TradingCharts
1 year ago
NOVONIX Enters into Joint Venture Agreement with TAQAT Development Company to Produce Battery Materials in the MENA Region
MARCH 30, 2023 AT 6:12 PM EDT
PDF Version
Key Deal Terms:
NOVONIX Limited (“NOVONIX”) and TAQAT Development Company (“TAQAT”) have agreed to form an incorporated Joint Venture (JV) in the Kingdom of Saudi Arabia to produce high-performance graphite anode for use in electric vehicle (“EV”) and energy storage system (“ESS”) applications.
It is intended that the JV will undertake engineering for the facility in its first year with the target to begin facility construction in 2024.
NOVONIX will contribute access on a royalty-free basis to its proprietary intellectual property to the JV for the production and sales of high-performance graphite anode in the Middle East and North Africa (“MENA”) region.
TAQAT will hold a 60 percent equity stake in the JV vehicle and NOVONIX will hold a 40 percent stake with each party contributing their share of operating and capital costs for engineering and subsequent facility construction and operation.
BRISBANE, Australia, March 30, 2023 (GLOBE NEWSWIRE) -- NOVONIX Limited (NASDAQ: NVX, ASX: NVX, OTCQX: NVNXF) (“NOVONIX” or “the Company”), a leading battery materials and technology company, today announced that it has agreed to establish an incorporated joint venture with TAQAT to develop and produce anode materials for electric vehicle and energy storage system batteries in the Middle East and North Africa (“MENA”) region.
The joint venture, which has been in discussion since 2021, is intended to utilize NOVONIX’s leading battery technology and capability to develop a graphite anode materials facility with capacity of 30,000 tonnes per annum. The project is to be located in Saudi Arabia and is expected to secure ready access to precursor material as feedstock for critical battery materials and access to developing end-use markets for the manufacture and sale of EVs and ESS applications.
The Government of Saudi Arabia, as part of its Vision 2030 goals, is using its investment power to support and create a more diverse and sustainable economy. Saudi Arabia plans to have 30% of all vehicles on road be electric by 2030. In support of this initiative, Saudi Arabia launched Ceer, the country’s first electric vehicle brand, and a US based EV manufacturer also announced plans to build its first international factory in Saudi Arabia. Upstream projects such as the anode materials facility to be built under this JV will help support a localized supply chain for this sector in Saudi Arabia.
Further, TAQAT announced that it has signed a Memorandum of Understanding (“MOU”) with Rabigh Refinery & Petrochemical Company (“Petro Rabigh”). Petro Rabigh intends to supply TAQAT Decant Oil and TAQAT intends to build a petroleum needle coking facility, using Chevron Lummus Global proprietary Needle Coke technology. This will allow for the JV to access high quality local precursor material within Saudi Arabia while also being able to leverage NOVONIX’s existing suppliers of key feedstocks from North America and globally.
Chris Burns, CEO of NOVONIX commented, “I am very excited as to the possibilities that the joint venture presents to both of our companies. The joint venture will leverage NOVONIX’s existing work in North America and will allow us to more quickly scale our operations to extend our geographical reach to the global market. We believe the joint venture will enhance our financial strength and profitability by both driving revenues and accessing cost competitive, quality feedstock for projects outside of North America. NOVONIX’s battery anode manufacturing expertise coupled with TAQAT’s anticipated strong financial support will help bring the first anode materials facility to Saudi Arabia.”
Jamal Al-Bassam CEO of TAQAT said, “We are pleased to partner with NOVONIX, a leading battery technology and battery materials company. Together, this provides a platform that benefits both companies, not just for the development of battery materials, but also to create a world-class graphite vertical in Saudi Arabia and support the Kingdom’s diversification efforts.”
Other Deal Terms:
NOVONIX will appoint the JV's CEO and COO and TAQAT will appoint the JV's CFO. The JV will have a 5-person Board of Directors. TAQAT has the right to appoint 3 directors to the Board and NOVONIX has the right to appoint 2 directors to the Board, reflecting the parties’ respective equity interests in the JV.
Certain decisions of the Board such as major disposals, major acquisitions, joint ventures, indebtedness, capital expenditures, litigation, or other significant matters of a corporate nature will require the approval of at least one NOVONIX appointed Director and one TAQAT appointed Director.
