The $160 million plant in development by a high-tech battery materials startup has a lot of people smiling. Startup Novonix Ltd., will begin producing high-tech materials for lithium-ion batteries in 2022.
We’re all hearing about the supply chain struggles automotive manufacturers face right now. Finally, some good news for the sector!
Novonix will produce synthetic graphite, an essential material for lithium-ion batteries like those used in electric vehicles (EV) and cell phones. A contract to provide material for Volkswagen EV batteries has the startup on firm financial ground. Other customers include Tesla, Honda, 3M, and Panasonic.
The first year, Novonix plans to produce 10,000 tons of synthetic graphite. By 2025, they plan to produce 40,000 tons per year.
At an event celebrating the company launch, U.S. Secretary of Energy Jennifer M. Granholm pointed out the broader impacts of the startup. The establishment of Novonix will create a regional ecosystem centered on EV and lithium-ion battery production. Granholm expressed hope and encouragement for companies like Novonix being the future of American manufacturing.
Image credit: Chattanooga Times Free Press, Photo by Robin Rudd / From left, Andrew Liveris AO, Novonix board member and chair of Lucid Motors, U.S. Energy Secretary Jennifer Granholm and Chris Burns, Novonix CEO, count down to pull the switch that will change the Novonix sign to “Riverside Recharged.”