As of the time of writing, the stock has risen over 24%, priced at $2.40.
According to Zhithong Finance APP, on Monday, the stock price of Australian battery materials producer Novonix (NVX.US) increased, and as of the time of writing, the stock has risen over 24%, priced at $2.40. On the news front, the company has reached a binding agreement with the battery company PowerCo, a subsidiary of German auto manufacturers Volkswagen Group, to sell synthetic graphite. According to the agreement, Novonix will guarantee the supply of 32,000 tons of high-performance synthetic graphite starting from 2027.
PowerCo, the international battery plant of Volkswagen, aims to secure important materials required for its expanded production to meet the new electric vehicle plans of auto manufacturers. It is expected that Novonix's Riverside plant in Chattanooga, Tennessee, will begin production in 2025 with an annual output reaching 20,000 metric tons. In addition to the Riverside plant, Novonix also plans to build a second production base in the southeastern usa. The new factory is expected to achieve an initial annual output of 75,000 metric tons, gradually reaching this target to meet demand.
