Novonix (NVX) announced that it has received unanimous approval from each of the City of Chattanooga and Hamilton County for the purchase of a 182-acre parcel of land for its second mass production plant. Enterprise South will be acquired for approximately $4.6M and will be subject to the satisfaction of certain conditions to be specified in the purchase and sale agreement. The company also received an estimated $54M in net tax and other benefits to be realized over a 15-year period and are subject to the satisfaction of a number of conditions. These transactions remain subject to final approval by the Chattanooga Industrial Development Board.
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