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Novonix (ASX:NVX) shares shoot up as PUREgraphite notches over $5M US grant

Summary

  • NOVONIX Limited’s (ASX:NVX) US-based subsidiary PUREgraphite has been awarded a US government grant worth USD 5.57 million.
  • The funding will assist in developing a brand new and continuous furnace technology with high-efficiency for lithium-ion battery (LIB) synthetic graphite material.
  • PUREgraphite is partnering with Phillips 66 and Harper International for this funding opportunity.

NOVONIX Limited (ASX:NVX) has hit yet another significant milestone. The Company’s wholly-owned US-based subsidiary PUREgraphite has been chosen to receive a USD 5,577,738 grant. PUREgraphite is based in Chattanooga, Tennessee.

The market update sent NVX soaring on the ASX. Mid-day on 21 January 2021, one NVX share quoted $ 2.57, trading up by 23.55 per cent with a volume of over 5.5 million. Continuing its upward trajectory on 22 January 2021, NVX was up 9.48 per cent and quoted $ 2.77 (mid-day).

ANOTHER RECENT MILESTONE: NOVONIX (ASX:NVX) finds a spot in OTCQX International Index

DOE grants funding to PUREgraphite

The US Department of Energy (DOE) will grant USD 5.57 million to PUREgraphite for new technology development.

The US Department of Energy FOA particularly emphasised upon the processing of battery critical minerals plus synthetic graphite.

Funding opportunity

The award is a multi-year project entitled “High Efficiency Continuous Graphitization Furnace Technology for Lithium-ion Battery Synthetic Graphite Material”. To work on this, NOVONIX will team up with Harper International and Phillips 66.

The project will focus on the development of proprietary furnace technology (under the Harper strategic alliance). The award covers engineering as well as construction. Installation of the new processing equipment (at the PUREgraphite plant) is also covered.

The total project cost will be ~USD 11.5 million (including PUREgraphite’s contribution of ~USD 5.92 million).

Expert Comments

NOVONIX CEO Dr. Chris Burns states that the award signifies the US Government’s commitment to support the formation of a national supply of high-performance battery materials. It also depicts the proficiency, headway, partners, and technology that NOVONIX has successfully assembled at PUREgraphite.

Harper International VP Paul Elwell believes that the show of support from the US Government highlights the significance of Harper’s partnership with the LIB material specialists at PUREgraphite. Together, the parties aim to develop and authenticate next-gen thermal process technologies to address America’s critical supply chain needs.

Recent at NOVONIX

The PUREgraphite anode material plant is accelerating its capacity to 2,000 tons/annum of synthetic graphite. Notably, the supply of an initially planned 500 tons to Samsung SDI is included in this increased output.

The Company has a non-binding deal with Sanyo as well to consider production materials from the plant.

Besides, NOVONIX recently announced a significant appointment. Professor Jeff Dahn has been appointed as the Chief Scientific Adviser, and he would start his journey on 1 July 2021.

READ MORE: Why Jeff Dahn’s significant appointment set NOVONIX (ASX:NVX) stock soaring?


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