It’s been a big month for Novonix shares, despite no news having been released by the company.
The post Why the Novonix (ASX:NVX) share price is up 21% in a month appeared first on The Motley Fool Australia. –
The Novonix Ltd (ASX: NVX) share price is having a great month on the ASX.
Shares in the explorer and developer of lithium-ion battery materials have gained 20.4% since this time last month.
30 days ago, the Novonix share price was $2.20. Its shares closed yesterday’s session trading for $2.65 a piece.
So, what’s been driving the Novonix share price lately? Let’s take a look.
The latest from Novonix
The latest news from Novonix hit the market just over a month ago on 23 June 2021.
Then, Novonix announced it was purchasing a second facility to boost its production of battery anode materials.
The new facility is located nearby the company’s original facility in Chattanooga, Tennessee.
It will provide Novonix with 400,000 square feet of space to help boost its production by more than 8,000 tonnes of anode material each year.
The Novonix share price gained 10% over the 3 days following the company’s announcement.
After the new facility is up and running, Novonix expects to be producing 10,000 tonnes of anode each year.
The facility is expected to be in production by 2023.
Novonix also said its discussions with Sanyo Electric Co and Samsung SDI are progressing well.
Novoix’s CEO Chris Burns commented on the news, saying:
We are excited to be announcing this next phase of expansion of our anode materials business in Tennessee. Chattanooga has been a great location for our operations over the past four years, and we look forward to growing the company in the expanding south-east hub of electric vehicle battery manufacturing. We look forward to continuing to work with the great people in Chattanooga, Hamilton County and the State of Tennessee as we help establish the domestic supply chain of key materials for the lithium-ion battery sector.
Novonix share price snapshot
The past month has added to the strong recent performance of the Novonix share price.
Right now, shares in Novonix are trading for 113% more than they were at the start of 2021. They’ve also gained 126% since this time last year.
The company has a market capitalisation of around $1 billion, with approximately 404 million shares outstanding.
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.
The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.