The weekend session saw a significant spike in NOVONIX Limited (NASDAQ: NVX) stock price; concluding the trading at $2.55 after a noteworthy 15.391% rise. This increase in NVX stock came after the company participated in the virtual Baird 2024 Vehicle Technology & Mobility Conference on February 29, 2024. Additionally, NOVONIX is also set to be participating in Gabelli Funds 15th Annual Specialty Chemical Symposium on March 14, 2024, in New York City.
Moreover, NOVONIX also recently made a strategic move and signed a legally binding off-take deal with Panasonic Energy Co. to provide high-performance synthetic graphite anode material to Panasonic Energy’s North American operations from its Riverside facility in Chattanooga, Tennessee. According to the deal, Panasonic Energy will buy anode material in minimum quantities of 10,000 tons between 2025 and 2028, with the option to buy more if needed.
To cut carbon emissions by 50% by 2031, Panasonic Energy, a well-known supplier of battery cells, plans to increase local material procurement while growing its EV battery production in North America. Through tax credits and assistance for the production of essential materials and local cell manufacturing, the Inflation Reduction Act benefits NOVONIX and Panasonic Energy by offering incentives to businesses creating local battery supply chains.
A partnership between NOVONIX and Panasonic Energy has been in place since 2019 to develop and test products that meet the needs of Panasonic Energy’s facilities. NOVONIX is aiming to become North America’s first large-scale manufacturer of synthetic graphite by ramping production up to 20,000 tons per year by late 2024 to satisfy increasing demand.
The Bipartisan Infrastructure Law, which was passed back in February, has awarded NOVONIX a $100 million grant for its Riverside expansion project. The equipment installation and commissioning needed to reach the desired production capacity would be made easier by this award. NOVONIX is well-positioned for future development and innovation in the electric car market because to its strategic alliances and involvement in important industry events.
