NOVONIX Limited’s US-listed shares jumped 31% to $2.43 in early Friday trading after the Australian battery materials and technology company said induction furnaces at its Tennessee manufacturing facility have allowed NOVONIX to double its output target, paving a path to profitability for its synthetic graphite electric vehicle (EV) battery anode production.
The company said its Generation 3 Furnaces met design targets, including throughput, cost, and sustainability targets.
"The results of our ongoing production campaigns clearly demonstrate NOVONIX’s path to profitable production through our first-in-the-world graphitization furnace technology," NOVONIX CEO Chris Burns said in a statement.
"Over several production campaigns, the Furnaces delivered in-spec product at a mass scale reaching our target design throughputs."
As well, the company stated it expects capital and operating costs for future facilities to be lower than its initial estimates.
NOVONIX previously reported that its high-performance battery grade synthetic graphite met specification targets from its furnaces.
The company makes battery materials using graphite, as its anode materials allow electricity to flow through a battery.
Shares of NOVONIX have fallen 38% year to date.
Contact Sean at sean@proactiveinvestors.com