Australia's Novonix eyes best day in over 3 months on Panasonic Energy offtake deal

Panasonic Energy India

09/02/2024 02:56

(Adds Jefferies comments)
    ** Shares of Novonix  NVX.AX  rise as much as 20.3% to
A$0.740, their highest since Jan. 2 
        ** Stock last up 11.4%, set for best day since Oct. 23,
if gains hold
  
    ** The battery technology manufacturer signs a binding
offtake agreement with Panasonic Energy 
    ** Adds deal to supply high-performance synthetic graphite
anode material to Panasonic Energy's North American ops
    ** Jefferies sees crystallisation of offtake agreements as
positive catalysts for NVX
        ** Brokerage says this is the first binding offtake from
a battery manufacturer and expects other offtakes to follow suit
  
    ** Stock among top gainers on ASX All Ordinaries index
 .AORD 
    ** Stock has fallen 16.3% this year, as of last close

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((shivangi.lahiri@thomsonreuters.com))