Shares in battery technology company Novonix jumped nearly 10 per cent after it said it was discussing a $US150 million ($240 million) grant with the US Department of Energy to fund expanded production of its synthetic graphite anode materials.

Novonix would be the latest beneficiary of US efforts to weaken China’s grip on the markets for critical minerals expected to experience a surge in demand, thanks to intensifying global efforts to transition to clean energy.