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Novonix: Shares rise on quarterly update

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Novonix Shares rise on quarterly update

  • Novonix’s (NVX) shares are trading higher this afternoon on the back of its latest quarterly update
  • A milestone was multinational energy giant, Phillips 66, investing US$150 million (A$204 million at the time) in the company in exchange for a 16 per cent stake
  • The company spent $88.4 million on investing activities, which included the purchase and expansion of its facilities to support increased production and cathode technology
  • At the end of the quarter, Novonx had just shy of $291 million in cash, which is more than double the $136.7 million it started with
  • NVX shares are up 7.92 per cent to trade at $7.36

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