NVX

Hello, everyone. My name is Robert Long. I'm Chief Financial Officer and Interim Chief Executive Officer for NOVONIX. Welcome to our first quarter activities report update. After the presentation, I'll ask you to go through, look at our important notice and disclaimers. NOVONIX is a leading sustainable battery company based in the United States. We're focused on being a technology leader with a lower carbon footprint. We see a rapidly growing market for the battery industry, particularly around electronic vehicles and energy storage solutions. We have and continue to enjoy a significant amount of U.S. government support, particularly around strong policy alignment for critical minerals, onshoring of manufacturing and diversification away from China. We see ourselves as having a first-mover advantage with the progress we've made in developing our anode materials process here in Chattanooga, Tennessee, our corporate headquarters, and continuing to provide technology solutions on the cathode side of the business with our strong IP portfolio and patent generation. Our three operating structures, one is our anode materials business located in Chattanooga, Tennessee. It's poised to become the first large-scale production site dedicated to high-performance synthetic graphite. For our cathode materials, we continue to focus on the commercialization of our all-dry, zero-waste cathode process and our Battery Technology Solutions Group that was founded about 10 years ago. We focus on ultra-high precision equipment and research and development services with in-house, full-service pilot lines. Both our cathode materials business and battery technology solutions business are located in Halifax, Nova Scotia, Canada. We've had a very busy quarter. The Q1 highlights, I mean, first and foremost, although it's post-quarter, a couple of things post-quarter, we want to put a strong welcome to Michael Kronley, who's appointed our Chief Executive Officer earlier this week. Very excited for Mike's effective date to start here in Chattanooga on 19 May. Welcome, Mike. Look forward to seeing you then. Also, post-quarter announcement, we received approval and signed the purchase and sale agreement for the 182-acre parcel of land that will become our second mass production site here in Chattanooga, known as NOVONIX Enterprise South. We're very excited to have this complete, excited for the support from the local city of Chattanooga government, as well as Hamilton County and the Industrial Development Board. That's an exciting step as we plan our future here at NOVONIX. We wrapped up our equity raise in January, continued support from Phillips 66 with a $5 million investment, and wrapped up our share purchase plan for just over $20 million. So, in January, we raised an additional just over $25 million through this process. We continue to be very active with our Department of Energy MESC grant, continuing to receive funding from that through our process, which is tied directly to the continued progress in installation and commissioning of equipment here at our Riverside facility toward our initial milestone of 3,000 tons per annum in support of the supply agreements we have with Panasonic, Stellantis and PowerCo. We had a very successful annual general meeting earlier this month in Brisbane. We did release our 2024 Sustainability Report, had a cash balance at the end of March of $47.9 million. And we participated in the Trade Group around the U.S. graphite producers' trade case for China anti-dumping. There was a preliminary win in the quarter, and we expect further updates in May through this trade case. We continue to have various presentations from our experts on staff, and we entered into a license agreement with Harper International for a potential exclusive IP license agreement for technology around graphitization furnaces. We continue to focus on the on-shoring of the graphite supply chain. Producing critical minerals for this domestic supply chain is very important. As I mentioned, it's strong U.S. policy alignment. Our products meet or exceed Tier 1 EV OEM specifications through a cleaner, more efficient technology. And we are very proud of and thankful for our strategic relationships with our Tier 1 customers, be it Panasonic, PowerCo, Stellantis, our technology agreements with LG Energy Solutions and Phillips 66. They're also strategic investors behind the business. And two key strategic suppliers, Harper International for our graphitization furnace technology and Phillips 66 for certain of our raw materials. At Riverside, through these offtake agreements, we have oversold our capacity, which is great, which means we are into our future plan side of Enterprise South. The Riverside capacity, as noted in previous presentations materials is 20,000 tons per annum. The Enterprise South facility is 31,500 tons per annum, so just over 50,000 tons in total. There are current near-term plans, but we continue to focus on our larger future of as much as 150,000 tons per annum. But our clear focus is on the short term of Riverside and the first phase of Enterprise South. We continue to also focus on additional customer contracts to not only sell out our current plan volume, but future expansion as well as we continue to have exploration discussions, technology agreements and partnerships to further develop materials for other battery suppliers. Our path to commercial production at Riverside, I'm going to focus on 2025 and 2026. We continue to install and commission equipment for our 3K tons per annum production milestone and continue to work on product qualification, meeting customer milestones for mass production and hitting their specification targets. For 2026, we're targeting production startup here at the Riverside facility in Chattanooga and we'll continue to invest towards full capacity of our site to 20,000 tons per annum. Now, we are, as many others in this industry and other industries, are seeing impact from the broader macroeconomic environment. Tariffs, for instance, are impacting the price availability and timing of certain input materials such as steel and certain critical