At the time of the most recent check, shares of NOVONIX Limited (NVX) were up 20.16%, trading for $7.45 on the open market. The NVX stock has been maintaining its upward trend for a third straight day since getting grant financing from a federal agency.
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Which financing has NVX agreed to?
Last Wednesday, NOVONIX (NVX) announced that its NOVONIX Anode Materials business has been chosen to begin talks for a grant from the U.S. Department of Energy (DOE) for US$150 million to increase its domestic production of high-performance, synthetic graphite anode materials. This grant, which President Biden announced, strengthens the North American battery supply chain in the face of rising demand and calls to bring these vital businesses home. Final terms, such as operational milestones and the time and frequency of grant fund payments, will be negotiated.
With an emphasis on the local processing of materials and components now imported from other nations, this is the first group of initiatives supported by President Biden’s Bipartisan Infrastructure Law to enhance the domestic manufacture of batteries for electric cars and the electrical grid. Strengthening American supply chains, accelerating battery production to meet increased demand, and ensuring the nation’s economic competitiveness, energy independence, and national security will all be achieved by domestically sourcing and processing the vital components needed to make lithium-ion batteries in an ethical and sustainable manner.
The financing granted by the DOE is the first installment of the President’s Bipartisan Infrastructure Law’s over $7 billion2 overall provision for the battery supply chain, and it aids NVX in carrying out its strategic expansion strategy for domestically made synthetic graphite anode materials. The grant money will specifically go toward building a 30,000 tpa U.S. production facility, which includes site selection, plant layout, and engineering design with room for future development.
Selected to negotiate the investment demonstrates NVX’s capacity to quicken the local battery supply chain and fulfill the expanding worldwide demand coming from the stationary grid storage and electric car industries. Since its founding, NOVONIX’s aim has been to advance the transition to renewable energy by innovating to improve batteries.
What does this collaboration mean for NVX?
NOVONIX (NVX) is dedicated to creating an electrified future while solving the climate issue through its patented process technology, renewable power sources, and strategic collaborations. With additional plans to increase yearly production capacity to 40,000 tpa in 2025 and 150,000 tpa in 2030, NVX is on target to attain a capacity of 10,000 tpa of synthetic graphite in 2023 at its current Riverside site in Chattanooga, Tennessee.
