Australia's Novonix eyes biggest jump in over 2-months on approval for new production plant

Novonix

13/03/2025 01:22

** Shares of Australia-based battery materials and technology firm NOVONIX NVX.AX rise 10.3% to A$0.48 set for their strongest intraday session since January 7

** Co reports receiving unanimous approval from City of Chattanooga and Hamilton County to purchase 182-acre land for second mass production plant, "Enterprise South"

** Adds, received estimated $54 million in net tax and other benefits

** With NVX's existing Riverside facility, total production capacity expected to exceed 50,000 tonnes per annum in Chattanooga by 2028 — NVX

** Stock posts its highest level since February 27

** Stock drops ~35 YTD including current session

 (Reporting by Kumar Tanishk in Bengaluru)

 ((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk))