Ann: NOVONIX Finalizes US$100 Million Grant Award from U.S. DOE, page-54

IMO they need to match the spend - so they can spend, say, $US80m right now and access $US80m of the grant. Or even spend $20m, access $20m, then another $35m, access $35m. Doubt there is any immediate raise required, and maybe this increases the odds of getting to that roughly $40m usd margin per annum, and gaining "bankability" before the next big investment phase (Both from the cashflow and product quality perspective).

Management will obviously work within the rules of the grant to optimise the outcome, DOE is not going to want to let the money go without meeting their objectives and with unnecessary risk, but they are obviously extremely keen, and are bending over backwards by offering this loan amendment, reducing to 2/3rds of the loan amount for an extra 10 ktpa, rather than $150m for an extra 30 ktpa. So that is $us 50m per 5 ktpa, down from 10 ktpa.

Really super helpful timing too for both parties.