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- Novonix’s (NVX) shares are trading higher this afternoon on the back of its latest quarterly update
- A milestone was multinational energy giant, Phillips 66, investing US$150 million (A$204 million at the time) in the company in exchange for a 16 per cent stake
- Novonix spent $88.4 million on investing activities, which included the purchase and expansion of its facilities to support increased production and cathode technology
- At the end of the quarter, Novonix had just shy of $291 million in cash, which is more than double the $136.7 million it started with
- NVX shares are up 7.92 per cent to trade at $7.36
Novonix’s (NVX) shares are trading higher this afternoon on the back of its latest quarterly update.
A stand-out for the quarter was multinational energy company, Phillips 66, announcing it will invest US$150 million (A$204 million at the time) in Novonix for a 16 per cent stake in the company.
The global manufacturer of specialty coke which is used for creating batteries said the investment would allow it to play a key role in developing the US battery supply chain.
For Novonix, the investment provided it with the necessary capital to support the expansion of its Tennessee-based anode materials business and overall growth.
The materials stock spent $6.9 million on operating activities, which primarily went towards staff and admin costs, followed by about $1.4 million on product manufacturing and operating costs.
Novonix spent $88.4 million on investing activities, which included the purchase and expansion of its facilities to support increased production and cathode technology activities.
About $248.9 million was generated in financing activities following the Phillips 66 investment and the proceeds from borrowings.
At the end of the quarter, Novonix had just shy of $291 million in cash, which is more than double the $136.7 million it started with.
NVX shares were up 7.92 per cent to trade at $7.36 at 1:57 pm AEDT.
