The Novonix Ltd (ASX: NVX) share price has been a strong performer on Tuesday.
In afternoon trade the shares of the integrated developer and supplier of high-performance materials, equipment, and services for the lithium-ion battery industry are up 17% to $1.83.
Why is the Novonix share price surging higher?
Investors have been buying the company’s shares today following the release of an announcement.
According to the release, the company has appointed Professor Jeff Dahn as its Chief Scientific Advisor, effective July 1.
Prof. Dahn is a leading researcher in the field of lithium-ion batteries and materials and currently holds the title of NSERC/Tesla Canada Industrial Research Chair with Dalhousie University. He has co-authored 730 papers and has 73 inventions with patents issued or filed. These include some of the early patents related to Lithium-Nickel-Manganese-Cobalt-Oxide cathode material in 2001.
The release explains that Prof. Dahn will provide advice with respect to Novonix initiatives across its battery materials and research businesses, as well as key customer and business development projects.
In addition to this role, Prof. Dahn and the Dalhousie University research team in Halifax, Nova Scotia will continue to work alongside electric car giant Tesla.
Novonix’s Chief Executive, Dr. Chris Burns, commented: “We are extremely excited to have Prof. Dahn join the Novonix team and become involved in our initiatives to develop and supply world-leading materials to the lithium-ion battery sector. I am personally pleased to have the opportunity to work together with Prof. Dahn again as his insights, industry contacts and experience will be a huge asset for our business.”
Prof. Dahn revealed that he was very pleased to be working with Novonix.
He said: “I have always wanted to be able to help local Nova Scotian businesses in the battery space and I’m happy to be taking on this advisory role. The Novonix team is comprised of creative scientists and engineers who are doing exciting and novel work. I am thrilled to have this opportunity.”
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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