equipment required to build out our facility. We continue to closely monitor these impacts and will provide future updates as we see these broader macroeconomic matters settle into a more predictable pattern that would impact our timing of certain deliveries. As previously covered, our NOVONIX Enterprise South facility, see the site rendering on the right hand side of the page, 31,500 tons per annum facility. As I mentioned, we have secured the 182 acre parcel of land here in Chattanooga, very excited about that. And we continue to work toward the closure of the Department of Energy conditional commitment $754 million loan and pursue additional tax incentives, such as the 45X production tax credit for this facility, the Enterprise South. Our key highlights for future growth, we've covered a lot of these during this brief presentation, scaling Riverside, from a production perspective, operations to deliver our key production volumes for Panasonic, Stellantis, and PowerCo, securing our financial future, continuing to work toward and engage in future offtake agreement to secure further Tier 1 customers to sell out Enterprise South, as well as the future expansion plans that we have. And continuing to be a technology leader in the battery industry, be it from the anode side or the cathode side, and really focused on the commercialization of our cathode process with the team in Halifax is doing a great job of working toward and further developing that technology. So to wrap up, we believe our future is bright here at NOVONIX. We see a strong cash flow generation and margin profile as we continue to build out Riverside, become operational. And again, focusing on some very key critical mineral synthetic graphite, onshoring the production here in the United States and further diversification away from China will be very much a focus for us as we go forward. We thank you for your continued support and look forward to future presentations and discussions. Thank you.

Hi, I'm Dr. Chris Burns, Founder and CEO of NOVONIX. And welcome to our Third Quarter Activities Report Update. I'm happy to be here today, to take you through the steady progress we've made in this quarter, toward our key activities around our Riverside facility as well as our cathode commercialization plan, amongst other highlights for the quarter. As always, please review our notice and disclaimers after the presentation. NOVONIX is a leading U.S. based battery materials and technology company, and we're focused on lower carbon footprint production processes, for key materials for the battery industry. We have binding offtake agreements, with Panasonic Energy and KORE Power for synthetic graphite, and we'll begin production at our Riverside facility shown on the right here in Chattanooga, Tennessee next year. The sector has received strong support, for localizing key materials for the battery industry and NOVONIX has received significant support in the form of $100 million granted from the U.S. Department of Energy, the Manufacturing and Energy Supply Chains office. And we're also selected for an allocation of up to $103 million under the Qualified Advanced Energy Project tax credit, or the 48C program. This government support alongside strategic investment from LG Energy Solution, and Phillips 66, has allowed us to make the progress that we'll talk about today at Riverside, as we look to have Riverside be the first large scale facility, dedicated to the manufacturing of synthetic graphite, for the battery sector in North America. Alongside our Anode Materials group, we also have expansion now into patented all-dry zero-waste NMC cathode synthesis technology. We've demonstrated this at pilot scale, with the opportunity to reduce cost and environmental footprint, in another key material in the battery industry, and we'll speak about some of the progress we've made there this quarter. And at the backbone of the company is our Battery Technology Solutions group. This provides a competitive advantage for us, to continue to accelerate the pace of innovation for key materials, and process technologies for the business. Within the group we have these three areas of focus. Of course our Anode Materials division, which we'll speak the most about today. A leading domestic supplier, of synthetic graphite for the battery sector. Riverside will produce up to 20,000 tons per year of material, when it's at full production and is positioned to be the first large scale site as I mentioned, in operation in the U.S. Our activities around cathode materials, are focused on the commercialization of our patented synthesis processing. We've now demonstrated this at pilot capacity of 10 ton per year, and we've shown both environmental and cost benefits, and now focused on the performance that we can reach using our synthesis technology, compared to the existing technologies. And I mentioned, our Battery Technology Solutions group. This group was founded over 10 years ago with a focus on our ultra-high precision coulometry equipment, and now we've expanded into research and development services with full in-house pilot lines, thousands of test channels and expertise, to accelerate our materials programs, and work across the industry. This quarter, we had a number of highlights. Our key focus was readying Riverside for 2025, and the beginning of production for our key customer in Panasonic Energy. This quarter, we continued to receive, install and commission equipment at our Riverside facility for towards our first 3,000 ton per year line. This line will be online in the first half of next year, in order to provide full mass production samples for Panasonic and other customers, as we go through the qualification processes. We've received $9 million in reimbursements, under the government grant I spoke about through September 30 of 2024. As we continue to make investments in the expansion of Riverside, we'll continue to benefit from reimbursements under this grant program. Alongside the grant, we've also progressed discussions with the Department of Energy with the Loan Program Office. Our focus with the Loan Program Office is on