Battery metals: Novonix moves into a bigger battery building facility
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Battery developer Novonix (ASX:NVX) has secured expanded space at its lithium-ion battery anode material production facilities in Tennessee.
The company’s subsidiary, PUREgraphite, has executed a five-year lease on 3,700 sq m of space, with Novonix acting as guarantor.
The new lease comes after a period of market analysis by Novonix, with technical and business development meetings with international battery-makers revealing a “strongly growing market” for the anode material product that PUREgraphite makes.
“There is genuine customer interest to support our decision to expand into our new commercial-scale premises,” the company said in a statement.
Shares in the company rose 9 per cent to 44c on the news.
Novonix is co-owner of the Tennessee-headquartered PUREgraphite joint venture, which develops, manufactures and sells high-performance anode materials into the global lithium-ion battery market.
The anode is the positive terminal of a battery that electricity flows into.
PUREgraphite also holds an option to lease additional space in the 11,150 sq m building to help accommodate any future expansion requirements.
Last year, Novonix began making battery cells in Canada. The first batches of cylindrical cells and pouch cells were produced at its battery cell pilot factory in Nova Scotia.
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