NOVONIX Secures US$103 Million in Tax Credits for Synthetic Graphite Facility in Chattanooga
NOVONIX Limited has received certification for US$103 million in tax credits for its Riverside project under the Section 48C program. This support from the U.S. government is pivotal for establishing a domestic supply chain for synthetic graphite crucial for battery production in North America.
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The U.S. government has certified NOVONIX's Riverside project in Chattanooga, enabling the company to access US$103 million in tax credits under the Section 48C Advanced Energy Project Credit Program. NOVONIX must commence production of 11,000 tonnes per annum before April 7, 2028, to qualify for these credits.
This certification underscores the government's confidence in NOVONIX's role in strengthening the domestic supply chain for synthetic graphite. Concurrently, NOVONIX is exploring the purchase of adjacent land to expand its operations, which could lead to significant cost efficiencies. The firm continues to advance its engineering and financing activities while responding to the rising demand for battery materials.
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