The Novonix Ltd (ASX: NVX) share price has been a positive performer on Wednesday.
In afternoon trade the shares of the integrated developer and supplier of high-performance materials, equipment, and services for the global lithium-ion battery industry are up 3% to $1.75.
Why is the Novonix share price pushing higher today?
Investors have been buying the company's shares amid growing interest in the lithium sector following Tesla's Battery Day event overnight.
This afternoon Novonix released an announcement in response to some of key the topics discussed at the event.
According to the release, the electric vehicle company touched on all aspects of cell manufacturing through to vehicle integration to outline a roadmap for a potential 56% cost reduction in the final battery pack in a vehicle.
The event also focused significantly on Tesla's internal project to develop cell manufacturing technology of its own. This is something which has been rumoured about since the acquisitions of companies such as Maxwell Technologies and Hibar Systems.
Novonix's CEO Dr. Chris Burns, notes that this event was of great significance to the company and the entire battery market.
He said: "It was very exciting to listen to Elon [Musk] and Drew [Baglino} discuss the advancements in TESLA's battery program. Their approach to rethinking battery cell manufacturing exactly aligns with NOVONIX's approach to rethinking battery materials manufacturing."
Dr Burns notes that cost reductions are a focus for Tesla and he feel Novonix can assist with these goals.
The CEO explained: "Today's battery chemistry has proven itself for vehicles and energy storage systems, it just needs to be more affordable. The cost of production of cells and materials has been stuck on existing technology and there is opportunity to disrupt these sectors through re-engineered solutions."
"NOVONIX's anode material processing technology is one example of delivering lower cost, high performance graphite to support long cycle life applications, and Dry Particle Microgranulation (DPMG) is another as a process to eliminate waste water and use simpler metal inputs to reduce cathode manufacturing cost or improve yield in anode manufacturing," he added.
What now for Novonix?
Management appears very optimistic on the future and intends to focus on delivering lower cost materials to the electric vehicles sector.
It concluded: "The NOVONIX team and proprietary technologies complements the amazing work by TESLA and we look forward to continuing to participate in the advancement of the state of lithium-ion battery technology. NOVONIX continues to work on delivering lower cost materials to support million-mile (or more) vehicle battery and 20+ year grid storage technologies to decrease the total cost of ownership of batteries over their lifecycle."
