Two Generation 3 Furnace systems and milling equipment installed...

Two Generation 3 Furnace systems and milling equipment installed in NOVONIX’s Riverside facility

The achievement of these milestones highlights the potential of the Company’s continuous induction Furnace technology in meeting production targets at competitive cost while reaching our high-energy efficiency target with a near zero-emission process. The Company is updating the engineering for both the process equipment and Riverside facility with an increased production target of up to 20,000 tonnes per annum (tpa), compared to the initial target of 10,000 tpa. This updated throughput will support KORE Power and other prospective customers with whom the Company is in discussions about product qualification, production timelines and potential supply agreements. The Company expects engineering work to confirm this full facility re-design to be completed in the first quarter of 2024 which will support the continued deployment of additional mass production equipment for the start of commercial production for KORE Power in late 2024.

“The results of our ongoing production campaigns clearly demonstrate NOVONIX’s path to profitable production through our first-in-the-world graphitization furnace technology,” said Dr. Chris Burns, CEO of NOVONIX. “Over several production campaigns, the Furnaces delivered in-spec product at a mass scale reaching our target design throughputs. The potential to expand the production output of Riverside to up to 20,000 tonnes per annum is an important opportunity for the Company’s near-term growth plans with significant demand and strong progress in customer development.”

One of the Company’s grades of synthetic graphite produced from the latest production campaigns, GX-23, was analyzed and met all target physical and electrochemical specifications. The below figure shows 130 hours of data from the most recent production campaign completed last week. The continuous output from a single Generation 3 Furnace, producing multiple tonnes of material, was confirmed to meet the target for the degree of graphitization for the product.