Couple of things to unpack or clarify there. 120,000 tonnes is...

Couple of things to unpack or clarify there.

• 120,000 tonnes is the approx amount of anode LGES and partners are on track to need in 4 or so years (this figure could still increase).
• I think it is unlikely they will single source from Novonix due to the risk of supply interruption.
• I think it is likely that the will source a huge chunk of their anode material with anode thanks to the JDA mentioned last week and benefits of the IRA and BIL.

If Novonix can work with LGES to develop the ideal anode for their various battery chemistries, then they may be able to make a very strong case to be LGES's exclusive North American supplier for stationary energy and EV cells.

Novonix increased their end of decade target from 100ktpa to 150ktpa a couple of years ago citing the growing demand and their belief in their ability to ramp in time to meet the demand. Company reps have said repeatedly since that time that they would look to exceed that target if they could, and the IRA has clearly precipitated an explosion of forecast production in the last 10 months. Novonix wouldn't say no to 100ktpa deal with LGES with another 100ktpa made up of Kore, TAQAT, Pan/Sam/Tes etc and possibly cell manufacturer in UK/EU (VW ON is still well and truly in play IMO). With the right deals they could start on a second greenfield facility at any convenient time after breaking ground on the first one - its pretty cookie cutter now that gen 3a is humming.

All that said, their target is 150ktpa by 2030 and I'm gonna be thrilled if that's where they land.