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Novonix (NASDAQ:NVX) +19.1% post-market Thursday after saying it signed a binding purchase agreement for high-performance synthetic graphite anode material to be supplied to Panasonic Energy's North American operations.
Panasonic Energy, a leading electric vehicle battery manufacturer, agreed to purchase at least 10,000 metric batteries tons of anode material for use in its US plants during the period 2025-28.
Novonix (NVX) said it will supply the material from its Riverside facility in Chattanooga, Tennessee, which will become the first large-scale production site dedicated to high-performance synthetic graphite for the battery sector in North America, and will expects production to increase. will begin at the end of 2024 and grow to 20,000 metric tons/year.
The company recently announced that the U.S. Department of Energy provided a $100 million funding grant for the Riverside expansion.
