Australia's Novonix inks deal to supply synthetic graphite to Volkswagen-founded PowerCo
Corrects paragraph 1 and 5 to say Novonix is a battery materials supplier, not battery manufacturer
Nov 25 (Reuters) -Australian battery materials supplier Novonix NVX.AX said on Monday it had signed a binding offtake agreement with Volkswagen-founded VOWG_p.DE PowerCo for the supply of a minimum of 32,000 metric tons of high-performance synthetic graphite.
As part of the agreement, Novonix will supply synthetic graphite material for five years, starting in 2027.
PowerCo, founded by German automobile manufacturer Volkswagen, is a battery company overseeing international factory operations.
Novonix said its Riverside facility, located in Chattanooga, Tennessee, is expected to begin its commercial production in 2025, targeting output of 20,000 metric tons per annum (tpa).
The battery materials supplieralso said the firm had been progressing its plans to erect a second production facility in the southeastern United States, which would have an initial capacity of 30,000 tpa with plans to expand it to 75,000 tpa.
The Brisbane-based company had earlier this year signed a supply deal with Panasonic Energy to supply synthetic graphite to the latter's North American operations.
Reporting by Rajasik Mukherjee; Editing by Lisa Shumaker
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
