Novonix selected by U.S. DOE to receive $103M in tax credits

NOVONIX Limited announced that upon recommendation by the U.S. Department of Energy, DOE, the Company was selected to receive a US$103 million tax credit under the Qualifying Advanced Energy Project Allocation Program, to support production of critical battery materials from its Riverside facility in Chattanooga, Tennessee. Dr. Chris Burns, CEO of NOVONIX, said, “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.”