NOVONIX Limited (ASX:NVX) Finalizes Purchase of Enterprise South Land
Acquisition Details
NOVONIX Limited has executed a definitive agreement to purchase a 182-acre parcel in Chattanooga’s Enterprise South Industrial Park for approximately US$5 million. The acquisition has received unanimous approvals from local government bodies, including the City of Chattanooga and Hamilton County.
Production Capacity and Job Creation
The new facility will focus on high-performance synthetic graphite with an initial production capacity of 31,500 tonnes per annum. Combined with the existing Riverside facility’s 20,000 tpa scaling, NOVONIX will achieve over 50,000 tpa in Chattanooga. The expansion is expected to create between 450 to 500 full-time jobs.
Community Initiatives
NOVONIX has expanded its partnership with Lookout Valley Middle High School through the NOVONIX Institute of Advanced Battery Technology, providing career-focused learning opportunities in the battery industry and STEM fields.
Financial and Regulatory Conditions
The company anticipates receiving approximately US$54 million in tax and other benefits from local authorities over 15 years, contingent upon meeting specific conditions. The land purchase closure is dependent on fulfilling conditions related to a US$754 million loan from the US Department of Energy’s Loan Programs Office.
Executive Comments
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.”
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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