The company, which has the backing of the St Baker family and has Brisbane Olympics president Andrew Liveris on its board, is transitioning to an almost entirely north American base and has been expanding its synthetic graphite capacity through the development of a new facility in Chattanooga, Tennessee.

Novonix also announced that one of its key supporters, KORE Power, had secured funding for its own battery cell production facility which would use Novonix graphite.

It should have been a return to confidence for the company but it also announced that its production rate would be about 3000 tonnes a year in 2024 and ramp up to 12,000 tonnes by 2028.

Its previous guidance was for more than three times that in 2023.

“Novonix plans to adjust the previous production output targets of Riverside from 10,000 tpa in 2023 to match the KORE supply agreement volumes and any subsequent volumes from supply agreements the company may enter,” the company told the ASX yesterday.

Managing director Chris Burns said he was excited to begin the delivery of the company’s graphite to KORE.

“We are pleased with the progress at our Riverside facility as we start to bring production online to support mass production qualification with KORE and other customers,” Burns said.

Novonix shares closed yesterday at $1.57, the stock’s lowest point in almost two years, but there was a recovery this morning with a 4.4 per cent rise at the market opening. In November last year its shares were $10.50.