NOVONIX Ltd Sponsored ADR (NVX) has released an update.
NOVONIX Ltd reports a productive first quarter in 2024, securing a critical supply agreement with Panasonic Energy and a significant US$103 million tax credit for its Riverside facility, alongside initiating grant reimbursement from the U.S. Department of Energy. The company is advancing its North American synthetic graphite anode material production, with plans to reach a 3,000-tonne annual capacity by year-end and long-term goals of 150,000 tonnes. These developments are part of NOVONIX’s strategy to meet the growing demand for lithium-ion batteries and strengthen the domestic battery supply chain.
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