Novonix offered conditional commitment for $754M DoE loan for new facility

Novonix (NVX) “announced a conditional commitment to NOVONIX through one if its wholly-owned U.S.-based subsidiaries, from the U.S. Department of Energy, DOE, through the Loan Programs Office for a direct loan of up to $754.8M to be applied towards partially financing a proposed new facility in Chattanooga, Tennessee. The proposed financing is being offered under the DOE LPO’s Advanced Technology Vehicles Manufacturing Loan Program. If finalized, the loan would be applied towards partially financing the construction of the New Facility in Chattanooga, Tennessee, to manufacture synthetic graphite primarily for use in electric vehicle batteries. At full capacity, the new facility is expected to produce approximately 31,500 tonnes per annum of synthetic graphite, which can support the production of lithium-ion batteries for approximately 325,000 EVs each year. China currently has over 95% market share for battery grade graphite1. The new facility is expected to reach full production capacity by the end of 2028 and is anticipated to create 450 full-time operational jobs and 500 construction jobs.”