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Novonix gets approval for purchase of Enterprise South manufacturing facility

Novonix gets approval for purchase of Enterprise South manufacturing facility

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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