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