The potential of 1,175 jobs and $2.1 billion in investment is significant in whatever city and whatever manufacturing sector are involved.
Newly released documents show that battery materials maker Novonix – which announced plans for a $1 billion Chattanooga investment in December – ultimately could make a total expenditure of $2.1 billion with the possibility of nearly 1,200 jobs.
It’s the type of payoff a mayor or economic development official would take any day, every day.
Novonix, an Australian company which already has a plant on Riverfront Parkway with about 100 employees, ideally would break ground on a new facility on 182 acres at Enterprise South later this year, with production and 500 jobs ramping up in 2028. But the documents show a second phase could add another $1.1 billion in investment, resulting in another 675 jobs.
A conditional commitment from the United States Department of Energy for a $754.8 million loan to Novonix and a 15-year tax incentive in the form of a payment in lieu of taxes (with jobs offering wages of at least $61,000) – discussed at Tuesday’s Chattanooga City Council meeting – are matters of consideration before plans for the initial phase are finalized.