potential financing, for a future site beyond Riverside, as we'll speak about continuing to see strong growth and the need, to expand capacity for these materials here in North America. And alongside all of that work, we've continued to discuss and qualify materials with Tier 1s, and automotive manufacturers looking at the demand for these materials, both from Riverside and future sites. Within our Battery Technology Solutions group. Our key activities have been around our cathode technology. We've signed development agreements with both CBMM and ICoNiChem, to focus on feedstock materials and their compatibility with our synthesis technology, to demonstrate additional benefits. And we'll speak about both of those later. We published a white paper, with a focus on our cathode technology and the performance of our 60% nickel class of materials, compared to industry benchmarks. We have to focus not just on the benefits in environmental and cost of our technology, but similar to our Anode Materials group. We have to focus on making the highest performance materials to service the Tier 1s that will help localize this industry here in North America. Outside of our activities in cathode, we had a patent granted for our graphite silicon alloy composite materials in Europe, and we also announced a strategic partnership with Voltaiq, to help drive efficiency and quality in the battery industry, with a focus on data and analytics. This is something that our Technology Solutions group has been focused on, for the past one to two years. And now we're leveraging this partnership, to continue to move that forward. Across the group, we are excited to appoint Robert Long, as our new Chief Financial Officer. He's been a great addition to the team, and we've continued to progress the support for the public listing of Axon Graphite, which includes our Mount Dromedary, natural graphite project. We closed the quarter with a little over US$37 million on hand. As we focus on our Anode Materials division, and speak about the progress we've made there. We founded this group in 2017, with four key principles. Domestic supply and the need to bring materials onshore in North America, for the impending need to service the EV and ESS markets. The need for high performance materials, to meet the expectations of the Tier 1s, which would help drive that localization. The need for cleaner, more efficient process technologies. A key focus across the business, in how we can produce the same high quality materials, with environmental benefits that are needed to scale here in North America. And lastly, the need to strong - to form strong strategic relationships. We needed to work, with the best in the industry in order to advance the sector. And as we look over the past number of years, of some of those key strategic relationships we've forged, of course it's led by customers, such as the offtakes we have with Panasonic Energy and KORE Power Technology agreements with the likes of LG Energy Solution, Philip 66 and PowerCo. I mentioned strong strategic investment of $180 million between LG Energy Solution and Philip 66. And also working with key strategic suppliers, for both raw material in Phillips 66 as well as technology in Harper International around key process equipment. We continue to see huge growth in demand for these materials in North America. Of course, our existing agreements with Panasonic Energy, which calls for a four year commitment of 10,000 tons to start next year from Riverside, LG Energy Solutions, which alongside their investment we signed the joint development agreement, which contemplates upon successful completion of that agreement, entering into an offtake agreement for 50,000 tons, of graphite over a 10 year period. And with KORE Power, our agreement is to be the exclusive supplier of graphite Anode Materials for their KOREplex facility, which they're building in Arizona. And we've broken our growth plan into three phases. Our critical focus now is on our first phase in Riverside. As I mentioned, it will build out to 20,000 tons of capacity at full operation. And this is where we will service Panasonic Energy, KORE Power and potentially others, who will come into the remaining capacity available from the site. Then we'll look at our growth in new facilities. And our first plan is to build a 30,000 ton initial phase of a Greenfield facility. And this is what we're in discussions with the Department of Energy Loan Program Office, to potentially provide financing support for. As we establish our production at Riverside and our first new facility. Then we'll look to build additional plans toward our eventual goal of 150,000 tons of production here in North America. When we look at this year, and our focus on Riverside. The first half of this year started, with our agreement with Panasonic Energy, to drive our timeline to production for them. Then we continued to purchase equipment, upgrade the facilities and be ready to enter production. We completed an engineering report, to map out the milestones that we needed to complete along this path. The second half of this year has been and we'll continue to be focused on installing that capacity, and beginning commissioning that capacity toward our initial 3,000 ton phase. This 3,000 ton phase will start up in the early part of next year, and we'll continue to invest through 2025 toward growth of our next incremental production phase of 5,000 tons, and then beyond toward 20,000 tons alongside customer demand. The criticality of our 3,000 ton production startup in next year is significant. It will allow Riverside to be the only operating site, which can produce fully integrated mass production sea samples for synthetic graphite, dedicated to the battery sector. And this will keep us on track to begin production and deliveries to Panasonic in the later part of 2025. As we shift focus from our Anode Materials division, we want to also look at the updates and the progress we've made around demonstrating, and commercializing our cathode technology. We started this work in 2021, on our patented all-dry zero-waste cathode synthesis technology. And