NOVONIX, a battery materials and technology company, has received a $100-million grant from the Department of Energy (DOE) to increase production of synthetic graphite anodes at its Riverside site in Chattanooga, Tennessee.
The DOE grant will help build and commission equipment to generate 20,000 tons annually from Riverside. The company believes its cash position, customer revenues, further government initiatives, strategic partners and other financing sources will support its expansion in addition to the $100-million DOE award. The Riverside plant will start production in late 2024 to meet NOVONIX’s supply agreement with KORE Power. NOVONIX is also planning a new production facility with a 30,000-ton annual capacity.
“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 US.”
Source: NOVONIX
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