Dual-listed battery technology company NOVONIX (ASX:NVX) is aiming to double the production capacity target of synthetic graphite at its Riverside facility in Tennessee, US.
The $334.58 million market capitalisation company has been undertaking production campaigns to assess the operating capacity and economic viability of its continuous induction furnace technology to produce high-performance battery-grade synthetic graphite.
The material produced from the furnaces met all specifications and reached equipment design throughput targets.
NOVONIX says the results to date highlight the potential of its technology to meet production targets at competitive costs, while also reaching high-energy efficiency targets with a near zero-emission process.
The company will update the engineering for the process equipment and the Riverside facility to produce up to 20,000 tonnes of synthetic graphite per annum, doubling the initial target of 10,000 tonnes per annum.
NOVONIX Chief Executive Officer (CEO) Dr Chris Burns says the results of the ongoing production campaigns ‘clearly demonstrate NOVONIX’s path to profitable production’.
“Over several production campaigns, the furnaces delivered in-spec product at a mass scale reaching our target design throughputs.
The potential to expand the production output of Riverside to 20,000 tonnes per annum is an important opportunity for the company’s near-term growth plans with significant demand and strong progress in customer development.”
“The potential to expand the production output of Riverside to 20,000 tonnes per annum is an important opportunity for the company’s near-term growth plans…”
NOVONIX is in discussions with KORE Power, a US developer of battery cell technology, and other prospective customers about product qualification, production timelines, and potential supply.
The company will continue to pursue the expansion of its Riverside facility and is working with the US Department of Energy on possible funding support through grant and loan programs.
NOVONIX is a battery materials and technology company operating in Canada and the US.
As of 30 June 2023, the company had US$99.07 million in cash and cash equivalents, according to its latest half-year report.
Write to Carolyn Rebeiro at Mining.com.au
Images: NOVONIX
