Novonix (NVX) Investor Day 2024 summary

Strategic achievements and future direction

• Secured binding offtake agreements with Stellantis, PowerCo, and Panasonic, covering all Riverside production and representing ~42% of North American forecasted demand for 2030, with aggregate commitments exceeding 150,000 tons over multi-year terms.

• Raised new capital, including a $100M DOE grant, a $103M 48C tax credit, and A$52.1 million (~US$34 million) equity, to fund Riverside build-out and future expansion.

• Focused on scaling anode materials production, targeting 3,000 tons in 2025 and 20,000 tons at Riverside, with a greenfield facility planned for 30,000–75,000 tons by 2028 and overall capacity expansion to 150,000 tpa.

• Developed and piloted a patented all-dry, zero-waste cathode synthesis technology, aiming for commercialization through partnerships and licensing in 2025.

• Maintains a robust IP portfolio, with foundational patents granted and ongoing development of new process and product technologies.

Market positioning and competitive landscape

• Positioned as a leader in North American battery materials, emphasizing lower carbon footprint, localized supply chain, and IRA compliance to reduce reliance on China.

• Faces limited domestic competition in synthetic graphite, with a two-year lead over potential rivals due to advanced industrialization and customer contracts.

• Customers increasingly value secure, local supply and are willing to pay a premium for performance, ESG benefits, and supply chain resilience.

• Contracts structured with pricing adjustments and long-term commitments to attract investment and ensure project viability.

• Strategic partnerships with LG, Phillips 66, CBMM, ICONiChem, and others support both upstream and downstream integration and technology enhancement.

Operational milestones and financial outlook

• 3,000-ton production line at Riverside to be operational in H1 2025, with initial deliveries to Panasonic targeted for late 2025.

• Full Riverside capacity of 20,000 tons expected to be reached in line with customer agreements by 2027–2028.

• Indicative unit economics target $7–$10/kg sales price and $6–$8/kg operating costs at scale, with government incentives supporting 23–30% operating margins.

• Ongoing capital formation includes recent equity raises, government grants, and applications for additional DOE loans and tax credits for future expansion.

• Strategic investors, including Phillips 66 and LG Energy Solution, have invested a combined US$180 million to date.