NOVONIX is a U.S.-based battery materials company building what it claims is North America's first large-scale synthetic graphite anode manufacturing facility, located in Chattanooga, Tennessee. Synthetic graphite is a critical input in lithium-ion battery anodes, used in EVs, grid-scale energy storage, and industrial applications. NOVONIX's core business — NOVONIX Anode Materials — is pre-revenue, with mass production targeted for the second half of 2027 at an initial capacity of 20,000 tonnes per annum. NOVONIX also plans a second Chattanooga facility targeting an additional 31,500 tpa, contingent on closing a conditional DOE loan of up to ~$755M. NOVONIX's intended business model is selling synthetic graphite under long-term offtake agreements with battery manufacturers and EV OEMs; NOVONIX has executed such agreements with Panasonic Energy and PowerCo, Volkswagen's battery subsidiary. NOVONIX's manufacturing approach relies on a proprietary continuous induction-based graphitization furnace technology, which NOVONIX argues offers higher energy efficiency and eliminates chemical purification steps. NOVONIX sources its key raw material input, petroleum coke, from Phillips 66, a major shareholder. Currently, NOVONIX's only revenue comes from its Battery Technology Solutions division, which sells battery testing equipment and R&D services and generates modest annual revenue; NOVONIX is divesting this division as non-core. The buildout has required ~$223M in cumulative capex since 2020, funded through equity, $100M in convertible notes, a $100M DOE grant, and a $103M tax credit allocation.