Brisbane, Australia, Mar 13, 2020 - (ABN Newswire) - NOVONIX Limited (ASX:NVX.AX - News) (HAM:GC3.F - News) is pleased to announce it has entered into funding arrangements with directors of the Company and the St Baker Energy Innovation Fund (STBEIF) to provide an additional $5 million for US manufacturing expansion and working capital.
The funding package is part of a solution structured by the Company to finance the expansion of its USbased PUREGraphite anode material manufacturing operations in order to supply lithium ion battery manufacturer Samsung SDI, as announced to ASX on 9 December 2019. Given the current market conditions, the Company has determined that the loans are the most suitable financing option at this time.
Of the $5 million in new funds, $3.4 million has been provided by STBEIF on an unsecured basis, with interest accruing at a rate of 12.5% pa. STBEIF, led by Trevor St Baker, is Australia's largest private energy innovation fund.
Several of the Company's directors have also entered into additional unsecured short-term loan agreements that bring the total director loan facility to $3,148,960, of which $1,750,000 is contributed personally by Managing Director Philip St Baker. As part of the funding package, Dr Andrew Liveris AO, non-executive Director, is also lending a total of $0.934 million to the Company. The director loans have been provided at an interest rate of 8% pa.
The loans from directors and STBEIF are repayable upon the earlier of the Company raising sufficient funds and six months.
STBEIF is an international investor in disruptive clean energy technologies. The Fund is the largest shareholder in TRITIUM, a global leader in fast-chargers for EVs, and the owner of Evie Networks, which is rolling-out a national ultra-fast EV charging network around Australia. STBEIF is also a related-party of NOVONIX Managing Director Philip St Baker, however, it is not an associate of, nor is it controlled by, Philip St Baker.
About NOVONIX Ltd:
NOVONIX Limited (ASX:NVX.AX - News) (FRA:GC3.F - News) is an integrated developer and supplier of high performance materials, equipment and services for the global lithium-ion battery industry with operations in the USA and Canada and sales in 14 countries.
NOVONIX is majority-owner of the PUREgraphite battery anode material Joint Venture, headquartered in Chattanooga, Tennessee, USA.
NOVONIX's mission is to accelerate the adoption of batteries for a cleaner energy future.
Philip St Baker
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