AUSTRALIA – As part of efforts to create clean technology solutions, the Government of Canada is investing USD500,000 in Australia-listed firm Novonix Battery Testing Services Inc. (ASX:NVX).
The investment will help Novonix further develop and market its innovative battery testing, the company said in a disclosure to the Australian Securities Exchange.
The funding was announced today by the Kirsty Duncan, Minister of Science, on behalf of the Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Atlantic Canada Opportunities Agency (ACOA).
Darren Fisher, Member of Parliament for Dartmouth-Cole Harbour, also took part in the event.
“I commend the researchers and entrepreneurs at Novonix who are working together to determine how small changes in chemistry can create longer lasting batteries. Our government is committed to supporting endeavours that clearly lead to clean technology, new jobs, and a strong and growing middle class,” Duncan said.
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Dr. Chris Burns, President and CEO of Novonix Inc. and his team will use these funds to further the research and development of their high-calibre battery chargers and battery cell testing services.
“Novonix is proud to provide a critical product that helps researchers around the world create better, longer-lasting batteries. We are excited to continue to grow our brand and reach new customers,” Burns said.
The investment will also help them expand the international marketing of their company whose expertise and services have already been sought after by Apple, Tesla Motors, 3M and Panasonic among others.
The lithium-ion batteries Novonix specializes in are already used in electric vehicles, in cell phones and laptops, and for energy storage products.
Demand for these energy-efficient batteries for electric vehicles specifically is expected to grow substantially in the coming years as battery prices drop and restrictions on diesel and gasoline powered cars mount.
The federal funding is being allocated through ACOA’s Business Development Program, which supports small and medium-sized enterprises and not-for-profit organizations that provide support to Atlantic businesses. – BusinessNewsAsia.com