operations.Ĭorker, a former chair of the Senate Foreign Relations Committee and former Chattanooga mayor, said his hometown is ideally suited with its relatively cheap electric power from TVA, its manufacturing workforce and its riverfront access. Natter, the chair of Novonix, visited Corker and talked about where to locate its U.S. Bob Corker, who introduced Deas during Monday's Engineers' Week kickoff luncheon, said he first heard about the battery supplier a couple of years ago when retired Navy Adm. "We are reducing the reliance on foreign materials and furthering the United States' position as a global energy storage leader by providing high-capacity long-life synthetic graphite anode material to a leading domestic developer," Novonix CEO Chris Burns said in an announcement of the agreement last month.įormer U.S. Once the deal reaches final approval, Novonix will acquire a 5% stake in Kore Power and will become the exclusive supplier of graphite anode materials to Kore Power's large-scale battery cell manufacturing facility in the U.S. Novonix and Kore first worked together in 2019 on testing agreements to focus on the validation and development of Kore Power's battery cell technologies. The agreement marks the first supply arrangement for the key elements of lithium-ion batteries by any U.S. Last month, Novonix executed a letter of intent to enter into investment and supply agreements with Kore Power, a U.S-based manufacturer of high-energy-density lithium-ion pouch cells and module configurations for the electric vehicle and energy sector applications. Novonix plans to boost its annual production volume from 91.5 tons next year to 363.5 tons in 2025 and 1,350 tons by 2030. Global demand for the anode materials now made in China for lithium-ion batteries is projected to grow from 10,000 tons in 2023 to 40,000 tons by 2025 and 150,000 tons by 2030, Deas said. Most of the world's supply of materials for lithium-ion batteries comes from China, where the government is backing the growing battery industry to try to gain global dominance as carmakers switch from gas-powered to electric vehicles. Over time, Novonix is eager to become a major supplier for the batteries needed to power electric vehicles. "This field is wide open and in desperate need of innovators. "We believe that Novonix is critical to advancing the North American electrification story and supply chain," Deas said during a kickoff luncheon for Chattanooga Engineers Week on the University of Tennessee at Chattanooga campus. Once the $160 million plant in the development now known as the Bend is in full operation next year, Deas said the company is eager to move ahead with an even bigger production facility that also could be built in Chattanooga and swell the company's local staff to 1,000 employees. supplier of the key ingredient for the growing battery market.ĭaniel Deas, chief operating officer of the Brisbane, Australia-based Novonix, said Monday he expects production to begin on that timeline at the former Alstom Power plant on Riverfront Parkway that the company acquired last year for its first phase of U.S. 22-Novonix expects to begin producing synthetic graphite by this spring in Chattanooga to become the first U.S.
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