Novonix defers equity raise, eyes partnerships and offtake deals
ASX-listed EV play Novonix will not need to raise capital until it expands its US manufacturing plant to 20,000 tonnes per annum, which it has not yet committed to.
Synthetic graphite producer Novonix has downplayed the chances of an imminent equity raise to fund a major scale up of its operations as it hunts for more strategic partners and offtake agreements with customers.
The ASX-listed small cap EV play's CEO Chris Burns said the company is also pursuing government funding to bolster production at its Riverside facility in Chatanooga, Tennessee and did not expect any movement on any of these initiatives until next year.
“For us, strategic partners could include upstream suppliers, customers such as LG Energy Solution, or other materials companies looking at the battery materials sector looking to expand their portfolios into battery materials,” he said.
“We will update the market when we have any additional information about plans for further capacity expansion through 2025,” he said.
