Novonix Limited (ASX:NVX) has received C$500,000 from the Government of Canada to help the company further develop and market its innovative battery testing technologies.
Novonix is a developer and supplier of high performance materials, equipment and services for the global lithium-ion battery industry and has sales in over a dozen countries.
The company will use the new funds to further the research and development of their high-calibre battery chargers and battery cell testing services.
Novonix’s expertise is in materials and cell testing, with a strong focus on the use of high precision coulometry (matter transformation during electrolysis) for lifetime evaluation of lithium-ion cells.
Importantly, the new investment will help Novonix expand its international marketing, with the company’s expertise already been sought after by Apple, Tesla Motors, 3M and Panasonic.
Novonix is expecting the demand for energy-efficient batteries to grow as battery prices are dropping and restrictions on diesel and gasoline powered cars are mounting.
The federal funding is being allocated through Atlantic Canada Opportunities Agency’s (ACOA) Business Development Program.
ACOA supports small and medium-sized enterprises and not-for-profit organizations that provide support to Atlantic businesses.
Novonix’s share price has doubled since the start of 2017, last trading at A$1.15.