Novonix shares soar on ICoNiChem partnership
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More news: Novonix shares rocketed on the ASX after the battery technology company signed a joint collaboration agreement with British chemical manufacturer ICoNiChem Widnes to improve the sustainability of developing nickel-based cathode active materials.
Novonix shares were up 11.56% to 81.2 cents per share by 1pm AEDT, having gained nearly 50% in the last month.
Novonix and UK's ICoNiChem agree on cathode materials partnership
The news: Battery technology company Novonix has signed a joint collaboration agreement with British chemical manufacturer ICoNiChem Widnes, focused on improving the sustainability of developing nickel-based cathode active materials (CAM).
The numbers: Novonix Battery Technology Solutions, a Canadian division of Brisbane-based Novonix, will received C$127,928 ($138,973) in funding from the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP).
The two-year project has a total budget of C$515,686 between Novonix and ICoNiChem.
The context: ASX- and Nasdaq-listed Novonix said the project aims to further improve the sustainability Novonix's dry, zero-waste technology by incorporating recycled metal feedstock, such as cobalt and nickel carbonates and oxides, into the process.
Novonix and ICoNiChem were selected for funding under the 2024 Canada-UK critical minerals calls for proposals, which is focused on advanced projects related to critical minerals essential for industries like renewable energy, electric vehicles, and electronics.
ICoNiChem, which will receive support through the UK's innovation agency Innovate UK, will provide various recycled materials, including cobalt and nickel carbonates or oxides, throughout the project to compare and demonstrate optimal performance in cathode powders.
The project will use Novonix's cathode pilot line, as well as other services from Novonix Battery Technology Solutions, to support the characterisation of project materials including their physical and electrochemical performance.
Upon successful completion of milestones, Novonix may enter into commercial agreements for ICoNiChem products with the goal of integrating recycled feed into its CAM production processes moving forward.
What they said: "Novonix will utilise its patented all-dry, zero-waste synthesis process to synthesise, test, and analyse cathode active materials that will incorporate ICoNiChem's recycled cobalt and nickel," Novonix CEO Chris Burns said.
"Our involvement reflects our continued commitment to advancing sustainable solutions, reducing cathode processing cost, and strengthening the critical mineral supply chain across North America, the UK, and beyond."
The source: ASX announcement
