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Offtake for a minimum of 32,000 tonnes of NOVONIX’s high-performance synthetic graphite material to be supplied to PowerCo from 2027-2031 BRISBANE, Australia, Nov. 24, 2024 (GLOBE NEWSWIRE) -- NOVONIX Limited (NASDAQ: NVX, ASX: NVX) (“NOVONIX” or the “Company”), a leading battery materials and technology company, and PowerCo SE (“PowerCo”), today announced the signing of a binding offtake agreement for a minimum of 32,000 tonnes of high-performance synthetic graphite material. The material will be supplied to PowerCo over a five-year term starting in 2027. Established by Volkswagen in 2022, PowerCo is committed to ramp-up global battery cell production. PowerCo oversees international factory operations, advances in cell technology, and vertical integration of the battery value chain. PowerCo has identified three gigafactory locations – Salzgitter in Germany, Valencia in Spain, and St. Thomas in Canada - with a combined capacity of up to 200 GWh/year. NOVONIX and PowerCo previously announced the signing of a non-exclusive Testing and Development Agreement in March 2024. NOVONIX’s Riverside facility is poised to become the first large-scale production site dedicated to high-performance synthetic graphite for the battery sector in North America and is slated to begin commercial production in 2025, with plans to grow output to 20,000 tonnes per annum (“tpa”) to meet current customer commitments. Previously, the Company announced the U.S. Department of Energy (“DOE”) Office of Manufacturing and Energy Supply Chains (“MESC”) awarded the Company a US$100 million grant and was selected for a US$103 million investment tax credit towards the funding of the Riverside facility. The Company is also progressing plans to build a second production facility, in the southeastern United States, that will have an initial capacity of 30,000 tpa and plans to expand that facility to 75,000 tpa. NOVONIX remains in discussions with the DOE Loan Program Office (“LPO”) for an Advanced Technology Vehicles Manufacturing Program loan to support the construction of this new production facility. NOVONIX’s current plans call for total production to increase to at least 150,000 tpa of synthetic graphite material to accommodate anticipated customer demand. Key Deal Terms Offtake commitment is for a minimum of 32,000 tonnes over the five-year term of the agreement. Products will be priced under a pricing structure that has been agreed between the parties. The start of commercial supply is targeted to commence in 2027, subject to NOVONIX achieving agreed upon milestones regarding final mass production qualification and satisfying certain compliance criteria. NOVONIX must also secure financing commitments for the production facilities that will supply PowerCo product. If these milestones or requirements have not been satisfied, then PowerCo may terminate the agreement. This announcement has been authorized for release by NOVONIX Chairman, Admiral Robert J. Natter, USN Ret. About NOVONIX NOVONIX is a leading battery technology company revolutionizing the global lithium-ion battery industry with innovative, sustainable technologies, high-performance materials, and more efficient production methods. The Company manufactures industry-leading battery cell testing equipment, is growing its high-performance synthetic graphite material manufacturing operations, and has developed a patented all-dry, zero-waste cathode synthesis process. Through advanced R&D capabilities, proprietary technology, and strategic partnerships, NOVONIX has gained a prominent position in the electric vehicle and energy storage systems battery industry and is powering a cleaner energy future. To learn more, visit us at www.novonixgroup.com or on LinkedIn and X . For NOVONIX Limited Scott Espenshade, ir@novonixgroup.com (investors) Stephanie Reid, media@novonixgroup.com (media) Cautionary Note Regarding Forward-Looking Statements This communication contains forward-looking statements about the Company and the industry in which we operate. Forward-looking statements can generally be identified by use of words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would,” or other similar expressions. Examples of forward-looking statements in this communication include, among others, statements we make regarding meeting our target production capacity and scaling of production at our Riverside facility, our plans to build a new production facility and achieve initial and total production capacities, our efforts to finance this new production facility with a loan from the LPO, our estimate of future anticipated North American graphite demand and our plan to be a significant supplier of high-performance synthetic graphite to the North American market. We have based such statements on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Such forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the timely deployment and scaling of our furnace technology, our ability to meet the technical specifications and demand of our existing and future customers, including PowerCo, the accuracy of our estimates regarding market size, expenses, future revenue, capital