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NOVONIX Limited (NASDAQ:NVX, ASX: NVX))))) ("NOVONIX" or the "Company"), a leading battery materials and technology company, today announced that upon recommendation by the U.S. Department of Energy ("DOE"), the Company was selected to receive a US$103 million tax credit (the "48C tax credit") under the Qualifying Advanced Energy Project Allocation Program (the "48C program"), to support production of critical battery materials from its Riverside facility in Chattanooga, Tennessee.
The 48C tax credit was originally enacted under the American Recovery and Reinvestment Act of 2009 and was reinvigorated through an additional US$10 billion in funding under the Inflation Reduction Act of 2022 (the "IRA"). The 48C program incentivizes clean energy property manufacturing and recycling, industrial decarbonization, and critical materials processing, refining, and recycling, and aims to foster the creation of high-quality jobs, curb industrial emissions, and bolster U.S. domestic production of vital clean-energy products and critical materials.
Importantly, under the IRA, a qualifying advanced energy project credit can be monetized through its sale for cash, in addition to using this tax credit to offset income tax liability. Realization of the full amount of this tax credit is subject to satisfaction of the requirements set forth in Section 48C of the Internal Revenue Code and operational and employment plans set out in the application to the Internal Revenue Service. The Company has a period of two years within which to satisfy the requirements and claim the tax credit.
Many applications were submitted under the highly competitive program and the Company is proud to announce it was selected as one of the first beneficiaries. This is the latest example of NOVONIX's continued support from the U.S. government. The Company was previously awarded a US$100 million grant for this facility by the DOE's Office of Manufacturing & Energy Supply Chains, which is enabled by the Bipartisan Infrastructure Law, and continues to pursue funding support under the DOE Loan Programs Office's Advanced Technology Vehicles Manufacturing Program.
Dr. Chris Burns, CEO of NOVONIX, said, "In a period already filled with company milestones, the approval of our 48C application strengthens our financing strategy and demonstrates another significant landmark for NOVONIX. We are excited by NOVONIX's participation in this program in furtherance of our commitment to innovation, sustainability, and the localization of a battery materials supply chain in North America. With this support, we believe we are poised to further expand our operations, create high-quality U.S. jobs, and advance our mission of developing technologies and materials to service the EV and ESS sectors. This green light bolsters our resolve to continue pushing boundaries, delivering shareholder value, and contributing to a cleaner, brighter future for all."
This announcement has been authorized for release by NOVONIX Chairman, Admiral Robert J. Natter, USN Ret.
Posted In: NVX
