Brisbane, Australia & Coeur d'Alene, Idaho – February 1, 2022 – NOVONIX Limited (ASX: NVX, OTC: NVNXF) (“NOVONIX”), an advanced battery materials and technology company, today announced the execution of definitive transaction agreements and closing of its investment and supply agreements with KORE Power, Inc. (“KORE Power”) to advance and strengthen the domestic lithium- ion battery supply chain.

The execution of the binding and definitive transaction agreements, including a Securities Purchase Agreement and Supply Agreement, closed in accordance with the terms set forth in a non-binding letter of intent entered into between NOVONIX and KORE Power, as announced by NOVONIX on January 24, 2022. Under the terms of a Securities Purchase Agreement entered into between NOVONIX and KORE, NOVONIX has purchased 3,333,333 shares of KORE Power common stock ("Shares") at an issue price of USD $7.50 per share, representing approximately 5% of the common equity of KORE Power. The aggregate offering price for the Shares of USD $25,000,000 has been paid in a combination of 50% cash, funded through NOVONIX's existing cash holdings, and 50% through the issue of 1,974,723 of ordinary shares in NOVONIX (“NOVONIX Shares”) calculated at a price using a 5% discount to the 20-day VWAP ending three trading days prior to closing date.

“The completion of this transaction with KORE Power marks an important step towards establishing the domestic battery supply chain as the first large-volume contract of battery-grade synthetic graphite from a US-based supplier,” said Dr. Chris Burns, NOVONIX Co-Founder and CEO. “More than ever, the United States and its neighbors are realizing the importance of building a sustainable and energy- secure future. Our partnership with KORE Power is a testament to our commitment on executing on our phased growth plan and bringing large-scale production of high-performance battery synthetic graphite to the United States.”

“With our relationship with NOVONIX, we have secured the leading U.S. domestic supply of synthetic graphite anode materials and related technology for our U.S. manufacturing facility which will manufacture up to 12 GWh per year of battery cells for e-mobility and energy storage solutions”, stated KORE Power Co-Founder and CEO Lindsay Gorrill.

An Appendix 2A has been lodged with ASX today with respect to the NOVONIX Shares issued to KORE Power. The NOVONIX Shares have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States, until such time as the Novonix Shares have been registered under the Securities Act of 1933 or pursuant to an applicable exemption from registration, which is expected to be for a period of six months. KORE Power has agreed to the application of a holding lock under the listing rules of the ASX until such time as the Novonix Shares have been registered under the United States Securities Act of 1933 or may otherwise be sold in the United States.

As part of the transaction, NOVONIX and KORE Power have also entered into a binding Supply Agreement, under which NOVONIX will become the exclusive supplier to KORE Power’s U.S. large scale battery cell manufacturing facility. NOVONIX will begin supplying graphite anode material at a rate of 3,000 tonnes per annum (“tpa”) beginning in 2024, and ramping up to approximately 12,000 tpa in 2027, subject to customer requirement. The Supply Agreement is for an initial term of five years, with automatic renewal for a subsequent five-year term. This is NOVONIX’s first significant volume offtake agreement as the company expands its production capacity at the new Riverside facility towards the target of 10,000 tpa of production capacity in 2023.

This announcement has been authorised for release to the ASX by NOVONIX Chairman, Admiral Robert J. Natter, USN Ret.

About NOVONIX

NOVONIX Limited is an integrated developer and supplier of high-performance materials, equipment and services for the global lithium-ion battery industry with operations in the U.S. and Canada and sales in more than 14 countries.

NOVONIX is a leading producer of synthetic graphite anode materials used in the making of lithium-ion batteries that power electric vehicles, personal electronics, medical devices and energy storage units. NOVONIX’s anode materials business is based in Chattanooga, Tennessee, where its goal is to increase capacity to produce 10,000 metric tons per year of synthetic graphite by 2023, with further targets of 40,000 tpa by 2025 and 150,000 tpa by 2030. NOVONIX, which has operations in the U.S. and Canada, is also a global supplier of advanced battery-testing services.

NOVONIX's mission is to enable a clean energy future by producing longer-life and lower-cost battery materials and technologies.

About KORE Power:

KORE Power, Inc., is a leading U.S.-based developer of battery cell technology for the clean energy industry, serving energy storage, e-mobility, utility, industrial and mission-critical markets across the globe. KORE Power designs and manufactures its proprietary NMC and LFP cells, VDA modules and packs, optimized by its battery management system. Also, through its global partnerships, KORE designs and manufactures top-tier energy storage solutions (ESS).

KORE Power’s differentiated approach provides customers with direct access, unparalleled service, superior technology, and Tier 1 product availability. We care about building sustainable communities, clean energy jobs and green economic expansion. KORE Power is proud to offer a functional solution to real-world problems that fulfill growing market demand and contribute to a zero-carbon future.

Media Contacts

Aleysha Newton

Marketing Director

+1 (208) 758-9392
anewton@korepower.com

David Jakubiak

Aileron Communications

+1 (312) 629-9400 ext. 14
djakubiak@aileroninc.com