The U.S. government has certified the Novonix synthetic graphite plant off Riverfront Parkway in Chattanooga to receive a $103 million tax credit that was allocated under the Biden administration.
The certification shows the Trump administration is extending federal support for the Chattanooga-based manufacturer’s plan to scale up production of a lithium-ion battery component. China dominates the global supply chain for battery-grade graphite, but Novonix wants to make the U.S. a powerhouse supplier.
“This is another significant milestone for Novonix and show of support from the U.S. government, as we continue to scale our U.S. manufacturing footprint,” Mike O’Kronley, CEO of Novonix, said in a press release Thursday. “We are focused on delivering a reliable, domestic supply of high-performance synthetic graphite to support the growing demand for battery materials in North America.”
(READ MORE: Novonix may expand by riverside plant, not Enterprise South)
Novonix will receive the $103 million in tax credits if and when it places its first 11,000-ton-per-year production capacity into service at the big blue riverside plant before April 7, 2028. The U.S. Department of Energy selected Novonix for the tax credit in 2024.