NOVONIX Receives Approval for Purchase of Enterprise South Land for Planned Enterprise South Manufacturing Facility

BRISBANE, Australia, March 13, 2025 (GLOBE NEWSWIRE) -- NOVONIX Limited (NASDAQ: NVX, ASX: NVX) (“NOVONIX” or “the Company”), a leading battery materials and technology company, announced today, that it has received unanimous approval from each of the City of Chattanooga and Hamilton County for the purchase of a 182-acre parcel of land for its second mass production plant (“Enterprise South”). Enterprise South will be acquired for approximately US$4.6 million and will be subject to the satisfaction of certain conditions to be specified in the purchase and sale agreement. The Company also received an estimated US$54 million in net tax and other benefits to be realised over a 15-year period and are subject to the satisfaction of a number of conditions. These transactions remain subject to final approval by the Chattanooga Industrial Development Board.