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NOVONIX Receives Approval for Purchase of Enterprise South Land for Planned Enterprise South Manufacturing Facility
NVXNOVONIX(NVX) GlobeNewswire·2025-03-13 01:11

Core Viewpoint - NOVONIX Limited has received unanimous approval for the purchase of a 182-acre land parcel in Chattanooga for its second mass production plant, Enterprise South, which will enhance its production capacity and create jobs in the local community [1][2]. Group 1: Company Expansion - The Enterprise South facility will be acquired for approximately US4.6millionandisexpectedtoreachfullproductioncapacityof31,500tonnesperannum(tpa)bytheendof2028[1][2].−Thenewfacilityisanticipatedtocreate500full−timejobs,contributingtothelocaleconomy[2].−CombinedwiththeexistingRiversidefacility,NOVONIX′stotalproductioncapacityinChattanoogaisprojectedtoexceed50,000tpaby2028[2].Group2:FinancialSupportandBenefits−NOVONIXissettoreceiveanestimatedUS4.6 million and is expected to reach full production capacity of 31,500 tonnes per annum (tpa) by the end of 2028 [1][2]. - The new facility is anticipated to create 500 full-time jobs, contributing to the local economy [2]. - Combined with the existing Riverside facility, NOVONIX's total production capacity in Chattanooga is projected to exceed 50,000 tpa by 2028 [2]. Group 2: Financial Support and Benefits - NOVONIX is set to receive an estimated US54 million in net tax and other benefits over a 15-year period, contingent on meeting certain conditions [1]. - The company has a conditional commitment from the U.S. Department of Energy (DOE) for a direct loan of up to US754.8milliontofinancetheEnterpriseSouthfacility[4].−Additionally,NOVONIXhassecuredaUS754.8 million to finance the Enterprise South facility [4]. - Additionally, NOVONIX has secured a US100 million grant and a US$103 million investment tax credit from the DOE for its Riverside facility [5]. Group 3: Community Engagement and Workforce Development - The company has extended its partnership with Lookout Valley Middle High School to support career-focused learning in the battery industry through the NOVONIX Institute of Advanced Battery Technology [3]. - This initiative aims to equip students with the necessary skills for success in the battery and STEM fields, reinforcing NOVONIX's commitment to local workforce development [3]. Group 4: Production and Supply Agreements - The Riverside facility is expected to begin commercial production in early 2026, with plans to produce 20,000 tpa of synthetic graphite [5]. - NOVONIX has signed binding offtake agreements with major companies such as Panasonic Energy, Stellantis, and PowerCo, committing its full production capacity at the Riverside facility [5].