in the middle of last year, we commissioned our pilot line with a nameplate capacity of 10 tons per line, to demonstrate the scalability of this technology. And the images you see here on the left, are from that pilot line in Canada, where we are running at large scale to prove that the technology can move, from pilot into industry. We have a phased commercialization plan, where we've been leveraging our internal expertise to build an intellectual property portfolio. And then, we are expanding to key strategic partnerships, both with companies across our sector, and then eventually downstream to those who will look, to deploy and commercialize this technology. This is building on our plan, to align key technologies both from our graphite side, and now from our high-nickel cathode synthesis side, with global market trends and the need for these materials, to be produced in cleaner process technologies. Then a focus on strategic development partnerships, similar to that with our Anode Materials group. We're focused on partnerships and commercialization, and we'll speak about two of those that we've signed just recently. And eventually, we'll move into technology licensing or joint venture style agreements in order to see the deployment of this technology, with other key partners that want to bring it, to scale here in North America. And we of course have the opportunity, to continue to leverage government support, and potential strategic investment to both expand our research and development and capabilities, to develop new IP as well as deploy this technology at scale. This quarter I mentioned, signing agreements with both CBMM and ICoNiChem. We signed the joint development agreement with CBMM. They are a global leader in the production of niobium specialty chemicals, and niobium has been demonstrated to have benefits, when integrated into high-nickel cathode material synthesis. Through our project with them, we will demonstrate the compatibility of their niobium products, with our all-dry zero-waste synthesis technology, and look to demonstrate the benefits and performance, which can come from those new materials. We also signed a collaboration agreement with ICoNiChem. They're a world leader in the production and commercialization of cobalt, and nickel salts based in the U.K. We have a focus with them on sustainability, and the use of recycled feedstock materials, and critical minerals back into our process technology. And again under this project, we will look to take these recycled materials, and demonstrate their compatibility with our all-dry zero-waste synthesis technology, furthering the sustainability and environmental benefits, of this process technology, which will lead to the ability to scale it more quickly here in North America. As we look toward the end of this year and into 2025, we're focused on growth in four key areas. Of course, continuing to secure Tier 1 customer demand, for our materials and technologies. Second, scaling our Riverside activities, delivering production volumes next year, as we spoke about. Third, securing financing to support the growth in Riverside and beyond. And fourth, upholding industry leadership across battery materials. As we look at customers, of course we spoke about Panasonic Energy and KORE Power, and their commitments for material from NOVONIX. We'll continue to pursue other supply agreements, with cell manufacturers and automotive OEMs, to allocate the remaining capacity from Riverside, as well as our future Greenfield capacity, with the initial target of 30,000 tons per year of production. In terms of scaling Riverside, our key milestones are around our Panasonic Energy agreement. This involves the startup of our 3,000 tonight, first production line in the first half of next year, to enable us to finalize the qualification programs and enter production, and deliveries for Panasonic in late 2025. The other advantage to Riverside, is we're able to leverage all of the engineering and technology growth in that site, toward our Greenfield facility plans to help us with financing, with customer support and with the ability to begin that project. As we look at financing, we'll continue to invest into Riverside's growth, and continue to receive benefits and reimbursements, from the $100 million MESC grant that we will receive for that site. We'll look to continue to attract strategic investments, for the build out of Riverside and beyond, and continue our work with the Loan Program Office for the potential support of our Greenfield facility. And as we think about upholding industry leadership and materials, our focus is on our cathode technology, and commercializing that technology. We'll continue to demonstrate both the cost, environmental and performance benefits of our technology through our pilot line, and our full cell capabilities within our Battery Technology Solutions group. And we'll build upon our CBMM and ICoNiChem partnerships, to demonstrate the breadth of this technology, and look to forge new partnerships to continue to pursue, the deployment of this technology at scale. So as we look toward the long-term future of NOVONIX, our goal is to continue to stay at the forefront of product innovation, both in materials and process technologies, and this has led us to become recognized as a battery technology leader. Our two key areas of focus, which we spoke mostly about today scaling our Anode Materials production, to our eventual target of 150,000 tons per year, and commercializing and deploying our patented all-dry zero-waste cathode technology. We'll continue to build on these positions and develop new IP, and potentially new leading market areas, all with the goal of generating businesses, which can produce strong cash flows, as they scale into this industry. We're very proud of the progress we've made in the third quarter, and the position of the company moving toward the end of this year, and into 2025. We're focused on our key milestones in production at Riverside, and all the work around that. And we're excited to continue to provide updates, as we make progress toward those goals. Thank you.

