NOVONIX making $1 billion investment in its Chattanooga manufacturing operations
Project is expected to create 500 new jobs.
NOVONIX officials announced this week that the company will expand its Chattanooga manufacturing operations. The project represents an investment of approximately $1 billion and the creation of 500 new jobs, with competitive wages, in Hamilton County.
“This investment from NOVONIX represents a huge vote of confidence in the region and our ability to support future-focused companies and a well-trained, well-paid workforce,” said Adam Myers, Chattanooga Chamber Vice President of Economic and Talent Development.
NOVONIX established its anode materials business in March 2017 to develop and commercialize ultra-long-life, high-performance anode material for the lithium-ion battery market, specifically for electric vehicles and similar storage applications. NOVONIX is a leading battery technology company that focuses on revolutionizing the global lithium-ion battery industry with innovative and sustainable technologies. The company manufactures high-performance battery cell testing equipment, synthetic graphite materials, and has developed a zero-waste cathode synthesis process.
Last year, NOVONIX saw a breakthrough at its Chattanooga facility, leading to a first-of-its-kind furnace technology to produce synthetic graphite for use in electric vehicle batteries. Thanks to this cutting-edge technology, NOVONIX is looking to expand its Chattanooga operations.
Earlier this week, the Department of Energy (DOE) announced a conditional commitment to NOVONIX for a direct loan of up to $754.8 million to be applied towards partially financing the proposed new facility in Chattanooga. At full capacity, the new facility will increase the company’s production capacity by 31,500 tons, which can support the production of lithium-ion batteries for approximately 325,000 EVs each year.
“This (DOE) announcement is the culmination of years of hard work and is another critical milestone for our anode materials business towards our target production of 150,000 tpa (tonnes per annum) in North America,’ said Dr. Chris Burns, Chief Executive Officer of Brisbane, Australia-based NOVONIX. “This conditional commitment from the government to invest in our new facility continues to underscore the focus on localizing critical materials in the battery supply chain, such as graphite. Recent announcements from China to further scrutinize the export of battery-grade graphite to the United States highlight the importance of domestic production of high-performance, battery-grade synthetic graphite. Our offtake agreements with strong partners have strengthened our leadership in onshoring the synthetic graphite supply chain in North America and supporting the path towards U.S. energy independence.”
“We have partnered with NOVONIX to invest boldly into public education to train their future workforce,” said Hamilton County Mayor Weston Wamp. “This investment by Novonix is a testament to the talent and work ethic of the people of Hamilton County.”
“Chattanooga’s future has never been so bright,” said Chattanooga Mayor Tim Kelly, “This historic investment will create hundreds of quality jobs and cement us as a leader in battery technology, with transformational research and technology assets based in Chattanooga. Thank you to the Department of Energy and NOVONIX for recognizing that we have the talented workers and supportive business environment to make this project a success.”
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