By Ben Glickman
American depositary receipts of Novonix surged Monday after the company inked another offtake deal and said it was moving toward financing a second graphite plant.
Novonix ADRs were up 30% to $2.51 in morning trading. Shares are up about 25% this year.
The company, which makes synthetic graphite for use in high-capacity batteries, announced Monday morning in Australia that it had agreed to supply PowerCo, a Volkswagen-backed battery maker, with at least 32,000 tons of synthetic graphic. The offtake deal spans a five-year term and will begin in 2027.
Novonix also said it was progressing with plans to build its second production facility in the U.S. and was in discussion the U.S. Energy Department about a loan. The facility would have an initial capacity of 30,000 tons per year, with plans to expand to 75,000 tons per year.
The supply agreement follows a similar deal with Stellantis announced earlier this month. Under that pact, Novonix agreed to supply the carmaker's cell manufacturing partners with a minimum of 86,250 tons over a six-year term.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
November 25, 2024 11:07 ET (16:07 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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