NOVONIX Finalizes US$100 Million Grant Award from U.S. Department of Energy
Summary
Through negotiations with the DOE, the Company successfully reallocated the funding more immediately to its Riverside facility which has a target production of up to 20,000 tpa and, accordingly, resized the award to US$100 million. In addition to the US$100 million DOE grant funding, the Company expects its cash position, customer revenues, additional government programs, strategic partners and other capital sources to fund planned growth.We are excited to complete the award negotiation with the DOE and expand the capacity of our Riverside facility. The ability to deploy $100 million towards Riversides recently increased production targets will have an immediate beneficial impact on the Companys 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 U.S. We remain committed to continued expansion and building additional production facilities with our focus currently on reaching mass production at Riverside to demonstrate our ability to compete, both technically and commercially, on a global scale.This grant funding through the Bipartisan Infrastructure Law (BIL) is aimed to support establishing a North American battery supply chain amidst surging demand and growing calls to onshore these critical industries. Forward-looking statements can generally be identified by use of words such as anticipate, believe, contemplate, continue, could, estimate, expect, intend, may, plan, potential, predict, project, should, target, will, or would, or other similar expressions. Such factors include, among others, the success of the furnace technology, our ability to access global supply chains, timing and demand of customer supply contracts, and the accuracy of our estimates regarding market size, expenses, future revenue, capital requirements and needs and access for additional financing, and regulatory developments in the United States, Australia and other jurisdictions.