By Stephen Nakrosis
Shares of Novonix were rising in the late trading session after the battery materials and technology company said it received a conditional commitment for a direct loan of up to $754.8 million from the Energy Department.
After the bell, the company's shares were trading 33% higher, at $2.07. The stock hit as high as $2.91 in the late session Monday.
If finalized, the loan would be applied toward partially financing construction of a facility in Chattanooga, Tenn., to manufacture synthetic graphite primarily for use in electric vehicle batteries, Novonix said.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
December 16, 2024 17:46 ET (22:46 GMT)
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