Novonix shares surge following battery material manufacturing milestone
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The news: Shares in Novonix surged after the small-cap US-based battery materials producer announced the delivery of its first mass production sample of synthetic graphite for use in industrial applications.
The numbers: At 12:12pm AEST, shares in synthetic graphite producer Novonix were up 17% to 50 cents per share.
The context: Novonix delivered mass production samples of synthetic graphite for final qualification for industrial-grade use by “one of North America’s largest value-added carbon processors with a global market reach”, the company told the exchange.
Target supply volumes will be defined once “final product qualification has been completed and a definitive supply agreement has been established”. The aim is to begin mass production in 2026 for lead customer Panasonic.
Novonix said its Riverside facility in Tennessee is set to become the first large-scale production site for “high-performance synthetic graphite for the battery, defence and industrial sectors” in North America.
It has previously announced plans to expand the facility with a second graphite manufacturing plant. This would give the company a total production capacity of over 50,000 tonnes per year.
What they said: “This demonstrates that industrial-grade products can be produced using NOVONIX’s proprietary continuous graphitization furnace technology at a mass production scale and is another step towards bringing our battery-grade materials to market,” Novonix CEO Mike O’Kronley said.
The source: ASX
