Battery technology company Novonix (ASX:NVX) and UK-based ICoNiChem Widnes signed an agreement to develop nickel-based cathode active materials, according to a Wednesday filing with the Australian Securities Exchange.
The two companies have been selected for funding under the 2024 Canada-UK critical minerals call for proposals, the filing said.
Novonix's Canadian division will receive advisory services and up to CA$127,928 from the National Research Council of Canada Industrial Research Assistance Program, while ICoNiChem will receive support through Innovate UK, according to the filing.
Novonix shares rallied 12% in midday trade.
Price (AUD): $0.83, Change: $+0.090, Percent Change: +12.24%
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