Why are Novonix (ASX:NVX) shares trading in green today?

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Why are Novonix (ASX:NVX) shares trading in green today?

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 Why are Novonix (ASX:NVX) shares trading in green today?
Image source: © Malpetr | Megapixl.com

Highlights:

  • Novonix is engaged in the business of battery materials, equipment, and services.
  • In July 2017, the company changed its name from Graphitecorp Limited to Novonix Limited.
  • Novonix shares were trading 0.73% higher at AU$2.08 apiece on ASX at 3.40 PM AEST today (7 September).

Battery materials and technology company Novonix Limited (ASX:NVX) shares were spotted trading at AU$2.08 apiece on ASX at 3.40 PM AEST today (7 September).

Novonix Limited was founded in 2012 and is headquartered in Brisbane, Australia. The company creates and sells battery materials, equipment, and services to the North American lithium-ion battery market.

Novonix’s operations are divided into three business segments: graphite exploration and mining, battery technology, and battery materials. In addition, the company is also active in investment and battery testing.

In July 2017, the company changed its name from Graphitecorp Limited to Novonix Limited.

Despite a broader market sell-off that sent the ASX 200 to an eight-week low, Novonix share price is back on track today.

Meanwhile, ASX 200 Information Technology index was 0.36% up at 1,490.40 points today at 3.47 PM AEST.

Novonix June quarter update

Novonix reported in its April-June quarter activity report for 2022 that it had completed the year on schedule for growth in hardware sales and service revenue.

During the quarter, Novonix revealed (on 29 June) the final results of a life cycle assessment (LCA) undertaken by Minviro, revealing that Novonix's GX-23 synthetic anode graphite reduces global warming potential by about 60% when compared to conventional anode grades.

Image Source: © 2022 Kalkine Media ®

Data Source- Company announcement dated 27 July 2022

Stock performance

Although shares of Novonix are trading in green today, the company has provided negative returns of more than 10% to its investors in last five days and around 33% in last month. However, the shares have declined more than 80% since starting of this year.

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