NOVONIX Limited (ASX: NVX) is undertaking a capital raising to raise approximately $146 million to support its aggressive expansion plans.
Funds raised will provide capex and working capital to scale production for NOVONIX Anode Materials, fund R&D in cathode and other advanced battery technologies, fund general corporate costs and provide flexibility to pursue international growth opportunities.
NOVONIX’s Chairman, Tony Bellas, said that it was an exciting time for the company as it begins to rapidly scale production of high-performance anode materials for lithium-ion batteries to meet the growing demands of the electric vehicle (EV) and energy storage system (ESS) markets in North America.
The company remains well positioned as the only qualified producer in North America of high-grade anode material suitable for lithium-ion batteries for EVs and ESS. Importantly, the company is continuing to strengthen its position with key relationships across the industry such as Harper International to develop next generation furnace technology systems” Mr Bellas said.
“The recent approval by the U.S. Department of Energy through an innovation grant of US$5.6 million is indicative of the importance of the work that NOVONIX is doing to develop the North American lithium-ion battery supply chain.”
Mr Bellas said that the company is progressing its key relationships with Sanyo Electric Co., Ltd of Japan and Samsung SDI of South Korea, both major international manufacturers of lithium ion batteries for EVs and ESS. The company is also exploring opportunities in new jurisdictions to establish anode production capacity to service the rapidly growing markets in Europe, the Middle East and Asia.
“NOVONIX continues to leverage its team and their expertise by investing in its R&D and commercialisation programs, including the scale up of its Cathode business utilising its proprietary dry particle microgranulation (DPMG) technology”, Mr Bellas said.
Mr Bellas said that the five-year renewal of the sponsorship of the Dalhousie research programme led by Professor Mark Obrovac, and the engagement of Professor Jeff Dahn as Chief Scientific Advisor (commencing June 2021) underscore the commitment to the Company’s R&D initiatives, aimed at sector leadership in battery technology and materials production.
Management was encouraged to see the support of existing investors and members of the Board of Directors such Trevor St. Baker, Andrew Liveris, Bob Natter and Rob Cooper.
