NOVONIX awarded US$103 million tax credit

NOVONIX Limited (ASX: $NVX) has been selected by the U.S. Department of Energy to receive a US$103 million tax credit under the Qualifying Advanced Energy Project Allocation Program. This tax credit, known as the 48C tax credit, aims to support the production of critical battery materials from NOVONIX's Riverside facility in Chattanooga, Tennessee.

Executive Commentary

In a period already filled with company milestones, the approval of our 48C application strengthens our financing strategy and demonstrates another significant landmark for NOVONIX. We are excited by NOVONIX's participation in this program in furtherance of our commitment to innovation, sustainability, and the localization of a battery materials supply chain in North America. With this support, we believe we are poised to further expand our operations, create high-quality U.S. jobs, and advance our mission of developing technologies and materials to service the EV and ESS sectors. This green light bolsters our resolve to continue pushing boundaries, delivering shareholder value, and contributing to a cleaner, brighter future for all.

Summary

NOVONIX Limited (ASX: $NVX) has been awarded a US$103 million tax credit under the Qualifying Advanced Energy Project Allocation Program. This tax credit, known as the 48C tax credit, aims to support the production of critical battery materials from NOVONIX's Riverside facility in Chattanooga, Tennessee. The company's CEO, Dr. Chris Burns, expressed excitement about the approval, highlighting its significance in strengthening the financing strategy and furthering the commitment to innovation, sustainability, and localization of the battery materials supply chain in North America. The company aims to expand operations, create high-quality U.S. jobs, and advance its mission of developing technologies and materials to service the EV and ESS sectors. NOVONIX continues to pursue funding support under the DOE Loan Programs Office's Advanced Technology Vehicles Manufacturing Program, demonstrating its dedication to contributing to a cleaner, brighter future.