Novonix Limited (ASX: NVX) has provided an update on its plan to scale its U.S. production of high-performance synthetic graphite anode materials subsequent the latest announcement that KORE Power, Inc. closed its initial US$75 million of an expected total US$150 million in funding.
On 31 January 2022, the Company entered into a deal to be the exclusive supplier of graphite anode material to KORE Power as part of a strategic partnership to progress the Li-ion battery supply chain in North America.
On 30 November 2022, Kore Power announced the closure of initial US$75 million of strategic financing from Siemens Financial Services as well as other strategic investors to aid the construction of its KOREPlex facility in Phoenix, Arizona, which will start commercial production in the Q4 2024. Now, NOVONIX is expanding production of its Riverside facility in Chattanooga, TN and will aim 10,000 tpa output at full operation to support KORE’s requirement.
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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
