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Stock Alert: Novonix Skyrockets

Shares of Novonix Ltd. (NVNXF) are soaring more than 234 percent or $3.09 in Tuesday's morning trade at $4.40. Australia-based Novonix is a supplier of battery materials, equipment and services to the lithium-ion battery market.

Monday, Novonix published its annual report to shareholders, noting that fiscal 2020 proved to be a banner year for the company as it signed deals with two of the world's largest battery manufacturers, Samsung SDI and Sanyo/Panasonic. The company has also secured funding to expand production to 2,000 tonnes per annum or tpa progressively over 2020 and 2021.

The company added that in fiscal 2020, Novonix Battery Technology Solutions or Novonix BTS achieved more than 100 percent year-over-year revenue growth and announced battery technology developments including Dry Particle Micro Granulation (DPMG) and Single Crystal Cathode (SCC).

Novonix has traded in a range of $1.82 to $4.85 in the past 52 weeks.

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