Sport Investors League
  • Politics
  • Stocks
  • Investing
  • Business

Sport Investors League

  • Politics
  • Stocks
  • Investing
  • Business
Investing

NOVONIX Signs Synthetic Graphite Offtake Deal with Volkswagen’s PowerCo

by admin November 28, 2024
November 28, 2024
NOVONIX Signs Synthetic Graphite Offtake Deal with Volkswagen’s PowerCo

Battery materials and technology company NOVONIX (ASX:NVX,NASDAQ:NVX) has signed a binding offtake agreement for synthetic graphite material, the company said in a Monday (November 25) press release.

The agreement is with PowerCo, a battery company set up by Volkswagen (OTC Pink:VLKAF,FWB:VOW). The company is looking to boost its battery cell output, and has identified three gigafactory locations.

The first is in Salzgitter, Germany, the second is Valencia, Spain, and the third is in St. Thomas, Canada.

NOVONIX and PowerCo signed a non-exclusive testing and development agreement in March of this year.

Under the newly announced offtake agreement, NOVONIX will supply a minimum of 32,000 tonnes of synthetic graphite material to PowerCo over a five year term that is set to begin in 2027.

This arrangement comes after NOVONIX penned a binding offtake deal with automotive company Stellantis (NYSE:STLA) earlier this month. It is for a minimum of 86,250 tonnes of synthetic graphite material over a period of six years.

‘Offtake agreements with high-quality partners such as Stellantis solidify NOVONIX’s position as a leader in onshoring the supply chain of synthetic graphite and accelerating the adoption of clean energy,’ said CEO Dr. Chris Burns.

NOVONIX’s Riverside facility, located in Tennessee, US, is reportedly slated to become the first large-scale production site for high-performance synthetic graphite in North America. The company has been awarded a US$100 million grant from an office of the US Department of Energy, and also received a US$103 million investment tax credit.

The facility plans to grow output to 20,000 tonnes per year. Commercial production is set to begin in 2025.

NOVONIX is due to start commercial supply to PowerCo in 2027, but will have to achieve agreed-upon milestones first. These include mass production qualification and the satisfaction of certain compliance criteria.

The company will also have to secure financing commitments for production facilities.

Should NOVONIX fail to satisfy these requirements, PowerCo has the right to terminate the agreement.

Shares of NOVONIX were on the rise following the news, reaching as high as AU$0.98 on Monday.

Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

0
FacebookTwitterGoogle +Pinterest
previous post
Abercrombie expects a strong holiday quarter as growth run continues
next post
Biden Admin Awards Intel US$7.9 Billion for Semiconductor Sector Growth

Related Posts

Crypto Market Recap: Australia to Start Crypto Pilot...

March 24, 2025

Prospect Ridge Resources: Emerging Precious Metals Explorer Near...

May 17, 2024

Oil and Gas Price Forecast: Top Trends That...

December 25, 2024

Questcorp Mining Receives Permit Exemption for IP Survey...

September 3, 2025

Sranan Gold: Unlocking Suriname’s Next Multi-Million-Ounce Discovery in...

July 30, 2025

Variation to Noteholder Agreements

May 22, 2025

Tech Giants Escalate AI Spending in Race to...

July 23, 2025

Anglo American Divests US$1.1 Billion Stake in Australian...

November 5, 2024

Option to Acquire Residual 49% of Comet Vale...

July 17, 2024

SNX to Follow up 1270 g/t Silver Intercept...

May 21, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent

    • Memorial service for assassinated Turning Point USA founder Charlie Kirk draws Trump, major GOP figures

      September 22, 2025
    • Russia shifts from talk to action, targeting NATO homeland amid fears of global war

      September 22, 2025
    • German officials condemn store owner who declared Jews banned from entry to protest Israel

      September 22, 2025
    • Trump honors Charlie Kirk’s legacy and describes him as a ‘martyr for American freedom’

      September 22, 2025
    • Charlie Kirk honored by 90K in one of the largest memorials for a private citizen

      September 22, 2025

    Categories

    • Business (1,107)
    • Investing (3,087)
    • Politics (3,773)
    • Stocks (1,155)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sportinvestorsleague.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 sportinvestorsleague.com | All Rights Reserved