Novonix searching for funds as it reveals project costs
Battery materials producer Novonix has revealed it is trying to raise $US150 million ($A238 million) as part of the funding for an expected $US1 billion spend on its American synthetic graphite manufacturing facility.
Novonix chief execeutive Chris Burns as the company rang the bell on the Nasdaq. (Image supplied)
Its announcement followed the grant of $US150 million from the US Government to the company.
Novonix said the negotiations over the funding was expected to take several months.
It said the initial proposed project budget of about $US1.027 billion related to the site, facility and utilities to accommodate the expansion of production to 75,000 tonnes a year.
It would also include the installation of an initial 30,000 tonnes a year of production equipment. Operating costs associated with the start and commissioning were also included.
Under the terms of the grant, the US funding must be matched by the company and Novonix said it was actively working on securing the additional funds.
“The company is actively working on securing additional financing to support the project costs,” Novonix said.
“Beyond the potential for additional government funding, if the company requires more financial support for its planned expansion it will continue to explore opportunities such as customer support, commercial debt, strategic investment and capital from the private and public markets.”
