NOVONIX Ltd (AU:NVX) has released an update.
NOVONIX Ltd has successfully raised $44.4 million through an institutional placement, issuing 74.1 million new shares to support its growth in the anode materials business. The company plans to enhance production capacity at its Riverside facility and has secured backing from major shareholder Phillips 66. Additionally, NOVONIX will offer a Share Purchase Plan to raise a further A$5 million, providing existing shareholders in Australia and New Zealand the opportunity to invest.
For further insights into AU:NVX stock, check out TipRanks’ Stock Analysis page.