Novonix Limited advances its synthetic graphite production with Riverside commissioning and a new Chattanooga plant site, while winning a preliminary US trade case against Chinese imports and appointing Michael O’Kronley as CEO.
- Commissioning underway at Riverside facility for initial 3,000 tpa graphite capacity
- Definitive agreement to acquire 182-acre Enterprise South site for 31,500 tpa plant
- Preliminary US ITC ruling supports domestic graphite producers against China
- Exclusive license secured with Harper International for graphitization furnace technology
- US$25 million capital raised including US$5 million from major shareholder Phillips 66
Riverside Facility Progress and Offtake Agreements
Novonix Limited continues to make tangible strides in scaling its synthetic graphite anode materials production at its Riverside facility in Chattanooga, Tennessee. The company is actively installing and commissioning equipment to reach an initial 3,000 tonnes per annum (tpa) capacity, supporting long-term supply agreements with Tier 1 customers Panasonic Energy, Stellantis, and PowerCo. Riverside’s full 20,000 tpa capacity has already been allocated, underscoring strong demand and Novonix’s leadership in North American battery materials supply chain diversification.
Product qualification remains a rigorous, multi-stage process, but Novonix is progressing steadily to meet the exacting standards of its customers, aiming to deliver consistent, high-quality synthetic graphite for lithium-ion battery anodes.
Enterprise South: Next-Generation Manufacturing Expansion
To meet growing demand, Novonix has executed a definitive agreement to purchase a 182-acre parcel in Chattanooga’s Enterprise South Industrial Park for approximately US$5 million. This site will host the company’s second large-scale synthetic graphite plant, targeting an initial 31,500 tpa capacity and creating up to 500 full-time jobs. Combined with Riverside, Novonix’s total Chattanooga production capacity will exceed 50,000 tpa, positioning the company as a significant domestic supplier.
However, the land acquisition is contingent upon satisfying conditions related to a conditionally committed US$754 million loan from the U.S. Department of Energy’s Loan Programs Office, reflecting the strategic importance and scale of this expansion.
US Trade Case Victory Bolsters Domestic Producers
In a significant regulatory development, Novonix and other American Active Anode Material Producers received a preliminary ruling from the U.S. International Trade Commission (ITC) that China has been dumping natural and synthetic graphite into the U.S. market at unfairly low prices. This finding supports the imposition of tariffs aimed at protecting and fostering the domestic graphite industry, a critical component of the lithium-ion battery supply chain.
The ruling aligns with U.S. policy to onshore critical mineral processing and reduce reliance on China, potentially benefiting Novonix’s competitive positioning. The company awaits a parallel preliminary determination from the U.S. Department of Commerce on countervailing duties.
Technology Partnerships and Innovation
Novonix expanded its technological edge by entering an exclusive license agreement with Harper International Corporation for proprietary continuous induction-based graphitization furnace technology. This agreement grants Novonix exclusive rights to develop and deploy advanced furnace systems critical to synthetic graphite production, reinforcing its manufacturing capabilities and innovation pipeline.
On the battery technology front, Novonix’s Battery Technology Solutions segment reported growth driven by new customers for its Ultra-High Precision Coulometry hardware and secured a U.S. patent for a novel low surface area silicon alloy anode material. Additionally, the company is advancing commercialization of its patented all-dry, zero-waste cathode synthesis process, which promises cost and environmental benefits for nickel-based cathode materials.
Corporate and Financial Developments
Leadership transition is underway with Michael O’Kronley appointed as CEO effective May 19, 2025. O’Kronley brings over 30 years of automotive and battery materials experience, signaling a strategic focus on scaling operations and commercial execution. Interim CEO Robert Long will return to his CFO role, maintaining continuity in financial stewardship.
Novonix successfully completed a US$20.1 million share purchase plan and secured an additional US$5 million investment from major shareholder Phillips 66 Company, a key supplier of petroleum coke precursor material. The company ended the quarter with a robust cash balance of US$47.9 million and invested US$9.6 million in property, plant, and equipment, primarily for Riverside’s capacity build-out.
What's more, Novonix received US$6.7 million in reimbursements from the U.S. Department of Energy’s Manufacturing and Energy Supply Chains (MESC) grant during the quarter, with additional funds received post-quarter, underscoring strong government support for domestic battery materials manufacturing.
Sustainability and Industry Engagement
Novonix released its 2024 Sustainability Report, emphasizing its commitment to low-emission, high-performance battery materials that support cleaner energy solutions. The company also actively participated in key industry events, including the International Battery Seminar and Worley Consulting’s Annual Petcoke Conference, showcasing its technology leadership and expanding its network within the battery supply chain ecosystem.
Bottom Line?
Novonix’s strategic capacity expansions, trade case win, and leadership renewal position it to capitalize on North America’s growing battery materials demand—though execution risks and macroeconomic factors remain in focus.
Questions in the middle?
- When will Novonix finalize the Enterprise South land purchase and commence construction?
- How will the final U.S. Department of Commerce ruling on countervailing duties impact Novonix’s competitive landscape?
- What are the timelines and expected commercial scale-up for Novonix’s all-dry, zero-waste cathode synthesis technology?