Australian battery material producer Novonix Limited (NVX, Financial) announced it has secured a $754 million conditional loan from the U.S. Department of Energy. The loan will fund the construction of a synthetic graphite manufacturing plant in Chattanooga, Tennessee, expected to be North America's first large-scale facility of its kind. Following the announcement, Novonix's U.S. stock surged over 10% in after-hours trading, while its Australian shares closed up 3.42%.
The plant aims to reach full production capacity by the end of 2028, creating 450 full-time operational jobs and 500 construction jobs. It is expected to produce about 31,500 tons of synthetic graphite annually, supporting around 325,000 electric vehicle batteries. CEO Chris Burns emphasized the importance of localizing the battery supply chain and highlighted partnerships with Panasonic Energy, Stellantis, and PowerCo.
