NOVONIX Ltd (AU:NVX) has released an update.
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NOVONIX Ltd is set to raise approximately A$44.4 million through a fully underwritten placement aimed at advancing commercial production of high-performance battery-grade synthetic graphite. A significant portion of this funding will come from a strategic investment by its largest shareholder, Phillips 66, which will increase its stake in the company. The raised capital will be used to equip NOVONIX’s Riverside facility, targeting a 2025 production capacity of 3,000 tonnes per annum, further bolstering its position in the battery materials sector.
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