Phillips 66 acquires 16% stake in NOVONIX (ASX:NVX)

Company News

by Lauren Evans

Energy manufacturing and logistics company Phillips 66, is set to acquire a 16 per cent stake in NOVONIX (ASX:NVX)

NOVONIX develops and supplies in-demand materials for lithium-ion batteries. The acquisition enables Phillips 66 to support the development of the US battery supply chain, pursuing lower-carbon solutions and support NOVONIX’s emerging position in U.S.

NOVONIX CEO Chris Burns said, “Phillips 66’s investment will provide us with the capital needed to support growth and ongoing R&D as we continue to scale our synthetic graphite production and develop new technologies for higher-performance energy storage applications."

Under the terms of the agreement, Phillips 66 will subscribe for 77,962,578 ordinary shares of NOVONIX for US $150 million. 

Shares in NOVONIX (ASX:NVX) are trading 10.9 per cent higher at $3.35. 

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