The Novonix Ltd (ASX: NVX) share price is roaring higher over the last month despite the company being relatively quiet.
Novonix's one and only price-sensitive release of the last 30 days dropped last week. It detailed the company's quarterly activities and cash flows.
On top of that, the Novonix share price had seemingly been riding a recent wave of enthusiasm for lithium. While Novonix doesn't deal directly with lithium, it works in the battery technology space.
Finally, news of Telsa Inc (NASDAQ: TSLA) may have piqued the market's interest in Novonix due to its leader's ties with the electric car manufacture. Last week, Tesla celebrated a significant milestone when its value surpassed US$1 trillion.
On Thursday, the Novonix share price closed at $8.54, 1.78% higher than its previous close and 64.5% higher than it was this time last month.
Let's take a closer look at what might be moving the graphite explorer and manufacturer's stock lately.
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What could be fuelling the Novonix share price?
The only release the market has seen from Novonix over the last month was its activities and cash flow report for the September quarter. The Novonix share price rallied 8.5% on the day the company released its quarterly results.
Over the quarter just been, Novonix saw a loss of $6.9 million. It ended the period with around $290.9 million in cash and approximately $48.8 million of drawn finance.
That's enough to fund another 42.2 quarters if costs remain the same as the one just been.
Additionally, over the quarter just been, Novonix purchased a new battery anode production facility in the United States. It also saw Phillips 66 (NYSE: PSX) make a strategic investment in the company.
Excitingly, it also welcomed its new chief scientific advisor, Professor Jeff Dahn.
Dahn and his research group have an exclusive partnership with Tesla. For those who aren't aware, Dahn is the second connection Novonix has with Tesla.
The company's CEO, Dr Chris Burns, was previously Tesla's senior research engineer.
Finally, the Novonix share price's recent rally might be due to increased interest in battery technology companies and lithium producers.
Lithium stocks surged last week alongside the commodity's price. While Novonix doesn't deal in lithium itself, its stock tends to move alongside lithium shares, likely due to its involvement in the battery sector.
The continued upwards movement experienced by the Novonix share price could be a signal of the market's lasting excitement in the battery sector.
