Novonix (ASX:NVX) to expand anode manufacturing capability

Company News

by Adrian Tan

Novonix (ASX:NVX), a battery materials and technology company based in North America, has announced a plan to expand its anode materials operations in Chattanooga, Tennessee. The company is under contract to purchase, and intends to retrofit, a building that was previously a turbine manufacturing facility for French engineering company Alstom.

The plan will be funded by a successful $146 capital raise undertaken earlier this year. The main intent is to scale production of anode materials for lithium ion batteries, in order to meet the demands of North American electric vehicle and energy storage system markets.

The expansion will bring the company's total production capacity of anode materials to 10,000 tonnes per year, and is expected to come online by 2023.

Novonix is the only qualified US-based supplier of synthetic graphite anode material.

Shares in Novonix (ASX:NVX) are trading 3.7 per cent higher at $2.22.

Image from: https://www.timesfreepress.com/news/breakingnews/story/2018/jun/07/alstombrings-30-million/472642/ 

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