Novonix (ASX:NVX) secured a conditional loan of up to $754.8 million from the US Department of Energy to fund the construction of a manufacturing facility in Chattanooga, Tennessee, according to a Tuesday filing with the Australian bourse.
The proposed plant will manufacture synthetic graphite primarily for electric vehicle batteries, with a production estimate of roughly 31,500 tonnes per year at full capacity.
The two-tranche loan comprises up to $692 million in principal and up to $62.8 million in capitalized interest, the filing said. It will be guaranteed by Novonix and subject to the completion of an environmental review and other conditions.
The battery materials and technology company's shares were up nearly 9% in recent Tuesday trade.
Price (AUD): $0.64, Change: $+0.05, Percent Change: +8.55%
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