Novonix (ASX:NVX) has completed a fully underwritten $44.4m institutional placement, issuing approximately 74.1 million new shares at $0.60 each. The placement, aimed at institutional and sophisticated investors, was well-supported by existing shareholders and welcomed several new investors....
Chairman Admiral Robert J Natter noted, “The support from institutional shareholders and major backer Phillips 66 highlights confidence in Novonix's growth strategy.” CEO Dr Chris Burns added, “This funding supports our expansion in anode materials production and enables access to a Department of Energy grant of up to US$100 million.”...
The capital raising comes on the back of supply agreements with Volkswagen's PowerCo and global automotive group Stellantis....
The proceeds will fund an increase in Novonix’s production capacity to 3,000 tonnes per annum at its Riverside facility in 2025. Additionally, approximately 12.8 million shares will be issued to major shareholder Phillips 66 through a conditional placement, pending shareholder approval at an extraordinary general meeting scheduled for 22 January 2025....
The company has also announced a share purchase plan (SPP) targeting $5m from eligible Australian and New Zealand shareholders, offering the same $0.60 share price. However, the SPP is subject to regulatory waivers or shareholder approval....
Novonix manufactures high-performance synthetic graphite for lithium-ion batteries and develops patented technologies for the electric vehicle and energy storage markets....
Shares are currently 17.1% lower at 80 cents....
Novonix (ASX:NVX) has secured a binding agreement with Volkswagen subsidiary PowerCo SE to supply a minimum of 32,000 tonnes of high-performance synthetic graphite from 2027 to 2031. The deal reinforces Novonix’s influence in the North American battery supply chain and follows a similar agreement with Stellantis earlier this month to supply a minimum of 86,250 tonnes, up to a target volume of 115,000 tonnes of graphite....
Novonix develops and produces materials and technologies for lithium-ion batteries, focusing on synthetic graphite anodes, battery cell testing equipment, and zero-waste cathode synthesis. The company operates manufacturing facilities in North America and explores graphite resources to ensure a sustainable supply chain for its battery materials....
PowerCo, established by Volkswagen in 2022, oversees battery cell production for the automotive giant. It operates gigafactories in Germany, Spain, and Canada, with a combined capacity target of up to 200 GWh annually. The agreement with Novonix follows a Testing and Development Agreement signed earlier this year....
Novonix's Riverside facility in Tennessee, expected to commence production in 2025, will supply the synthetic graphite. The facility is projected to scale up to 20,000 tonnes per annum initially, with additional capacity planned through a second site in the southeastern United States. Total production is forecast to reach 150,000 tonnes annually to meet growing demand from electric vehicle and energy storage sectors....
The deal is contingent on Novonix achieving production milestones, securing financing, and meeting compliance criteria. PowerCo retains the option to terminate the agreement if these conditions are not met....
Previously, Novonix was awarded a US$100m grant and a US$103m tax credit from the US Department of Energy to support its operations, highlighting its role in advancing the clean energy transition....
Shares in Novonix are trading 14.86% higher at 85 cents....