NOVONIX Selected For US$150 Million Grant From U.S. Department of Energy
Summary
Information on the selected projects can be found on the DOEs website here .This award, announced by President Biden, strengthens the North American battery supply chain amidst surging demand and growing calls to onshore these critical industries. Responsible and sustainable domestic sourcing and processing of the critical materials used to make lithium-ion batteries will strengthen American supply chains, accelerate battery production to meet increased demand, and secure the nations economic competitiveness, energy independence, and national security.The funding announced today by the Department of Energy is the first phase of over $7 billion1 in total provided by the Presidents Bipartisan Infrastructure Law for the battery supply chain and supports NOVONIXs execution of its strategic growth plan for synthetic graphite anode materials produced in the U.S. MESC will manage the portfolio of projects with support from DOEs Office of Energy Efficiency and Renewable Energys Vehicle Technologies Office .We are proud to have been selected to negotiate this funding in recognition of our readiness to accelerate the domestic battery supply chain and meet growing global demand from the electric vehicle and stationary grid storage markets, said Dr. Chris Burns, NOVONIX Co-Founder and CEO. The Company plans to build the facility proposed under this project to allow for subsequent expansion to support up to 75,000 tpa and will continue to seek other potential government funding opportunities for additional project funding.This announcement has been authorized for release by NOVONIX Chairman, Admiral Robert J. Natter, USN Ret.NOVONIX is a leading battery technology company with operations in Canada and the United States. NOVONIX provides advanced high-performance materials, equipment, and services for the global lithium-ion battery industry with sales in 14 countries.