Novonix is backed by the wealthy St Baker family from Brisbane and includes Washington H Soul Pattison's small cap fund and Regal Funds Management as significant shareholders. According to its annual report, Corporate Travel Management boss Jamie Pherous is a top 20 shareholder while former Dow Chemical chief Andrew Liveris is a director. Yet despite its lofty market capitalisation, Novonix reported half-year revenue of $2.67 million and a loss for the half of $6.97 million.Novonix’s shares took off shortly after it announced it was tapping its shareholders in a fully underwritten $58.28 million raising by issuing new shares at 29 cents, a 56 per cent discount to the last traded share price. It said this week the raising was oversubscribed.Haplo@HC_HaploTesla Battery Day looms as rumours of new lithium-ion partnership emerges $NVX https://thedriven.io/2020/06/05/tesla-battery-day-looms-as-rumours-of-new-lithium-ion-partnership-emerges/ …Tesla Battery Day looms as rumours of new lithium-ion partnership emergesMarket analysts say Tesla is getting close to locking in date for Battery Day, as rumours emerge of a new partnership with Australian lithium-ion battery testing equipment supplier Novonix.thedriven.io165:43 PM - Jun 14, 2020Twitter Ads info and privacySee Haplo's other TweetsThe issue of new shares helped to increase its market cap. The raising included a placement to St Baker Energy Innovation Fund, led by Trevor St Baker, the father of Novonix managing director Phil St Baker. Novonix directors also participated in the capital raising.Novonix’s shares nearly doubled from 68¢ to $1.21 on June 9 after it announced a "breakthrough" that would improve electricity density of EVs batteries and produce longer-lasting batteries.RELATED ARTICLETESLAPressure is rising on Tesla's Aussie chairwoman after insurance deal with MuskAdd to shortlistRegal Funds Management was a key beneficiary of the recent share price rise after picking up 6.76 per cent stake on June 5 at between 29¢ and 68¢.Asked by The Age and The Sydney Morning Herald last week about when the board was in receipt of the information that led to such a large share price surge and whether that was before the capital raising was launched, Mr Phil St Baker said: "Public communication relating to the technology update of June 9, 2020 to which you refer started on November 21 last year at the company AGM."The November 21 statements failed to excite Novonix’s shares which fell 1¢, or 3 per cent, to 36¢. Novonix did get a 8.6 per cent boost to its share price in December when it announced that it had sealed a supply deal with Samsung SDI which in turn supplied batteries, but that share price jump was still far below the June 9 spike.Novonix also held an investor briefing on June 9 after announcing its "breakthrough" where chief operating officer Chris Burns was asked about the Tesla rumours."There's a lot of coverage around Tesla's expansion toward being vertically integrated and building their own cells. And so they would certainly fall in this list of companies that would be interested in working with us on our materials," he said in response to a question that had been emailed in by an investor and read out by a representative of a communications firm assisting with the briefingMr St Baker said the group had had confidentiality agreements in place with a number of players when asked about the Tesla rumours. "Battery cell makers supplying the automakers are the companies you need to be doing deals with if you're a battery materials company and that's exactly what Novonix is doing," he said."Publicly available information shows that Tesla buys its battery cells from the established makers, while they are working toward potentially making their own cells in the future."Tesla did not respond to requests for comment.Share on FacebookShare on TwitterSend via EmailLicense this articleELECTRIC CARSGRAPHITECORP LIMITEDSarah DanckertTwitterEmailSarah Danckert is a business reporter.Search ASX quotesFind by company name or ASX codeMOST VIEWED IN BUSINESSOPINIONWoolworths' wage underpayments: the $390m sore that keeps on weepingAdd to shortlistOPINIONThe RBA 'jaw-boning' experiment keenly watched by the Federal ReserveAdd to shortlistWoolworths underpayments blow out to $390 million; 1350 jobs to goAdd to shortlistAs it happened: ASX recovers from trade blunder, closes flatAdd to shortlist'Flight to quality': Canva soars to $8.6 billion valuationAdd to shortlist'He's dreaming': Mike Cannon-Brookes and coal baron Trevor St Baker clash over renewablesAdd to shortlistYou have 5 free articles remainingStay informed with the news you deserve to know.Save 50% for your first 3 months and get unlimited access to The Age.STARTER DIGITAL$1.75 per weekSubscribe with GoogleCARD OR PAYPALAlready subscribed? Log InCloseAdvertisement
NVX Price at posting:
98.0¢ Sentiment: None Disclosure: Not Held
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