- Shares of Novonix were trading in the green today (23 November), up 0.429% as of 11:02 AM AEDT.
- Novonix launched a new pilot production facility for cathode materials this year.
- The battery producer is in negotiations with the US DOE for US$150-million grant funding.
In today’s morning trading session, shares of Australia-based battery materials company Novonix Limited (ASX:NVX) were heading north despite there being no price-sensitive update from the company. The value of one Novonix share was 0.429% higher at AU$2.340 on the ASX as of 11:02 AM AEDT, 23 November.
Meanwhile, the benchmark ASX 200 Metal and Mining sector gained 89.9 points, totaling 5,900 points around the same time.
Following today’s decline, Novonix’s share value has shed 7.48% in the last five trading sessions and 20.34% in a month. On a year-to-date (YTD) basis, shares of Novonix have plunged 77.66% and 75.72% over the course of a year. The share price of Novonix, on the other hand, increased by an astounding 167.05% in the broader five-year index.
A glance at Novonix’s recent developments
On 8 November 2022, Novonix Limited announced the opening of its new pilot production facility for cathode materials. The company will use its proprietary (patent pending) all-dry cathode synthesis technology to produce cathode to serve the rapidly growing electric vehicle and energy storage markets.
The 35,000-square-foot pilot facility is located near Halifax, Nova Scotia. With a production target of up to 10 tonnes annually, the Halifax facility will allow the company to showcase large-scale production feasibility.
With this new cathode production facility, Novonix is looking forward to positioning itself as a pioneer in the North American battery supply chain while transforming the industry with high-quality materials and more effective production techniques, as stated by Novonix management in a statement.
Another important development for Novonix was being chosen to enter negotiations with the U.S. Department of Energy (DOE) to secure the proposed US$150 million in grant funds, as per an ASX report on 20 October 2022. With the help of this grant funding, the company expects Novonix Anode Materials (NAM) to increase the domestic manufacturing of high-performance synthetic graphite anode materials.
Novonix provided additional information on DOE’s grant funding on 3 November and said that these negotiations were anticipated to continue for several months and would cover all project costs, project timelines, and operational costs upon completion.
The company also shared its quarterly cash flow report ending 30 September 2022 on 28 October. Novonix’s cash balance as of 30 September was AU$181.772 million.