The parties must incorporate the JV vehicle, provide initial funding for a front-end engineering and design ("FEED") study and obtain merger control clearance (if required) from the Kingdom of Saudi Arabia's General Authority for Competition by 31 March 2024 in each case or the JV will terminate.
https://ir.novonixgroup.com/news-releases/news-release-details/novonix-enters-joint-venture-agreement-taqat-development-company
TradingCharts
1 year ago
NOVONIX Announces Appointment of Daniel Akerson and Ron Edmonds to Board of Directors
Novonix Ltd.
26 October 2022
Daniel Akerson
Mr. Akerson has served as an executive and director for multiple Fortune 100 companies, including as the former Chairman and Chief Executive Officer of General Motors from 2010 to 2014. Under his leadership, the company completed a successful IPO in November 2010, reported a record 15 consecutive quarters of profitability, reinvested nearly $9 billion, and created or retained more than 25,000 jobs at its U.S. plants. In 2002, he joined The Carlyle Group as a Global Partner and Co-Head of U.S. Buyout, and then became head of the firm’s Global Buyout operations. During his tenure, Carlyle’s assets under management rose from $30 to $100 billion. In addition to his executive positions, Mr. Akerson currently serves as lead director on the Lockheed Martin Board of Directors and was previously Chairman of the United States Naval Academy Foundation.
Ron Edmonds
Mr. Edmonds is a highly accomplished finance executive, currently serving as Chief Accounting Officer at Dow, a $55 billion global materials science company. In that role, he spearheaded all financial activity supporting Dow’s historic $86-billion merger with DuPont unlocking new sources of value, and creating three independent, publicly traded companies in materials science, agriculture, and specialty products sectors. Prior to Dow, he served in finance and accounting roles at Chiquita Brands International, The Upjohn Company, and Arthur Andersen & Company.
This announcement has been authorized for release by NOVONIX Chairman, Admiral Robert J. Natter, USN Ret.
https://sg.style.yahoo.com/novonix-announces-appointment-daniel-akerson-130800246.html
TradingCharts
1 year ago
NOVONIX Provides Update on Scaling U.S. Production of Synthetic Graphite Anode Materials
DECEMBER 20, 2022
Are you up late or up early ?
We are both looking for a graphite play or two.
Novonix, is closer than I thought. ASX down tonight. Maybe I will take a small position again. https://www2.asx.com.au/markets/company/nvx
On January 31, 2022, NOVONIX signed an agreement to be the exclusive supplier of graphite anode material to KORE as part of a strategic partnership to advance the lithium-ion battery supply chain in North America. On November 30, 2022, KORE announced it closed the initial US$75 million of strategic financing from Siemens Financial Services and other strategic investors to support the construction of its KOREPlex facility in Phoenix, Arizona, which will begin commercial production in the fourth quarter of 2024. NOVONIX is expanding production of the Company’s Riverside facility in Chattanooga, TN to a target of 10,000 tpa output at full operation to support KORE’s requirement. This will begin at a rate of approximately 3,000 tpa in 2024 and ramp to approximately 12,000 tpa in 2028, to match KORE’s required volume.
On October 19, 2022, NOVONIX announced that it was selected for a US$150 million grant from the U.S. Department of Energy (DOE), through the Bipartisan Infrastructure Law funding, to expand its production of synthetic graphite anode materials. The Company plans to begin construction of a new production facility in 2023, while continuing to expand the production output of Riverside. NOVONIX plans to adjust the previous production output targets of Riverside from 10,000 tpa in 2023 to now match the KORE supply agreement volumes and any subsequent volumes from supply agreements the Company may enter. Equipment installation continues at Riverside as NOVONIX’s proprietary Generation 3 graphitization furnaces are being optimized ahead of the start of production to support KORE’s required volume.
https://ir.novonixgroup.com/news-releases/news-release-details/novonix-provides-update-scaling-us-production-synthetic-graphite
TradingCharts
1 year ago
NOVONIX Provides Update on Scaling U.S. Production of Synthetic Graphite Anode Materials
DECEMBER 20, 2022 AT 5:34 PM EST
BRISBANE, Australia, Dec. 20, 2022 (GLOBE NEWSWIRE) -- NOVONIX Limited (NASDAQ: NVX, ASX: NVX, OTCQX: NVNXF) (“NOVONIX” or “the Company”), a leading battery materials and technology company, today announced an update on its plans to scale its U.S. production of high-performance synthetic graphite anode materials following the recent announcement that KORE Power, Inc. (“KORE”) closed its initial US$75 million of an anticipated total US$150 million in funding.
