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NOVONIX Closes Sale of Canadian Noncore Business to Former CEO, Shares Jump 6%

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-- NOVONIX (ASX:NVX) finalized and closed the divestment of its NOVONIX Battery Technology Solutions business in Canada to its former Chief Executive Officer, Chris Burns, for a transaction price of $1, according to a Friday Australian bourse filing.

NOVONIX Battery Technology Solutions will operate as two independent companies, Avrion Battery Labs and Dryve Battery Materials.

NOVONIX will receive a 15% equity stake in the cathode business, which will operate under Dryve Battery Materials. It will also provide certain transition services and grant the buyer a trademark license through Dec. 31.

Its shares jumped 6% in recent trading on Friday.

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NOVONIX Closes Sale of Canadian Noncore Business to Former CEO, Shares Jump 6% | FINWIRES