requirements, needs and access for additional financing, the availability and impact and our compliance with the applicable terms of government support, including the DOE MESC grant and, if obtained, the LPO loan, our ability to obtain patent rights effective to protect our technologies and processes and successfully defend any challenges to such rights and prevent others from commercializing such technologies and processes, and regulatory developments in the United States, Australia and other jurisdictions. These and other factors that could affect our business and results are included in our filings with the U.S. Securities and Exchange Commission (“SEC”), including the Company’s most recent annual report on Form 20-F. Copies of these filings may be obtained by visiting our Investor Relations website at www.novonixgroup.com or the SEC's website at www.sec.gov . Forward-looking statements are not guarantees of future performance or outcomes, and actual performance and outcomes may differ materially from those made in or suggested by the forward-looking statements contained in this communication. Accordingly, you should not place undue reliance on forward-looking statements. Any forward-looking statement in this communication is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, except as required by law.FORT LAUDERDALE, Fla. (AP) — Republican senators pushed back on Sunday against criticism from Democrats that Tulsi Gabbard , Donald Trump's pick to lead U.S. intelligence services , is “compromised” by her comments supportive of Russia and secret meetings , as a congresswoman, with Syria’s president, a close ally of the Kremlin and Iran. Sen. Tammy Duckworth, an Illinois Democrat and veteran of combat missions in Iraq, said she had concerns about Tulsi Gabbard, Trump's choice to be director of national intelligence . “I think she’s compromised," Duckworth said on CNN’s “State of the Union," citing Gabbard's 2017 trip to Syria, where she held talks with Syrian President Bashar Assad. Gabbard was a Democratic House member from Hawaii at the time. “The U.S. intelligence community has identified her as having troubling relationships with America’s foes. And so my worry is that she couldn’t pass a background check,” Duckworth said. Gabbard, who said last month she is joining the Republican Party, has served in the Army National Guard for more than two decades. She was deployed to Iraq and Kuwait and, according to the Hawaii National Guard, received a Combat Medical Badge in 2005 for “participation in combat operations under enemy hostile fire in support of Operation Iraqi Freedom III." Duckworth's comments drew immediate backlash from Republicans. “For her to say ridiculous and outright dangerous words like that is wrong," Sen. Markwayne Mullin, a Republican from Oklahoma, said on CNN, challenging Duckworth to retract her words. “That’s the most dangerous thing she could say — is that a United States lieutenant colonel in the United States Army is compromised and is an asset of Russia.” In recent days, other Democrats have accused Gabbard without evidence of being a “Russian asset.” Sen. Elizabeth Warren, a Massachusetts Democrat, has claimed, without offering details, that Gabbard is in Russian President Vladimir “Putin’s pocket.” Mullin and others say the criticism from Democrats is rooted in the fact that Gabbard left their party and has become a Trump ally. Democrats say they worry that Gabbard's selection as national intelligence chief endangers ties with allies and gives Russia a win. Rep. Adam Schiff, a California Democrat just elected to the Senate, said he would not describe Gabbard as a Russian asset, but said she had “very questionable judgment.” “The problem is if our foreign allies don’t trust the head of our intelligence agencies, they’ll stop sharing information with us,” Schiff said on NBC's “Meet the Press.” Gabbard in 2022 endorsed one of Russia’s justifications for invading Ukraine : the existence of dozens of U.S.-funded biolabs working on some of the world’s nastiest pathogens. The labs are part of an international effort to control outbreaks and stop bioweapons, but Moscow claimed Ukraine was using them to create deadly bioweapons. Gabbard said she just voiced concerns about protecting the labs. Gabbard also has suggested that Russia had legitimate security concerns in deciding to invade Ukraine, given its desire to join NATO. Republican Sen. Eric Schmitt of Missouri said he thought it was “totally ridiculous” that Gabbard was being cast as a Russian asset for having different political views. “It’s insulting. It’s a slur, quite frankly. There’s no evidence that she’s a asset of another country,” he said on NBC. Sen. James Lankford, another Oklahoma Republican, acknowledged having “lots of questions” for Gabbard as the Senate considers her nomination to lead the intelligence services. Lankford said on NBC that he wants to ask Gabbard about her meeting with Assad and some of her past comments about Russia. “We want to know what the purpose was and what the direction for that was. As a member of Congress, we want to get a chance to talk about past comments that she’s made and get them into full context,” Lankford said.
