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NOVONIX Ltd (NVX.AX) Announcement of Expansion of Anode Materials Business
Brisbane, Australia, June 23, 2021 - (ABN Newswire) - NOVONIX Limited (ASX:NVX) (HAM:GC3) (OTCMKTS:NVNXF) is pleased to announce its plan for the next phase of growth for NOVONIX Anode Materials in Chattanooga, Tennessee.
NOVONIX is under contract to purchase, and plans to retrofit, the former Alstom building, which will be the company's second facility in Chattanooga. The 400,000+-square-foot plant will accommodate a planned 8,000+-tonne per year production operation and will join the existing operations located at 353 Corporate Place where the company has been since 2019.
This expansion plan will bring the Company's total production capacity of anode materials to 10,000 tonnes per year and is expected to come online by 2023 and is underpinned by the funding received from the Company's recent successful equity capital raise on the ASX earlier this calendar year.
NOVONIX continues to progress the agreements with Sanyo Electric Co., Ltd of Japan and Samsung SDI of South Korea, both major international manufacturers of lithium-ion batteries for electric vehicles (EVs) and energy storage systems (ESS) globally. The Company is well positioned to serve the growing needs of the battery supply chain as the only qualified producer in North America of high-grade anode material suitable for lithium-ion batteries for EVs and ESS. This phase of growth will support the production of anode materials to support the lithium-ion battery packs for over 100,000 EVs.
"We are excited to be announcing this next phase of expansion of our anode materials business in Tennessee. Chattanooga has been a great location for our operations over the past four years, and we look forward to growing the company in the expanding south-east hub of electric vehicle battery manufacturing. We look forward to continuing to work with the great people in Chattanooga, Hamilton County and the State of Tennessee as we help establish the domestic supply chain of key materials for the lithium-ion battery sector." - Chris Burns, CEO, NOVONIX.
To view the press release from the State of Tennessee with more information on the planned expansion, please visit:
About NOVONIX Ltd:
NOVONIX Limited (ASX:NVX) (FRA:GC3) (OTCMKTS:NVNXF) is an integrated developer and supplier of high-performance materials, equipment and services for the global lithium-ion battery industry with operations in the USA and Canada and sales in more than 14 countries. NOVONIX's mission is to support the global deployment of lithium-ion battery technologies for a cleaner energy future.
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