You're reading into this announcement wrong. This is a good announcement.
Novonix is saying they're diverting capital from the Riverside facility and redirecting it it into the new facility that the DOE is providing a grant for.
- No or lower amount if CR raise is required if required. Most likely the money from the KORE contract will be re-invested to bring the Riverside facility up to 100% production capacity.
- Can finalize DOE grant and timeline faster and they won't be in a crunch to sign a bad deals just to get enough funding.
- Keep on track in bringing the new facility online by 2025 rather than waiting for DOE loan office or agreements amongst partners or customers, it buys them some time to negotiate these deals.
You're reading into this announcement wrong. This is a good...
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