Hi, I'm Dr. Chris Burns, CEO of Novonix, and welcome to our First Quarter Activities Report Update. As always, please review the notice and disclaimer when the presentation is posted. We closed out an exciting 2023 for the company, hitting many milestones across the business and we've started this year with a great first quarter, which I'm excited to update about today, to really uniquely position Novonix, to build out the North American supply chain for the battery sector. We're a leading US-based battery materials and technology company, focused on process technology with a lower carbon footprint. We're building into a large and growing market for battery materials, with strong support for localization efforts here in North America. We've focused on building an intellectual property profile for the manufacturing of synthetic graphite, as well as new materials such as our all-dry, zero-waste NMC cathode synthesis technology. And at the core of the group is our battery technology solutions group. It provides a competitive advantage for us as we look to accelerate the pace of innovation within our materials programs. And now customer and government financing is paving the way to profitability as we build a new sector here in North America. And we'll talk about each of these and how they've impacted Novonix, both last year and in this first quarter. As we look across the structure of the group, at the core of the business is our technology solutions group. I started this group over 10 years ago to become a leader in research and development and equipment for the battery sector. And through last year, we saw strong strategic growth in this group, as well as launching initiatives around data solutions to leverage AI and machine learning to predict battery performance and tie that back to our materials programs in an effort to accelerate the pace of development of our key materials. Our largest area of focus is our Anode materials group. Being a leading domestic supplier of battery-grade synthetic graphite, where last year we signed the joint research and development agreement with investment from LG Energy Solutions. We finalized the award of $100 million from the Manufacturing and Energy Supply Chain's office of the Department of Energy for our Riverside project. And we hit strong operational milestones around bringing online key equipment and process technology within our Riverside facility. The newest part of our group is our cathode materials team, focused on commercializing our proprietary all-dry, zero-waste cathode synthesis. And last year, we were excited to announce the study showing some of the potential benefits, both economic and environmental, of this process technology. And we've made great progress as we continue to advance that through this quarter as well. As we look at some of the highlights specifically in the first quarter of this year, the most significant, of course, is within our Anode materials group signing a binding supply agreement with Panasonic Energy. And we'll speak about the details of that later. We're also very excited to announce that we were selected to receive $103 million U.S. dollar tax credit under the Qualified Advanced Energy Project Allocation, or the 48C tax credit. And we've started to submit reimbursement claims, against the Manufacturing and Energy Supply Chains grant, which I just mentioned. Within our technology solutions group, we've continued to advance multiple product work streams within our all-dry, zero-waste cathode synthesis team, and began sampling various products to commercialization partners across the sector. All of this while continuing to grow and support our research and development services and hardware teams. And at the corporate level, we're excited to have Sharan Burrow join our board of directors. We also spent significant time in the first quarter working with Lithium Energy, on the deal that we recently announced with the intent to combine our natural graphite assets and take that vehicle public, which I'll speak about in a moment. We're also excited to release our inaugural sustainability report. It's been a focus of the company to work on lower carbon intensity process technology and focus on ESG, and we'll speak about the importance of the sustainability report. And we closed the quarter with about $62 million cash balance. I'll speak first about our most recent announcement, the proposal to combine our Mount Dromedary assets with those natural graphite assets of Lithium Energy Limited, and take that vehicle public in a new company, Axon Graphite, with the intent to raise capital between AUD15 and AUD25 million. This is a great way for us to advance our Mount Dromedary project, something the company has owned for a long time, and bring value to our shareholders by putting capital and a dedicated team into focusing on developing what will now be a world-class, large-scale natural graphite, slate graphite project. As we turn back to our primary activities in North America, I'll start with our sustainability report. It was a culmination of a lot of work and a focus on our commitment to environmental, social, and governance principles. Through this report, we really identified our top 10 priorities and topic areas, which we'll continue to build out within the company and report on to our stakeholders as we move into production with our Anode materials division over the coming years. And of course, at the root of our sustainability report is cleaner process technology. And environmental benefits have always been a focus of how we developed both our Anode materials process technology