Novonix: Raising $58.28M to increase production in Tennessee
- Battery materials company Novonix (NVX) will raise $58.28 million to scale-up its processing facility in Tennessee
- The institutional placement is also aiming to raise $5.65 million, using the company’s existing 15 per cent placement capacity
- If the placement is successful, SBIF will acquire up to 19.9 per cent interest in Novonix
- Novonix’s entitlement offer is a one-for-one offer that is aiming to raise $37.91 million
- Last year, the company signed an agreement with Samsung SDI to supply lithium-ion battery material
- The company strategically placed as one of very few suppliers of high-grade synthetic graphite outside of China and the only producer in North America