On January 31, 2022, NOVONIX signed an agreement to be the exclusive supplier of graphite anode material to KORE as part of a strategic partnership to advance the lithium-ion battery supply chain in North America. On November 30, 2022, KORE announced it closed the initial US$75 million of strategic financing from Siemens Financial Services and other strategic investors to support the construction of its KOREPlex facility in Phoenix, Arizona, which will begin commercial production in the fourth quarter of 2024. NOVONIX is expanding production of the Company’s Riverside facility in Chattanooga, TN to a target of 10,000 tpa output at full operation to support KORE’s requirement. This will begin at a rate of approximately 3,000 tpa in 2024 and ramp to approximately 12,000 tpa in 2028, to match KORE’s required volume.
https://novonixgroup.gcs-web.com/news-releases/news-release-details/novonix-provides-update-scaling-us-production-synthetic-graphite
TradingCharts
1 year ago
Novonix BTS
“The single crystal cathode development complements Novonix’s PUREgraphite anode product, both addressing the ultra-long-life battery performance requirements critical to the achieving the million-mile battery life being sought by leading electric vehicle automakers,” he said.
The single crystal manufacturing methods were developed through research funded by Novonix BTS, led by Professor Mark Obrovac at Dalhousie University.
Novonix owns all intellectual property rights over the techniques on an exclusive and royalty-free basis.
https://themarketherald.com.au/novonix-asxnvx-patents-single-crystal-cathode-tech-2020-06-09/
NOVONIX is comprised of 2 businesses: NOVONIX Battery Technology Solutions (BTS) based in Halifax and NOVONIX Anode Materials based in Chattanooga.
NOVONIX BTS, spun out of Dr. Jeff Dahn’s lab at Dalhousie University, provides the most accurate battery cell testing in the world. NOVONIX BTS’ equipment and cell testing services are used by leading battery makers, researchers and equipment manufacturers NOVONIX BTS offers an array of services including materials development, cell design, cell testing, and electrolyte analysis.
NOVONIX Anode Materials manufactures the world's best graphite anode material for lithium-ion batteries. Based in Chattanooga, TN, NAM is the only US supplier of graphite anode. Committed to developing the US battery supply chain, all of NAM's precursor materials and equipment are sourced in the USA.
https://www.youtube.com/@novonix434/about
NOVONIX Battery Technology Solutions (BTS) based in Halifax
NOVONIX Anode Materials based in Chattanooga
futrcash
2 years ago
Not sure what you're asking?
Clearly they're responding to questions regarding what the exchange considered unusual trading activity prior to the public disclosure of the DOD grant.
Management confirmed there was no inside information released prior to the public disclosure
Do you see anything differently ?
ASX ANNOUNCEMENT
(ASX: NVX)
20 October 2022
NOVONIX SELECTED FOR US$150 MILLION GRANT
FROM U.S. DEPARTMENT OF ENERGY
- Strategic milestone advancing localization of U.S. battery supply chain -
- Supports NOVONIX’s growth plan to expand synthetic graphite production to 40,000 tonnes per annum in 2025 -
Chattanooga, Tennessee, October 20, 2022 – NOVONIX Limited (NASDAQ: NVX, ASX: NVX, OTCQX: NVNXF) (“NOVONIX” or “the Company”), a leading battery materials and technology company, today announced that its NOVONIX Anode Materials division was selected to enter negotiations to receive US$150 million in grant funding from the U.S. Department of Energy (DOE) to expand its domestic production of high-performance, synthetic graphite anode materials. Information on the selected projects can be found on the DOE’s website here.
This award, announced by President Biden, strengthens the North American battery supply chain amidst surging demand and growing calls to onshore these critical industries. Negotiations will cover final project details including total project costs, operational milestones, and timing of access to grant funds. Under the terms of the grant, government funds must be at least matched by the recipient. Upon successful completion of negotiations with the DOE, NOVONIX will further update the market.
This is the first set of projects funded by President Biden’s Bipartisan Infrastructure Law to expand domestic manufacturing of batteries for electric vehicles and the electrical grid, with a focus on domestic processing of materials and components currently imported from other countries. Responsible and sustainable domestic sourcing and processing of the critical materials used to make lithium-ion batteries will strengthen American supply chains, accelerate battery production to meet increased demand, and secure the nation’s economic competitiveness, energy independence, and national security.
