Novonix Ltd (NVNXF)

[TradingCharts]

NOVONIX Provides Update on Scaling U.S. Production of Synthetic Graphite Anode Materials
DECEMBER 20, 2022 AT 5:34 PM EST

BRISBANE, Australia, Dec. 20, 2022 (GLOBE NEWSWIRE) -- NOVONIX Limited (NASDAQ: NVX, ASX: NVX, OTCQX: NVNXF) (“NOVONIX” or “the Company”), a leading battery materials and technology company, today announced an update on its plans to scale its U.S. production of high-performance synthetic graphite anode materials following the recent announcement that KORE Power, Inc. (“KORE”) closed its initial US$75 million of an anticipated total US$150 million in funding.

On January 31, 2022, NOVONIX signed an agreement to be the exclusive supplier of graphite anode material to KORE as part of a strategic partnership to advance the lithium-ion battery supply chain in North America. On November 30, 2022, KORE announced it closed the initial US$75 million of strategic financing from Siemens Financial Services and other strategic investors to support the construction of its KOREPlex facility in Phoenix, Arizona, which will begin commercial production in the fourth quarter of 2024. NOVONIX is expanding production of the Company’s Riverside facility in Chattanooga, TN to a target of 10,000 tpa output at full operation to support KORE’s requirement. This will begin at a rate of approximately 3,000 tpa in 2024 and ramp to approximately 12,000 tpa in 2028, to match KORE’s required volume.

https://novonixgroup.gcs-web.com/news-releases/news-release-details/novonix-provides-update-scaling-us-production-synthetic-graphite