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NOVONIX Ltd ( (AU:NVX) ) has provided an update.
NOVONIX Limited has finalized a definitive agreement to purchase a 182-acre parcel in the Enterprise South Industrial Park in Chattanooga, Tennessee, for approximately US$5 million. This site will host NOVONIX’s second facility for high-performance synthetic graphite, expected to create 450 to 500 full-time jobs and increase the company’s total production capacity in Chattanooga to over 50,000 tonnes per annum. The acquisition is part of NOVONIX’s expansion strategy, supported by local government endorsements and contingent on a US$754 million loan from the U.S. Department of Energy. Additionally, NOVONIX is enhancing its collaboration with local educational institutions to provide career-focused learning opportunities in the battery industry.
More about NOVONIX Ltd
NOVONIX is a leading battery technology company that is transforming the global lithium-ion battery industry with innovative and sustainable technologies. The company specializes in high-performance materials, efficient production methods, and manufactures industry-leading battery cell testing equipment. NOVONIX is expanding its high-performance synthetic graphite material manufacturing operations and has developed a patented all-dry, zero-waste cathode synthesis process. The company holds a prominent position in the electric vehicle and energy storage systems battery industry, contributing to a cleaner energy future.
YTD Price Performance: -39.58%
Average Trading Volume: 95,139
Technical Sentiment Signal: Buy
Current Market Cap: $179.9M
For detailed information about NVX stock, go to TipRanks’ Stock Analysis page.