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St Baker revs up another big move in US electric vehicle market

Business

Novonix is expanding its American base with a $211 million investment to catch the wave of demand for electric vehicles.

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The Brisbane-based company headed by Trevor St Baker will develop a second production facility in Chattanooga, Tennessee, that will allow for production of more than 8000 tonnes a year of anode materials that will be used in the lithium-ion battery packs for more than 100,000 electric vehicles.

The expansion plan will bring the company’s total production capacity of anode materials to 10,000 tonnes a year and is expected to come online by 2023. 

It is funded by its recent capital raising and follows on from the move by another St Baker company, Tritium, to list on the Nasdaq exchange in the US.

Novonix shares jumped 8 per cent on the announcement.

Novonix said it was also progressing agreements with Sanyo Electric and Samsung SDI, who were major international manufacturers of lithium-ion batteries for electric vehicles and energy storage systems globally. 

“The company is well positioned to serve the growing needs of the battery supply chain as the only qualified producer in North America of high-grade anode material suitable for lithium-ion batteries for EVs and ESS. 

“We are excited to be announcing this next phase of expansion of our anode materials business in Tennessee.’’ 

Tennessee officials said the project represented an investment of approximately $US160 million ($A211 million) and the creation of 290 jobs.

Novonix chief executive Chris Burns said the company was excited to be announcing the next phase of expansion of its anode materials business in Tennessee. 

“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 south-east hub of electric vehicle battery manufacturing,’’ Burns said. 

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