Shares in Novonix (ASX:NVX) experienced a notable increase, rising up to 8.8% to hit A$0.870, positioning the company for its best day since September 15, subject to the continuation of current gains.

The battery producer announced that its Canadian-based division has received C$3 million in research and development funding, in addition to advisory services.

This financial support was provided by the National Research Council of Canada Industrial Research Assistance Program.

Novonix (ASX:NVX) will leverage these funds to propel two key research and development initiatives, which focus on enhancing its battery materials and technology projects.

If the current trend is maintained, the company’s stocks are poised to halt two successive sessions of losses.

Since September 20, Novonix’s stock value has reached its peak, despite having fallen by 45.6% year-to-date, as of the most recent close.

Novonix (ASX:NVX) is a battery manufacturer with a mission to develop advanced materials for lithium-ion batteries, fostering the adoption and brand acceptance of electric vehicles and renewable energy storage.