Novonix Limited Secures US$100 million Grant from U.S. DOE

Novonix Limited (ASX: NVX), a prominent battery materials and technology company), has confirmed the finalization of a US$100 million grant from the U.S. Department of Energy (DOE). The grant is aimed at fortifying Novonix's Anode Materials division by advancing the production of high-performance synthetic graphite anode materials at its Chattanooga, Tennessee site.

Initially in talks for a US$150 million grant to erect a new synthetic graphite manufacturing site, negotiations led to reallocating the funds to their existing Riverside facility, modifying the grant to US$100 million. This funding will aid in setting up equipment for a targeted 20,000 tonnes per annum (tpa) production capacity. Alongside this grant, NOVONIX anticipates using various sources like its cash reserves, customer revenues, other government initiatives, partnerships, and additional capital for their expansion plans.

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