Novonix, a battery materials company based in Chattanooga, said it delivered its first sample of commercial-grade synthetic graphite to a potential industrial customer, though it did not disclose which company received the material.
The publicly traded manufacturer described the large delivery as a “critical operational milestone,” and its share price jumped around 16% after the announcement Monday, closing at $1.42 before dropping Tuesday.
Novonix is seeking to turn its riverside facility on Chattanooga’s Westside into the first large-scale production site for synthetic graphite in North America. The material is used in electric vehicle batteries and has industrial applications, like in electric furnaces that produce steel.
Though Novonix did not say which company received the mass-produced material or how much, it described the potential customer as “one of North America’s largest value-added carbon processors with a global market reach.”
It did not share the company’s name because it does not have a supply agreement with the customer yet, Novonix said in an email.