Novonix (NASDAQ: NVX) stock is making huge gains in Friday's daily trading session. The battery-technology specialist's share price was up 31.7% as of 11:15 a.m. ET, according to data from S&P Global Market Intelligence.

Novonix published a press release after the market closed yesterday announcing that its production of high-performance synthetic graphite for use in lithium-ion batteries had met performance targets. The Australia-based company also announced that it was now expecting much better production capacity at its Tennessee facility. 

With its recent production and testing results, Novonix's furnace technology looks better positioned to support scalable and cost-effective production of synthetic graphite. The company is now aiming to reengineer its Tennessee facility to support the production of up to 20,000 tons of synthetic graphite per year -- up from its previous target of 10,000 tons per year. With production seemingly on track to scale rapidly, Novonix could be moving closer to profitable creation of the material.

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Source Fool.com