Australia's Novonix set for best day in three weeks on US tax credit

Novonix

02/04/2024 03:39

** Shares of Novonix  NVX.AX  soar as much as 12.8% to
A$0.970, set for best day since March 12 - if current trend
holds 
    ** Battery tech co says it has received $103 mln tax credit
from the U.S. Department of Energy to support production of
critical battery materials from its Riverside facility in
Tennessee
    ** "The credits should provide additional certainty into
future financing plans," Jefferies analysts say 
    ** Shares hit highest level since March 18 
    ** Stock up 17% this year, as of last close

 (Reporting by Archishma Iyer in Bengaluru)
 ((Archishma.Iyer@thomsonreuters.com;))