Allens has advised Novonix Limited on its secondary capital raising of approximately $57 million, a key stepping stone towards commercial production of high-performance battery-grade synthetic graphite at its Riverside facility in Tennessee in 2025.
The capital raising comprised a fully underwritten placement to institutional investors, a non-underwritten conditional placement to existing major shareholder Phillips 66, and a share purchase plan for eligible shareholders.
Allens advised on all aspects of the capital raising, which will support Novonix's Riverside facility in becoming the first large-scale production site for synthetic graphite for the battery sector in North America.
The capital raising follows Novonix's recent announcement of offtake agreements with major customers Stellantis and PowerCo. Allens also advised Novonix on its ASX disclosure requirements for both offtake agreements.
'This capital raising reflects the increasing demand we've seen throughout 2024 - and expect to see in coming years - for energy storage solutions and high-performance batteries,' said lead partner Chelsey Drake.
'It is pleasing to see battery manufacturers' confidence in moving to raise the significant amount required to reach the next phase of commercial development for these technologies.
'We congratulate Novonix on its successful capital raise and look forward to seeing its history-making Riverside facility commence production in the near future.'
