Why the Novonix (ASX:NVX) share price is up 21% in a month

It's been a big month for Novonix shares, despite no news having been released by the company.

| More on:
ASX lithium shares record A line-up of green lithium batteries, indicating positive share price movement for clean ASX lithium miners

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Novonix Ltd (ASX: NVX) share price is having a great month on the ASX.

Shares in the explorer and developer of lithium-ion battery materials have gained 20.4% since this time last month.

30 days ago, the Novonix share price was $2.20. Its shares closed yesterday's session trading for $2.65 a piece.

So, what's been driving the Novonix share price lately? Let's take a look.

The latest from Novonix

The latest news from Novonix hit the market just over a month ago on 23 June 2021.

Then, Novonix announced it was purchasing a second facility to boost its production of battery anode materials.

The new facility is located nearby the company's original facility in Chattanooga, Tennessee.

It will provide Novonix with 400,000 square feet of space to help boost its production by more than 8,000 tonnes of anode material each year.

The Novonix share price gained 10% over the 3 days following the company's announcement.

After the new facility is up and running, Novonix expects to be producing 10,000 tonnes of anode each year.

The facility is expected to be in production by 2023.

Novonix also said its discussions with Sanyo Electric Co and Samsung SDI are progressing well.

Novoix's CEO Chris Burns commented on the news, saying:

We are excited to be announcing this next phase of expansion of our anode materials business in Tennessee. Chattanooga has been a great location for our operations over the past four years, and we look forward to growing the company in the expanding south-east hub of electric vehicle battery manufacturing. We look forward to continuing to work with the great people in Chattanooga, Hamilton County and the State of Tennessee as we help establish the domestic supply chain of key materials for the lithium-ion battery sector.

Novonix share price snapshot

The past month has added to the strong recent performance of the Novonix share price.

Right now, shares in Novonix are trading for 113% more than they were at the start of 2021. They've also gained 126% since this time last year.

The company has a market capitalisation of around $1 billion, with approximately 404 million shares outstanding.

Should you invest $1,000 in Australia And New Zealand Banking Group right now?

Before you buy Australia And New Zealand Banking Group shares, consider this:

Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now... and Australia And New Zealand Banking Group wasn't one of them.

The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

And right now, Scott thinks there are 5 stocks that may be better buys...

See The 5 Stocks *Returns as of 30 April 2025

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. 

The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Resources Shares

Miner looking at a tablet.
Resources Shares

Up 73% since April, why Mineral Resources shares could keep charging higher

A leading expert says that Mineral Resources shares remain ‘heavily undervalued’. But why?

Read more »

Frustrated stock trader screaming while looking at mobile phone, symbolising a falling share price.
Resources Shares

Guess which ASX 200 mining stock is sinking 7% following its quarterly update

Let's see how this miner performed during the third quarter.

Read more »

Miner looking at a tablet.
Resources Shares

What's the latest broker ratings on BHP shares?

There's an air of caution floating about BHP shares even with bullish ratings.

Read more »

A young African mine worker is standing with a smile in front of a large haul dump truck wearing his personal protective wear.
Resources Shares

BHP shares last traded at $50 in 2023. When will they get back there?

Let’s dig into the potential for BHP shares to rise.

Read more »

Man with rocket wings which have flames coming out of them.
Share Gainers

Guess which ASX All Ords stock just rocketed 21% on 'exceptional' results

Investors are sending the ASX All Ords stock flying higher on Wednesday. But why?

Read more »

A mature age woman with a groovy short haircut and glasses, sits at her computer, pen in hand thinking about information she is seeing on the screen.
Resources Shares

Guess which prominent Super fund just offloaded its remaining Mineral Resources shares?

This super fund has had enough.

Read more »

Image from either construction, mining or the oil industry of a friendly worker.
Resources Shares

Broker names 10 ASX mining stocks set to outperform following Macquarie Conference

Twenty-two ASX mining companies presented at the annual Macquarie Conference last week.

Read more »

Miner holding cash which represents dividends.
Dividend Investing

Invested $8,000 in Fortescue shares 5 years ago? Guess how much passive income you've banked!

Fortescue is popular among passive income investors for paying two fully franked dividends per year, even during COVID.

Read more »