Billion dollar baby: American grant documents reveal huge Novonix factory plans
Battery materials company Novonix was reportedly on the verge of a $SU1 billion ($A1.5 billion) factory in the US city of Chattanooga, Tennessee.
Trevor St Baker is a major investor in Novonix
The revelation followed an announcement last year relating to a $US150 million grant from the US Department of Energy to expand its production of synthetic graphite anode materials.
US media reported the documents relating to the grant showed Novonix was planning a $US1 billion plant.
The company told In Queensland that it had not disclosed any capital costs for the new facility which would produce 30,000 tonnes a year of synthetic graphite. Its current plant is ramping up to 10,000 tonnes and it was in the process of designing and engineering the 30,000 tonne facility.
About 1000 jobs would also be created.
In its profit results released today Novonix said the $US150 million would deliver a large component of the capital costs of the project.
The company reported a $28 million loss for the half year, down from the $31 million loss for the 2022 period.
“The group’s strong balance sheet provides a multi-year pathway to fund operating expenses and obtain additional capital to scale its operations to mee the material needs of the growing battery sector in North America,” it said.
It said in the June half year its anode materials divisions made significant progress towards validating the performance of its furnace system in reaching operational production target as well as the product produced meeting its target specifications.
Although Novonix’s operations are largely in Canada and the US, it is listed in Australia. Trevor St Baker is a major investor in the company.
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