Sustainability at NOVONIX
NOVONIX is pleased to present our 2024 Sustainability Report, which highlights the progress we have made in advancing our environmental, social, and governance (ESG) initiatives. This report underscores our unwavering commitment to operating a responsible, ethical, and sustainable business, which is fundamental to the future of our company and the communities we serve.
Environmental
We believe that an increasing emphasis on environmentally conscious battery technologies is key to a sustainable future with prolific adoption of electric vehicles and grid energy storage systems. Many current manufacturing methods for key battery materials are energy intensive, wasteful, or hazardous to the environment. End-users and original equipment manufacturers are focused on sourcing materials from cleaner technologies. We are focused on the development of technologies that support key ESG criteria in the field of battery materials and technologies.
Longer Life Batteries
We believe the use of NOVONIX’s synthetic graphite leads to longer service life batteries that generate less overall waste in recycling or disposal.
Lithium-ion batteries are increasingly prevalent and broadly utilized across the energy storage and automotive sectors. Anode material is the single largest component of lithium-ion batteries. Through our Anode Materials division, we have developed a synthetic graphite that has demonstrably lower carbon emissions compared to the largest producers of synthetic and natural anode grade graphite in the world.
We commissioned a Life Cycle Assessment (LCA) conducted by Minviro Ltd – a U.K.-based and globally recognized sustainability and life cycle assessment consultancy – to support NOVONIX’s position at the forefront of sustainable battery research and production. This LCA quantifies the environmental impact of our GX-23 synthetic graphite and illustrates how NOVONIX is in a unique position to reduce the climate change impact of anode production.
Our GX-23 synthetic graphite anode material has an approximate 60% lower global warming potential (GWP) relative to the conventional anode grade synthetic graphite produced from Inner Mongolia, China and an approximate 30% lower GWP when compared to the anode grade natural graphite in Heilongjiang Province, China.
Higher-Energy Efficiency
Improvements in process technology demonstrated by NAM as well as through NOVONIX’s all-dry, zero-waste cathode synthesis technology could reduce the amount of energy required to produce key battery materials. NOVONIX’s Generation 3 Furnaces technology was developed with the objective of being the highest efficiency graphitization technology.
NOVONIX is focused on sourcing power for its manufacturing from clean sources of energy generation. As such, our current power provider, TVA, has an electrical grid make-up which is approximately 60% non-carbon producing sources of energy including nuclear, hydro, wind, and solar.
Our Company Initiatives
While we know that our battery materials and technology are key to enabling an electrified future, we recognize the need to reduce the impact of our operations, products, and corporate activities on the environment. Throughout our offices and facilities, we’ve made a commitment to sustainability. As we further develop our ESG program, we will announce additional environmental initiatives as they are implemented.
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Social
The health, safety, and wellbeing of our employees and the communities where we operate are essential to
NOVONIX’s success and growth. We are committed to the development of meaningful policies and measurable
targets in the areas of health and safety, and workplace culture and inclusion. Fostering a culture of safety and inclusion across our organization requires long-term commitment, and we are shaping our organization in a way that embraces these values.
Corporate Social Responsibility
At NOVONIX, we invest in initiatives that support workforce development and strengthen our local communities. A prime example is our partnership with Hamilton County Schools, where we helped create the NOVONIX Institute of Advanced Battery Technology (NIABT) in Chattanooga, Tennessee. This partnership illustrates our long-term commitment to providing advanced education and training in cutting-edge industries. In addition, we focus on actively recruiting displaced workers from the fossil fuel and manufacturing sectors and offering career advancement opportunities.
Workplace Culture and Inclusiveness
We recognize, respect, and embrace a more diverse and inclusive workforce, which we consider essential, as a technology company, to accomplish our mission to develop innovative, sustainable technologies and high-performance materials for the electric vehicle and energy storage battery industries. We have benefitted and expect to continue to benefit from a wide range of perspectives for decision-making, developing a deeper understanding of customer and stakeholder needs, and expanding our research and development capabilities.
Workplace health and safety
We are committed to promoting employee well-being and morale by providing safe and healthy working conditions. It begins with adherence to applicable workplace health and safety laws. Beyond compliance, NOVONIX has established strict safety policy and process requirements that consider accident prevention to be of primary importance in all phases of operations. Our safety program strives to eliminate safety hazards, unsafe conditions, and unsafe behaviors and create a safe working environment.
Governance
As a company incorporated in Australia, we are subject to the Corporations Act 2001 (Cth), and are regulated by both the Australian Securities and Investments Commission and the Australian Securities Exchange. As a dual-listed entity, we must also comply with certain Securities and Exchange Commission regulations and Nasdaq listing standards.
Our commitment to the principles of sustainability and our ability to execute our ESG strategy are founded upon a corporate governance structure and principles designed to establish, support, and facilitate effective oversight of our key internal controls, policies and procedures, and risk management, and rely on all levels of the organization, beginning with the tone at the top.
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