Collaboration builds on strategic financial commitment and will speed up the enhancement of future-era anode materials for the battery supply chain
HOUSTON & BRISBANE, Australia, January 19, 2022–(Company WIRE)–Phillips 66 (NYSE: PSX) and NOVONIX Limited (ASX: NVX, OTC: NVNXF) now introduced they have signed a engineering improvement settlement to advance the production and commercialization of subsequent-generation anode components for lithium-ion batteries.
“This arrangement builds on our strategic financial investment in NOVONIX and is a normal upcoming action for two businesses dedicated to innovation and a reduced-carbon long term,” said Ann Oglesby, Vice President of Electrical power Investigation & Innovation at Phillips 66. “It sets the framework for the companies to function closely and collaboratively to accelerate the advancement of next-era resources for the U.S. battery provide chain.”
Phillips 66 turned a main trader in NOVONIX in September of 2021, when it acquired a 16% stake in the company. The financial investment is supporting NOVONIX’s progress as it scales up generation and develops new systems for better-overall performance electrical power storage programs.
“We are excited to even further our partnership with Phillips 66, and jointly we plan to create integral procedures, from manufacturing precursor components to producing large-ability long-everyday living artificial graphite anode content supposed to enhance battery performance, lower cost and lower environmental effect,” explained NOVONIX CEO Chris Burns, Ph.D. “We believe NOVONIX is now the only provider with strategies to provide big volumes of artificial graphite anode content in the U.S., and this partnership will accelerate our mission to establish a North American offer chain to electrical power the expanding battery sector and aid a sustainable foreseeable future.”
Below the settlement, Phillips 66 and NOVONIX will leverage main positions in their respective industries — as perfectly as present intellectual house and R&D capabilities — to drive industrial growth of optimized feedstocks and lithium-ion anode products with lessened carbon-intensive processing.
Phillips 66 is a foremost international company of specialty coke, a essential precursor to the artificial graphite anode content NOVONIX produces. The company is 1 of the couple of downstream firms with an in-property analysis and development group. Its Electricity Study & Innovation team works on developing decrease-carbon technologies to guidance the electrical power changeover, which includes subsequent-generation batteries.
NOVONIX is a major producer of artificial graphite anode materials used in the producing of lithium-ion batteries that electrical power electric automobiles, private electronics, medical devices and vitality storage models. NOVONIX’s anode products small business is primarily based in Chattanooga, Tennessee, where it is rising capability to produce 10,000 metric tons for every calendar year of artificial graphite by 2023, 40,000 mt/year by 2025 and 150,000 mt/calendar year by 2030.
About Phillips 66
Phillips 66 is a diversified power production and logistics organization. With a portfolio of Midstream, Substances, Refining, and Advertising and Specialties companies, the organization processes, transports, merchants and markets fuels and products globally. Headquartered in Houston, the business has 14,100 personnel fully commited to basic safety and operating excellence. Phillips 66 experienced $56 billion of assets as of Sept. 30, 2021. For extra facts, stop by www.phillips66.com or adhere to us on Twitter @Phillips66Co.
NOVONIX Limited is an integrated developer and provider of substantial-overall performance components, products and services for the world-wide lithium-ion battery business with operations in the U.S. and Canada and revenue in far more than 14 international locations. NOVONIX’s mission is to allow a clear strength long term by developing for a longer time-lifetime and decreased-expense battery products and systems.
CAUTIONARY Assertion FOR THE Purposes OF THE “Protected HARBOR” PROVISIONS
OF THE Non-public SECURITIES LITIGATION REFORM ACT OF 1995
This press launch contains ahead-looking statements in the meaning of Section 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Trade Act of 1934, as amended, which are intended to be protected by the risk-free harbors produced therefore. Ahead-wanting statements might be determined by the use of words and phrases like “strategies,” “expects,” “will,” “anticipates,” “thinks,” “intends,” “tasks,” “targets,” “estimates” or other terms of very similar indicating. Forward-searching statements are based mostly on specific assumptions and expectations of potential occasions which might not be accurate or understood, and contain hazards and uncertainties, lots of of which are beyond Phillips 66’s handle, including but not limited to regulatory approvals and market place disorders. A dialogue of things that may perhaps influence long term benefits is incorporated in Phillips 66’s filings with the Securities and Exchange Commission. Phillips 66 disclaims and does not undertake any obligation to update or revise any ahead-wanting statement, except as essential by applicable law.
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For Phillips 66:
Jeff Dietert (buyers)
Shannon Holy (buyers)
Bernardo Fallas (media)
For NOVONIX Constrained:
Stefan Norbom (traders)
Kiki O’Keeffe (media)