Novonix starts producing battery cells in Canada; shares rise 5pc
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ASX-listed battery developer Novonix has started making battery cells in Canada.
The company (ASX:NVX) has produced the first batches of cylindrical cells and pouch cells at its battery cell pilot factory in Nova Scotia.
The news added 5.6 per cent to Novonix’s share price this morning, with the company reaching 66c.
Novonix says the pilot line will accelerate the R&D cycle time and reduce costs.
“The pilot manufacturing line enables the manufacturing of high performance batteries incorporating all processes from slurry making, electrode coating, calendering, winding, and assembly,” chief operating officer Dr Chris Burns told investors this morning.
“There has been strong interest from many companies and institutions in our cell line.”
Novonix is co-owner of the Tennessee-headquarter 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.
The news comes less than a week after another ASX-listed battery metals player, Lithium Australia (ASX:LIT) revealed it was now producing commercial samples of its lithium-ion cathode material for the global battery market.
The cathode is the negative terminal of a battery that electricity flows out of.
The author of this article has a shareholding in Novonix.