Australian Graphite Maker Jumps on $755 Million Loan From US
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Shares in Australian synthetic graphite maker Novonix Ltd. surged after it received a conditional $755 million loan from the US Department of Energy to build a manufacturing plant in Tennessee.
Novonix rose as much as 16% on Tuesday before paring some of its gains to A$0.615 cents a share at 2:44 p.m. Sydney time, valuing the company at A$349 million ($222 million).