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Highlights
- Novonix has been marking gains on the ASX on Thursday (27 October), and was up 1.034% at 1:18 PM AEDT.
- The battery technology company, on October 26, shared that it has appointed Daniel Akerson and Ron Edmonds to its board of directors.
- On the same day, Novonix shared its CEO’s presentation to the AGM, which states that US legislation is providing direct support to the company’s business plan.
Battery technology giant Novonix Limited (ASX:NVX) on Wednesday (26 October) announced the appointment of two new board members. Also, CEO Chris Burns, in his AGM presentation, narrated the milestones the company has achieved so far in 2022.
At 1:18 PM AEDT today, Novonix shares were trading 1.034% up at AU$2.930 apiece on the ASX.
It should be noted that in the past five trading days, the stock has gained 26.41% on the ASX. NVX has moved up 56.99% in the last month and has gained 178.10% in the last five years. However, in the last year, the share price has come down 55.62% and on a year-to-date basis, the stock has lost 72.24% on the ASX (as of 1:31 PM AEDT).
Why has Novonix been in the news of late?
- Novonix, on Wednesday, announced the appointment of Daniel Akerson and Ron Edmonds as members of its board of directors, effective from today.
- The company, in its AGM held on 26 October 2022, shared that the Inflation Reduction Act of 2022 features an estimated US$369 billion in investments related to ‘climate change and energy security’.
- The US Department of Energy (DOE) granted US$150 million of funding to Novonix to expand the domestic production of graphite anode materials.
- On 19 October 2022, the company was provided AU$2.8 billion by the DOE’s Office of Manufacturing and Energy Supply Chains in collaboration with the Office of Energy Efficiency and Renewable Energy to boost local battery manufacturing and supply chains.
- As a part of its strategic relationship with the US-based battery cell developer KORE Power, Novonix will be the exclusive supplier of graphite anode material to KOREPlex. KOREPlex is a 1 million square foot manufacturing, set to begin production in early 2024. KOREPlex will be producing around 12,000 tonnes per year of material. Novonix has invested US$25 million to acquire around a 5% stake in KORE Power.
