CORRECTING AND REPLACING

NOVONIX Finalizes US$100 Million Grant Award from U.S. Department of Energy

- Funding underpins doubling of production capacity to 20,000 tpa at existing Riverside (Chattanooga) facility -
- Recent Chinese export controls on graphite highlight the importance of US based suppliers such as NOVONIX -

The fifth and eighth paragraphs of the release issued November 1, 2023 have been updated.

The updated release reads:

BRISBANE, Australia, Nov. 07, 2023 (GLOBE NEWSWIRE) -- NOVONIX Limited (NASDAQ: NVX, ASX: NVX) (“NOVONIX” or the “Company”), a leading battery materials and technology company, today announced that its NOVONIX Anode Materials division finalized its US$100 million grant award from the U.S. Department of Energy (DOE) to expand domestic production of high-performance, synthetic graphite anode materials at its Riverside facility in Chattanooga, Tennessee.

On 20 October 2022, NOVONIX announced its selection to enter negotiations for US$150 million in grant funding to support the construction of a new synthetic graphite manufacturing facility with a targeted initial output of 30,000 tonnes per annum (tpa). Through negotiations with the DOE, the Company successfully reallocated the funding more immediately to its Riverside facility which has a target production of up to 20,000 tpa and, accordingly, resized the award to US$100 million. The DOE grant funding will support the installation and commissioning of equipment to produce the targeted 20,000 tpa of capacity from Riverside. Under the terms of the grant, government funds must be matched by the recipient. In addition to the US$100 million DOE grant funding, the Company expects its cash position, customer revenues, additional government programs, strategic partners and other capital sources to fund planned growth.

“We are excited to complete the award negotiation with the DOE and expand the capacity of our Riverside facility. The ability to deploy $100 million towards Riverside’s recently increased production targets will have an immediate beneficial impact on the Company’s plans and the battery materials supply chain here in North America,” said Dr. Chris Burns, CEO of NOVONIX.

“Recent Chinese export controls on graphite reiterate the importance of building domestic supply in the U.S. We remain committed to continued expansion and building additional production facilities with our focus currently on reaching mass production at Riverside to demonstrate our ability to compete, both technically and commercially, on a global scale.”