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Country star Kacey Musgraves is giving back after making a controversial comment about her hometown of Golden, Texas. The 36-year-old singer reportedly donated $10,000 to the Alba-Golden Seniors Scholarship Fund, TMZ reported on Thursday, November 21. ( Us Weekly has reached out for comment.) Musgraves’ donation apparently came on top of the $8,000 already raised after the Golden Sweet Potato Festival made shirts reading, “Golden, Texas ‘Something to Cheer For.’” The shirt appears to reference the controversial comment Musgraves made about her hometown during a recent concert. While on stage in Canada earlier this month, Musgraves was talking about her hometown. “It’s really not something to cheer for,” she told the crowd. After the comment went viral, the singer issued an apology via social media. “I know most people that see this won’t have any idea what the hell I’m talk[ing] about but I’m seeing a few offended comments about a sarcastic, completely unserious joke I made about my tiny hometown,” she wrote. “I always try to be completely myself — for better or worse — and maybe every joke or viewpoint doesn’t always land. In so many ways I really love my Texas roots. Nothing but love and I truly never meant to offend.” In a second story, Musgraves further attempted to explain the apparent joke . “People woo’d for it but like ... it’s such a shockingly small town it doesn’t even have one stoplight lol,” she added. “There isn’t music goin’ on. Anyway whatever.” Musgraves didn’t stop there. She spoke candidly about Texas in a third Instagram Story. “I cherish where I’m from. It’s sacred to me. There is a tough duality sometimes,” the singer admitted. “I always have Texas and the grit it gave me in my heart.” The “hilariously small” town, as she called it, doesn’t even have “one real grocery store,” Musgraves added. You have successfully subscribed. By signing up, I agree to the Terms and Privacy Policy and to receive emails from Us Weekly Check our latest news in Google News Check our latest news in Apple News “It’s too small for a school or even a population sign. Not much to clap for meaning — there ain’t much there. Not much to clap for meaning — damn, you blinked and missed it,” she continued in a fourth social media post. “It’s a place that at first glance might not seem too special until you stop for a spell and spend time there.” She concluded the post by telling followers that the onstage comment wasn’t “a dig” at Golden. “A place can hold a deep meaning and its own kind of beauty, and I can also be like wow. Lol,” Musgraves wrote. “This place really ain’t got much going on.”The Bharatiya Janata Party (BJP)-led Mahayuti in Maharashtra relied on welfare-driven politics for securing the voter support, a tactic that the BJP has successfully implemented in other States. In Maharashtra, however, State-level welfare initiatives have performed unevenly, with the Central government schemes reaching slightly higher number of beneficiaries. The Lokniti-CSDS survey looked for the extent of penetration of these schemes and their impact. Except the PDS, even the Central schemes have a limited reach in Maharashtra compared to many other States. The State government tried to duplicate many of those schemes during the past three years. However, as indicated by the data here, most of these schemes have remained on paper. The only exception is the recently announced Mukhyamntri Ladki Bahin Yojana which guarantees monthly ₹1,500 to eligible women. In the Lokniti-CSDS survey, more than 80% women respondents said that they have applied for these benefits. Given the overall weak and uneven implementation of the welfare schemes, there is hardly any connection between welfare and vote in the Maharashtra Assembly elections. Although the Mahayuti got a slight advantage among beneficiaries of schemes such as PM Awas and Ujjwala, those who did not benefit have also voted for the ruling alliance. Obviously, despite the official manifestos of parties promoting welfare schemes on a large scale and despite the material anxieties of several social sections, issues of welfare do not seem to have influenced the vote in Maharashtra this time. (Rajeshwari Deshpande teaches at Savitribai Phule Pune University and Krishangi Sinha is a researcher at Lokniti-CSDS) Published - November 25, 2024 01:19 am IST Copy link Email Facebook Twitter Telegram LinkedIn WhatsApp Reddit Maharashtra Assembly Elections 2024 / MaharashtraEfficient Water Heaters for Instant Warmth Every Day
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