as well as our cathode materials process. And at the core of our Anode materials is our proprietary process technology, including our Generation 3 continuous induction graphitization systems, which you see the photographs here within our Riverside facility. And we've demonstrated through a lifecycle assessment a 60% decrease in global warming potential relative to synthetic graphite made in China and a decrease relative to natural graphite made in China. And these are critical points as we look to transition the supply chain from Asia to also into North America. The same things become true as we look at our cathode synthesis technology. Our all-dry zero-waste process simplifies the process, requires less power, and eliminates significant waste streams that exist with the traditional process. So these types of environmental benefits remain a core principle of how we develop key process technologies to scale here in North America. And of course, along with the benefits that come from the environmental impact, we have to make sure that we're not just using our own resources to make the process more efficient.

Hi. I'm Chris Burns, and welcome to our Fourth Quarter Activities Report Update. Please read the notice and disclaimers after the presentation is posted. NOVONIX is a uniquely positioned company to support building out the North American battery material supply chain. We're a leading US-based battery materials and technology company, focused on process technology with lower carbon intensity. We're focused on the large and growing market for the battery material supply chain, supported by localization efforts in the electric vehicle and energy storage sectors. Since inception, we've been focused on the development of intellectual property around the process technologies to make high-performance synthetic graphite, as well as an all-dry, zero-waste NMC cathode synthesis technology, both of which we'll speak about today. At the core of the business is our Battery Technology Solutions group. It sets us apart from being a standard materials company and provides us a competitive advantage to accelerate our work in developing new products and new technologies in our materials teams. And we're living in a time now where customers and government financing are supporting and paving the way to profitability as we scale our first production sites here in North America. The image you see on the right here is our Riverside facility in Chattanooga, Tennessee. It's a 400,000 square foot mass production site that we purchased about two years ago. And it will begin production later this year and be the first site dedicated in the US to the production of battery-grade synthetic graphite. We operate our business through three primary units. The first is our battery technology solutions business. We founded this about 10 years ago to focus on accelerating the pace of innovation through research and development services, precision testing equipment, and now we're working on data solutions to leverage the data that we generate there through artificial intelligence and machine learning models, all to look to accelerate the pace through which we can bring new process technologies and new materials to market where we see growth in our anode and cathode technologies. In 2017, we founded our anode materials division. We're focused on solving the impending gap in the supply chain for synthetic graphite, as we saw localization coming to North America. And now we are leading the charge to develop a sustainable supply chain of high-performance synthetic graphite here in the United States. In more recent years, we started our cathode materials team. We developed intellectual property around an all-dry, zero-waste NMC cathode synthesis, again with a focus on sustainability. And this year -- this past year, we've reached a 10-tonnes pilot line scale within our facilities and demonstrated both the materials' performance and the benefits of this process technology. Graphite has finally become a critical material of interest and attention in the battery sector. There have for years been focus on other materials such as lithium and nickel while graphite represents almost half of the battery by weight. And now we see with our reliance on China trade policies both from the United States and from China highlighting the criticality of graphite. Some major updates in the fourth quarter of last year alone from the United States were clarification on language around the 45x tax credits for critical minerals to very clearly show both synthetic and natural graphite are eligible critical minerals within these policies. They also updated guidance on the foreign entities of concern and the control in which Chinese companies can have in processing critical minerals and still be eligible for rebates and incentives under the Inflation Reduction Act. And of course, the Section 301 tariffs have had a tariff in place on Chinese-made graphite for the battery sector that has a waiver extension now through May 31st of this year. And we expect these to be critical elements as we look at decoupling our reliance from China and continuing to make investments in building a sustainable supply chain here in the United States. Perhaps most notably in the last quarter were the announcements from China as battery-grade graphite became subject of export controls that were announced in October of last year. Those export controls came into effect on December 1. And for the first time just in the last few weeks, we've seen reports out of Japan that have actually showed trade statistics that show month-over-month decreases