This milestone follows the recent unanimous approvals from the City of Chattanooga, Hamilton County, and the Chattanooga Industrial Development Board, completing the necessary local government endorsements for the acquisition.
The land will be acquired for approximately USD 5 million and serve as the site for Novonix’s second facility of high-performance synthetic graphite. This new facility is expected to reach an initial production capacity of 31,500 tonnes per annum (“tpa”) and is anticipated to create 450 to 500 full-time jobs. With this initial capacity at Enterprise South and its existing Riverside facility, which is scaling up to 20,000 tpa, Novonix will have total production capacity of over 50,000 tpa in Chattanooga.
Robert Long, Interim CEO and CFO of Novonix, stated, “We are thrilled to finalize the agreement for Enterprise South, marking a significant step in our expansion strategy. Our collaboration with the City of Chattanooga, Hamilton County, and the Chattanooga Industrial Development Board has been instrumental in reaching this point. We look forward to deepening our roots in the community and contributing to the region’s economic growth.”
As a part of its ongoing relationship and collaboration with the City of Chattanooga and Hamilton County, Novonix has expanded its partnership with Lookout Valley Middle High School through the Novonix Institute of Advanced Battery Technology. This initiative is part of Hamilton County Schools’ Future Ready Institutes, providing students with career-focused learning opportunities in the battery industry and other STEM fields.
The company is expected to receive approximately USD 54 million in total net tax and other benefits from the City of Chattanooga and Hamilton County over a 15-year period, contingent upon meeting specific conditions outlined in the agreement. The company does not intend to close on the purchase of the Enterprise South land until such time as the conditions precedent related to the conditionally committed USD 754 million loan ($692 million in principal and $62.8 million in capitalised interest) from the Loan Programs Office of the U.S. Department of Energy have also been satisfied.
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