Novonix Shares Plunge After Agreement Termination

Novonix Shares Plunge After Agreement Termination

Shares in battery technology company Novonix experienced a significant drop in early trading today after the company announced the termination of its offtake agreement with FCA US, a subsidiary of Stellantis. The termination, effective immediately, stems from the companies’ inability to reach a consensus on battery cell specifications and mass production milestones. Novonix is a battery technology and materials company focused on enabling the ne…

Novonix, Stellantis break-up graphite offtake deal over 'specification' disagreements

Novonix (ASX:NVX) has fallen -12% in intraday trades on Tuesday as the company announced its offtake partner, Stellantis, has nixed its agreement with NVX for delivery of the latter’s battery cell products. Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more. That deal saw NVX supplying a minimum of 86.2Ktpa, on paper, from the start of this year…

NOVONIX Shares Fall 11% After Stellantis Terminates Offtake Agreement

Market Reprices NOVONIX Following Termination of Stellantis Offtake Agreement NOVONIX (ASX: NVX; NASDAQ: NVX) announced that its offtake agreement with FCA US LLC, a subsidiary of Stellantis NV, has been terminated effective immediately. The news triggered an 11 percent drop in the share price as investors digested the implications of losing one of the company’s…