- NOVONIX (NVX) expands its anode materials business in the US state of Tennessee
- The company is under contract to purchase the former Alstom building, which is set to become its second facility in Chattanooga
- The new plant will produce in excess of 8,000 tonnes of anode materials per year, taking NVX's total annual production capacity to 10,000 tonnes
- The company is negotiating agreements to supply anode materials to international battery producers for use in electric vehicles and energy storage
- Shares in Novonix are trading up 7.48 per cent at $2.30 apiece at 10:50 am AEST
NOVONIX (NVX) is expanding its anode materials business in the US state of Tennessee.
The company develops and supplies materials, equipment and services to the global lithium-ion battery industry and has operations throughout the US and Canada, with sales in more than 14 countries.
NVX is now under contract to purchase the former Alstom building, which is set to become its second facility in Chattanooga.
The more than 400,000-square-foot plant will join the company's existing facilities and house an operation that is slated to produce in excess of 8,000 tonnes of anode materials annually.
Notably, the expansion will bring NOVONIX's total production capacity to 10,000 tonnes per year and the increased output is expected to come online this year.
Meanwhile, the company continues to progress agreements with lithium-ion battery producers Sanyo Electric Co in Japan and Samsung SDI in South Korea.
Accordingly, NVX said it was well-positioned to serve the growing needs of the battery supply chain as the only qualified North American producer of high-grade anode material suitable for electric vehicles and energy storage systems.
NOVONIX CEO Chris Burns said of the expansion: "Chattanooga has been a great location for our operations over the past four years, and we look forward to growing the company in the expanding southeast hub of electric vehicle battery manufacturing.
"We look forward to continuing to work with the great people in Chattanooga, Hamilton County and the State of Tennessee as we help establish the domestic supply chain of key materials for the lithium-ion battery sector."
The company said its growth phase would support the production of anode materials to supply the lithium-ion battery packs of more than 100,000 electric vehicles.
Shares in NOVONIX were trading up 7.48 per cent at $2.30 apiece at 10:50 am AEST.