Novonix (ASX:NVX) executed a definitive agreement to purchase a 182-acre parcel in the Enterprise South Industrial Park in Chattanooga, Tennessee, for about $5 million, according to a Wednesday Australian bourse filing.
After the acquisition, the company will reach a total production capacity of 50,000 tonnes a year in Chattanooga.
The facility is expected to reach an initial production capacity of 31,500 tonnes per annum and is expected to create 450 to 500 full-time jobs, the filing said.
The company expects to receive about $54 million in total net tax and other benefits from the City of Chattanooga and Hamilton County over 15 years, subject to meeting specific conditions of the agreement.
The company will not finalize the purchase of the land until all the conditions for the US Department of Energy's $754 million loan have been met.
The company's shares fell 3% in recent Wednesday trade.
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