Admiral Robert J. Natter, USN Ret.
About NOVONIX NOVONIX is a leading battery
technology company revolutionizing the global lithium-ion battery
industry with innovative, sustainable technologies,
high-performance materials, and more efficient production methods.
The company manufactures industry-leading battery cell testing
equipment, is growing its high-performance synthetic graphite anode
material manufacturing operations, and has developed an all-dry,
zero-waste cathode synthesis process. Through advanced R&D
capabilities, proprietary technology, and strategic partnerships,
NOVONIX has gained a prominent position in the electric vehicle and
energy storage systems battery industry and is powering a cleaner
energy future. To learn more, visit us at www.novonixgroup.com or
on LinkedIn and X.
For NOVONIX Limited Scott
Espenshade, ir@novonixgroup.com (investors) Lori Mcleod,
media@novonixgroup.com (media)
Forward-Looking StatementsThis communication
contains forward-looking statements about the Company and the
industry in which we operate. Forward-looking statements can
generally be identified by use of words such as “anticipate,”
“believe,” “contemplate,” “continue,” “could,” “estimate,”
“expect,” “intend,” “may,” “plan,” “potential,” “predict,”
“project,” “should,” “target,” “will,” or “would,” or other similar
expressions. Examples of forward-looking statements in this
communication include, among others, statements we make regarding
our cathode technology and our plans to scale operations. We have
based such statements on our current expectations and projections
about future events and trends that we believe may affect our
financial condition, results of operations, business strategy and
financial needs. Such forward-looking statements involve and are
subject to known and unknown risks, uncertainties and other factors
which may cause our actual results, performance or achievements to
be materially different from any future results, performance or
achievements expressed or implied by the forward-looking
information. Such factors include, among others, the success of the
furnace technology, our ability to access global supply chains,
timing and demand of customer supply contracts, and the accuracy of
our estimates regarding market size, expenses, future revenue,
capital requirements and needs and access for additional financing,
and regulatory developments in the United States, Australia and
other jurisdictions. Detailed information regarding these and other
factors that could affect our business and results is included in
our filings, including the Company's most recent transition and
annual reports on Form 20-F, particularly the “Operating and
Financial Review and Prospects” and “Risk Factors” sections of
those reports. Copies of these filings may be obtained by visiting
our Investor Relations website at www.novonixgroup.com or the SEC's
website at www.sec.gov. Forward-looking statements are not
guarantees of future performance or outcomes, and actual
performance and outcomes may differ materially from those made in
or suggested by the forward-looking statements contained in this
communication. Accordingly, you should not place undue reliance on
forward-looking statements. Any forward-looking statement in this
communication is based only on information currently available to
us and speaks only as of the date on which it is made. We undertake
no obligation to publicly update any forward-looking statement,
whether written or oral, that may be made from time to time,
whether as a result of new information, future developments or
otherwise.
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