Novonix Shares rise on quarterly update
- Novonix’s (NVX) shares are trading higher this afternoon on the back of its latest quarterly update
- A milestone was multinational energy giant, Phillips 66, investing US$150 million (A$204 million at the time) in the company in exchange for a 16 per cent stake
- The company spent $88.4 million on investing activities, which included the purchase and expansion of its facilities to support increased production and cathode technology
- At the end of the quarter, Novonx had just shy of $291 million in cash, which is more than double the $136.7 million it started with
- NVX shares are up 7.92 per cent to trade at $7.36