The funding announced today by the Department of Energy is the first phase of over $7 billion1 in total provided by the President’s Bipartisan Infrastructure Law for the battery supply chain and supports NOVONIX’s execution of its strategic growth plan for synthetic graphite anode materials produced in the U.S. Specifically, the grant funds will be dedicated to the construction of a 30,000 tonnes per annum (tpa) U.S. manufacturing facility, including site selection, plant layout, and engineering design with capability for additional expansion.
DOE’s Office of Manufacturing and Energy Supply Chains (MESC) is responsible for strengthening and securing manufacturing and energy supply chains needed to modernize the nation’s energy infrastructure and support a clean and equitable energy transition. MESC will manage the portfolio of projects with support from DOE’s Office of Energy Efficiency and Renewable Energy’s Vehicle Technologies Office.
NOVONIX Limited (ASX: NVX)
ACN 157 690 830
Level 38, 71 Eagle Street
Brisbane QLD 4000
AUSTRALIA
https://cdn.kscope.io/8f0d09b11de96067cabd541d13d4e93b-img59892534_0.jpg
“We are proud to have been selected to negotiate this funding in recognition of our readiness to accelerate the domestic battery supply chain and meet growing global demand from the electric vehicle and stationary grid storage markets,” said Dr. Chris Burns, NOVONIX Co-Founder and CEO. “Since inception, our mission has been to enhance batteries through innovation and pave the way for the clean energy transformation. We are excited to partner with the DOE to further our mission of establishing a domestic supply chain for synthetic graphite used in lithium-based batteries and creating long-term sustainable value for our stakeholders.”
The grant is being funded under Area of Interest Two of the recently announced Battery Materials Processing and Battery Manufacturing Funding Opportunity Announcement (FOA), with the main objective of creating battery-grade graphite anode manufacturing capacity in the United States. The Project funded under this award will reduce U.S. reliance on importing this key battery material. China currently dominates both the synthetic and natural graphite markets with 98% and 77% market share, respectively; the rest coming from Japan and Korea2.
Through its proprietary process technology, clean power sources, and strategic partnerships, NOVONIX remains committed to enabling an electrified future while addressing the climate crisis. The Company is on track for reaching annual production capacity of 10,000 tpa of synthetic graphite in 2023 at its existing Riverside facility in Chattanooga, Tennessee, with further plans to expand annual production capacity to 40,000 tpa in 2025 and 150,000 tpa in 2030. The Company plans to build the facility proposed under this project to allow for subsequent expansion to support up to 75,000 tpa and will continue to seek other potential government funding opportunities for additional project funding.
This announcement has been authorized for release by NOVONIX Chairman, Admiral Robert J. Natter, USN Ret.
About NOVONIX
NOVONIX is a leading battery technology company with operations in Canada and the United States. NOVONIX provides advanced high-performance materials, equipment, and services for the global lithium-ion battery industry with sales in 14 countries. We develop materials and technologies to support longer-life and lower-cost batteries that fuel a cleaner energy future.
Our NOVONIX Battery Technology Solutions division, based in Halifax, Nova Scotia, Canada, focuses on innovative battery research and development, along with providing advanced battery testing equipment and services on a global scale.
Our NOVONIX Anode Materials division, located in Chattanooga, Tennessee, USA, manufactures our synthetic graphite anode materials used to make lithium-ion batteries which power electric vehicles, personal electronics, medical devices, and energy storage units. To address growing industry demand, we are working to increase production capacity to 10,000 metric tons of synthetic graphite per annum (tpa) by 2023, with further targets of 40,000 tpa by 2025, and 150,000 tpa by 2030.
To learn more about NOVONIX visit us on LinkedIn, Twitter, or www.novonixgroup.com
For NOVONIX Limited
Stefan Norbom, ir@novonixgroup.com (investors)
Chantal Theoret, media@novonixgroup.com (media)
1 The White House October 19, 2022 https://www.whitehouse.gov/briefing-room/statements-releases/2022/10/19/fact-sheet-biden-harris-administration-driving-u-s-battery-manufacturing-and-good-paying-jobs/
2Source: Benchmark Mineral Intelligence September 2022 Report
NOVONIX Limited (ASX: NVX)
ACN 157 690 830
Level 38, 71 Eagle Street
Brisbane QLD 4000
AUSTRALIA
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