Novonix CFO Robert Long updates Industrial Development Board on Riverside project status

The Chattanooga Industrial Development Board meeting on April 3, 2025, highlighted significant developments in local economic initiatives, particularly concerning Novonix, a key player in the region's industrial landscape. The board discussed a proposed addition of $10,996,804 to the Industrial Development Board's account, which would come from economic development fee payments. This funding is aimed at bolstering the board's capacity to support local projects and initiatives.

Adam Myers, Vice President of Economic Development, introduced the meeting by emphasizing the importance of collaboration with the Chamber of Commerce and Novonix. He invited Robert Long, Novonix's Chief Financial Officer and interim CEO, to provide an update on the company's current status and future plans. Long's presentation addressed recent challenges faced by Novonix, particularly in relation to sector trends that have impacted their project timelines and equipment delivery.

Long noted that these challenges have affected the company's overall progress, particularly in their Riverside project, which has been a focal point of community interest. He assured the board that Novonix is actively working to navigate these obstacles and remains committed to its partnerships and development goals in the Chattanooga area.

The discussions during the meeting underscored the board's ongoing efforts to foster economic growth and support local businesses, which are crucial for the community's development. As the board continues to evaluate funding and support for initiatives like Novonix, residents can anticipate potential benefits in job creation and economic stability in the region.

In conclusion, the meeting served as a platform for transparency and collaboration among local leaders, reinforcing the commitment to advancing Chattanooga's industrial and economic landscape. The next steps will involve further discussions on how to effectively utilize the proposed funding to enhance community development and support local enterprises.