NOVONIX Receives Approval For Purchase Of Land For Enterprise South Manufacturing Facility

(RTTNews) - NOVONIX Limited (NVX) announced that it has received unanimous approval from each of the City of Chattanooga and Hamilton County for the purchase of a 182-acre parcel of land for its second mass production plant or "Enterprise South". Enterprise South will be acquired for approximately US$4.6 million and will be subject to the satisfaction of certain conditions to be specified in the purchase and sale agreement.

The company also received an estimated US$54 million in net tax and other benefits to be realised over a 15-year period and are subject to the satisfaction of a number of conditions. The transactions remain subject to final approval by the Chattanooga Industrial Development Board.

Enterprise South is expected to reach full production capacity of 31,500 tonnes per annum or "tpa" by the end of 2028 and is anticipated to create 500 full-time jobs. The Enterprise South facility, together with NOVONIX's existing Riverside facility which is scaling up to production of 20,000 tpa, is planned to bring the Company's total production capacity to over 50,000 tpa in Chattanooga by 2028.

NOVONIX also announced the extension and expansion of its local partnership with Lookout Valley Middle High School, NOVONIX Institute of Advanced Battery Technology (NIABT). The NIABT provides career-focused learning aimed at equipping students with the skills and knowledge they need to succeed in the battery industry and other STEM innovation fields.

NOVONIX's Riverside facility, also located in Chattanooga, is poised to become the first large-scale production site dedicated to high-performance synthetic graphite for the battery sector in North America. It is slated to begin commercial production in early 2026, with plans to grow output to 20,000 tpa to meet current customer commitments. the company said.