of imports of graphite into Japan from China, decreasing by as much as about 40% and into the United States, decreasing by about as much as 20%. This presents an enormous risk to the supply chain in the United States as some manufacturers invest heavily to build cell manufacturing capacity to the electric vehicle and energy storage sector and highlights the need to work with key partners to develop process technology and scalability such as NOVONIX, who can supply synthetic graphite in the local market. This is really where our Riverside facility sets NOVONIX apart from anyone else. We purchased this facility in 2021 and held an opening with the US Secretary of Energy, Jennifer Granholm. We signed our first supply agreement with KORE Power and tend to deliver them product from this facility. And most recently, we announced that we were awarded a $100 million brand from the US Department of Energy, through the manufacturing, energy and supply chains office to invest into Riverside to support reaching its production capacity. And at the beginning of the last -- of the fourth quarter, we provided a comprehensive business update, including many milestones that we achieved through the year, one of which was the demonstration of our Generation 3 continuous induction furnace technologies, images that you see here on the right-hand side of the screen. We've reached material product specification targets, as well as equipment throughput and engineering targets for these systems, which are our first-in-the-world accomplishment. And on the back of this, we intend to invest to increase the output of our Riverside facility from 10,000 tonnes as we initially targeted. It's up to 20,000 tonnes, and the team is working diligently on the engineering to support this maximum and optimize output of the facility. But equally important is reaching scale for the North American market is being able to demonstrate a pathway to profitability in a competitive market that is currently controlled by China. The key here is that different products have different process technology requirements and thus, different cost structures and different pricing structures. But we've demonstrated now with our modeling that we can produce materials that are in demand by the EV sector in the cost targets shown on the screen here and the price targets for these low to high grade products around the US$7 to US$10 per kilogram mark. When we look at options for incentives such as 45X tax credits, these lead us to unit economics that can generate 23% to 28% margins out of our Riverside facility. And this doesn't take into account any influence on the local prices of the graphite that might come into effect should the tariffs on to the Section 301 Act go back into effect after the May 31 review. We see this as a huge advantage in the ability to deliver key products to customers that we work with Tier 1 customers out of our Riverside facility and they continue a path to further scale in future sites. When we look back at 2023, we had a monumental year in terms of accomplishments toward our four key objectives. The first at the core of the business is to maintain industrial leadership and research and development across the battery materials space. On the back of that, of course, to scale our operations with a focus on our Anode Materials division and through that, securing Tier 1 customers and securing financing. As we look at maintaining leadership across the sector, this involves our work around our 10 ton pilot line in our cathode synthesis technology and the study that we released from Hatch, showcasing the benefits of that process technology. On our data analytics team, we signed an agreement with SandboxAQ to look to leverage AI and advanced modeling techniques into our data processing. On our operations side, specifically at NAM, we've generated, as I said, data to show that we met performance targets of materials as well as our furnace and equipment targets for first-in-the-world closed-loop induction furnace technologies. These offer environmental benefits, lower energy intensity, sustainable process technology for North America. And when we look at Tier 1 customers, of course, we signed the joint development agreement with LG Energy Solution about midway through the year. LG Energy Solution is forecasted to be one of the largest producers of cells in North America by the end of this decade and we continue to advance sampling programs and discussions with almost all the Tier 1s that are focused on scale here in North America. And as we continue to look to finance our growth, as part of the agreements with LG Energy Solution, they invested $30 million through a convertible note structure. And I mentioned, we finalized our award for $100 million into our Riverside facility from manufacturing and energy supply chain team under the Department of Energy. In the fourth quarter alone, when we look across our corporate activities on our Anode Materials and Technology Solutions Group, who provided the comprehensive business update and we made significant progress through our ESG program. Daniel Akerson resigned from our Board and at the end of the year, we closed with about $78 million on [indiscernible]. I mentioned on our Anode Materials division, the finalization of our $100 million grant, continued progress on our ATVM loans with the Department of Energy Loan Programs Office, worked with Tier 1 customers, and most importantly, progress our engineering work and production campaigns through our Gen 3 Furnace technology, all to continue our investment this year to reach our product targets that we'll