- The U.S. government confirms it will be granting US$103 million in tax credits for battery materials company Novonix.
- Decision reflects U.S. gov’s confidence in Chattanooga battery plant plans.
- Bid made for adjacent land package to expand Chattanooga.
Battery materials company Novonix (ASX: NVX) has this week received confirmation that the U.S. government has certified its Riverside project in Chattanooga, in connection with US$103 million in tax credits.
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That US$103M in tax credits were previously allocated under the United States government’s advanced energy project credit program.
Novonix CEO, Mike O’Kronley, said the decision reflects the U.S. government’s overall confidence in Novonix and suggested that it highlights its role as an essential partner in establishing a domestic synthetic graphite supply chain that underpins America’s long-term energy and economic security.
“This is another… show of support from the US government as we continue to scale our US manufacturing footprint,” he said. “We are focused on delivering a reliable, domestic supply of high-performance synthetic graphite to support the growing demand for battery materials in North America.”
U.S. Congressman Chuck Fleischmann said the certification from the Trump administration is the latest vote of confidence in a “mission that has always been bigger than politics. “I’m proud that building America’s critical mineral supply chain begins right here at home, in Chattanooga, Tennessee,” he said.
Novonix is building a North American platform for critical battery materials and anode materials operations at its Chattanooga, Tennessee headquarters.
It will receive the US$103M of tax credits when it places its first 11,000 tonnes per annum (tpa) of production in service, provided that occurs before April 7, CY28.
As part of its State-side growth plans, the Australian company recently entered an exclusive access agreement with Aerisyn Opportunity Zone Business (AOZ) to assess the purchase of 17.5 acres directly adjacent to its current anode materials mass production project in Chattanooga.
“As Novonix grows, we will continue to evaluate all opportunities that present potential long-term value for the company,” Mr O’Kronley said.
The Novonix boss continued: “Given the proximity to our current Riverside location, the proposed transaction represents a strategic opportunity for the company that should result in significant cost-saving efficiencies as we look to expand our current operations in the United States.”
NVX is up +8.26% to 29.5¢ today.
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