NOVONIX did not inform ASX about US$150 million grant earlier; Here’s why.

NOVONIX has responded to the ASX query related to the US$150 million grant announced on 20 October 2022.

In an ASX query released this morning, it was highlighted that the Company became aware that it is selected for the grant on 14 October 2022. However, it was advised by the U.S. Department of Energy (DOE) that NVX was selected to enter negotiations to receive grant funding from the DOE. However, it was not allowed to disclose its selection for negotiation of a financial award prior to the DOE making a public announcement about the matter. DOE advised NVX that in case of failure to abide this requirement, NVX might loose this opportunity.

On 20 October 2022, post the announcement made by DOE, NVX too released an update on the same.

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