talk about in the coming slides. Within our Technology Solutions Group in the fourth quarter, we launched a light version of our data analytics software that will future -- in the future, leverage the AI and machine learning models that we're developing. We released new equipment within our Hardware business, and we continue to progress our Cathode Materials development in terms of products and scale, which we'll speak about in the coming slides. To remind people the benefits of our cathode synthesis technology, we've developed an all-dry zero-waste synthesis technology that through engineering scoping study from Hatch showed a capital intensity decrease of about 30% and an operating cost decrease, excluding the raw materials of about 50%. This means on a net operating basis, a lower operating cost by about 5% to 6%, which is significant considering the expense of high nickel cathode materials within the battery cell cost. All of this is, of course, predicated with more environmentally-friendly process technology. We've shown to have about 27% lower power consumption and about 65% less water, all while eliminating the production of sodium sulfate as a byproduct and working toward a more sustainable process technology that can be scaled here in the Western world. And through the use of our pilot line, we've been able to demonstrate the synthesis of various grades of NMC, but with a strong focus early in the 60% nickel or NMC622 material. And what we show here is that we're able to demonstrate in full cells built within our battery technology solutions team that the performance of the cathode materials that we can make through our all-dry zero-waste cathode synthesis technology on our pilot line are competitive or better than leading materials from Asia of the same class. So, this is significantly important as we look to be able to demonstrate and bring to market and bring to customers a process technology that can make key materials, high-performance materials in a more sustainable fashion. As we look ahead to 2024, those four pillars continue to be our focus, industrial leadership in research and development, scaling operations, securing customers, and securing financing. And when we look at leadership across the space, we'll continue to grow our Battery Technology Solutions group in revenue and service offerings. We'll continue to test, sample, and work to commercialize with partners, our all-dry zero-waste cathode synthesis technology, and look to deploy our artificial intelligence and machine learning models in our data solutions software. As we look at scaling operations, our focus will be on our Riverside facility, completing the engineering work to look at the optimized capacity and flow sheets for the site, as well as installation of equipment to reach our target of a 3,000 tonne per year run rate by the end of the year to support the customer time lines and qualification time lines that we are working towards. We'll leverage that engineering package from Riverside to continue to progress our greenfield facility plans for our next site. All of this, of course, requires customer uptake. We've been successful in working with key customers such as KORE and LG Energy Solution. And in the past with Panasonic and Samsung, and we continue to work with all of those entities to support their programs. And this year, we'll look to continue to sign supply agreements with Tier 1 cell manufacturers to allocate the Riverside capacity and growth plan through those offtake agreements. And we'll continue to allocate greenfield facility capacity as we look toward the future of our next site. And as we look at financing these operations, we'll be investing into Riverside with the receipt of our mass grant funding. We'll continue to progress our LPO application for our greenfield facility, and we'll look to attract strategic investment to align with our capacity brand as we've successfully done in the past with strategic investors such as Phillips 66 and LG Energy Solution. As we look at our full growth plans with a focus on our anode materials team, our target is 150,000 tonnes of annualized production within North America, and we view this in three phases. First is the completion of our Riverside site to 20,000 tonnes to support KORE Power and other customers and then bringing online the first phase of a greenfield facility of an incremental 30,000 tonnes to reach a 50,000 tonne throughput. And eventually, future sites take us fully to 150,000 tonnes of capacity. And as you can see from a market share basis, these are still modest North American market shares continuing to highlight the supply and demand gap that will exist in North America for this decade and beyond. And NOVONIX strategic position to be a leader in closing that gap and working with key customers to be a supplier of synthetic graphite here in North America. We continue to be focused on staying at the forefront of product innovation and have become a recognized leader in the industry for our work. As we've talked about, scaling our anode materials technology and commercializing our oil-driven zero waste cathode technology are our primary goals while continuing to invest in development of new IP to build new divisions of the company for the future. We're very excited about 2024 and the year ahead, and it will be a monumental year for the company. As we look at the investments and the progress that we've made, the efforts from the team, all coming to fruition as Riverside becomes the first dedicated site to be producing battery grade synthetic graphite by the end of this calendar year. Thank you.