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Highlights
- Novonix Limited shared its June quarter report today (July 27).
- The company said it has a cash balance of AU$207.08 million as of 30 June 2022.
- Shares of Novonix were trading 2.83% lower at AU$2.40 apiece on ASX at 12.25 PM AEST.
Novonix Limited (ASX:NVX), a battery materials and technology company, today (July 27) shared its quarterly activities for the April-June 2022 period.
In the report, the company said it has a cash balance of AU$207.08 million as of 30 June 2022.
Novonix spent less than AU$8 million on operating activities and $9.15 million on investing activities during the quarter.
Meanwhile, shares of Novonix were trading 2.83% lower at AU$2.40 apiece on ASX at 12.25 PM AEST. This underperforms ASX 200 Materials Index, which fell 1.59% at 15,015.40 points at 12.26 PM AEST.
However, the ASX 200 Index was marginally down by 0.050% or 3.40 points at 6,803.90 points at 12.27 PM AEST.
Other updates during the June quarter
According to a statement from Novonix and its partner Emera Technologies, a custom-built, first-of-its-kind microgrid battery prototype was delivered during the quarter. Novonix created the prototype to support BlockEnergy, Emera's residential microgrid technology.
To enable seamless storage and distribution of rooftop solar electricity to the entire neighbourhood through intelligent distributed controls, the BlockEnergy microgrid technology joins residences in a shared energy network.
Novonix also disclosed the conclusions of a life cycle assessment done by Minviro, which revealed that Novonix's GX-23 synthetic anode graphite has a 60% lower potential for global warming than conventional anode grades.
The announcement said that the quarter ended 30 June 2022, directors and their associates received a total of AU$308K in salary, directors’ fees, and superannuation payments.
Novonix announced on June 29 that that its GX-23 synthetic anode graphite Life Cycle Assessment (LCA) had shown that it had a reduced global warming potential (GWP) of about 60% when compared to conventional anode grade synthetic graphite made in Inner Mongolia, China, and about 30% when compared to anode grade natural graphite found in Heilongjiang Province, China.
Image Source: © 2022 Kalkine Media ®
Data Source- Company announcement dated 29 June 2022
To maintain its position at the forefront of sustainable battery development and manufacturing, Novonix commissioned an LCA. In its objective to create the cleanest, lowest-rated anode materials for batteries in the automotive and energy storage sectors, Novonix is dedicated to living up to its words. Independent LCA specialists who have studied the LCA critically have determined that it complies with ISO-14040:2006 and ISO-14044:2006 requirements.
About Novonix
Novonix is a leading battery technology firm, and it has facilities in both Canada and the US. With sales in 14 nations, NOVONIX serves the global lithium-ion battery sector with high-performance materials, technology, tools, and services.
Shares of Novonix have fallen around 77% on a YTD basis, while the shares tumbled only 8% on a yearly basis.
