Novonix (ASX:NVX) intends to acquire 5% stake in KORE Power

Company News

by Lauren Evans

Novonix (ASX:NVX) is committed to entering investment and supply agreements with KORE Power as part of an ongoing joint effort to strengthen the North American battery supply chain.

Pending board approvals, Nononix will acquire a 5 per cent stake in KORE Power and will become the exclusive supplier to KORE’s battery cell manufacturing facility in the US. 

The battery materials and technology company aims to strengthen the battery supply chain from key materials to cell and pack manufacturing for electric vehicles and energy storage systems.

The letter of intent is non-binding and subject to other customary conditions. If approved, these agreements are expected to close early this year. 

Novonix and KORE Power began working together in 2019 when the parties entered into testing agreements to focus on validation and development of KORE Power’s battery cell technologies. The two companies have continued to test existing and new materials and designs for use in future KORE Power products found in electric vehicles and energy storage systems

“Novonix and KORE Power have been actively working together to improve battery technology utilizing NOVONIX’s proprietary cell testing technologies, and these agreements deepen our longstanding collaboration,” said Novonix CEO Chris Burns. 

"We are reducing the reliance on foreign materials and furthering the United States’ position as a global energy storage leader by providing highcapacity long-life synthetic graphite anode material to a leading domestic developer.”

Shares in Novonix (ASX:NVX) are trading 0.9 per cent lower at $8.17. 

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