NOVONIX and PowerCo SE Sign Binding Offtake Agreement By Investing.com

BRISBANE, Australia, Nov. 24, 2024 (GLOBE NEWSWIRE) — NOVONIX Restricted (NASDAQ: NVX, ASX: NVX) (NOVONIX or the Firm), a number one battery supplies and expertise firm, and PowerCo SE (PowerCo), in the present day introduced the signing of a binding offtake settlement for at least 32,000 tonnes of high-performance artificial graphite materials. The fabric can be equipped to PowerCo over a five-year time period beginning in 2027.

Established by Volkswagen (ETR:) in 2022, PowerCo is dedicated to ramp-up world battery cell manufacturing. PowerCo oversees worldwide manufacturing unit operations, advances in cell expertise, and vertical integration of the battery worth chain. PowerCo has recognized three gigafactory places “ Salzgitter (ETR:) in Germany, Valencia in Spain, and St. Thomas in Canada – with a mixed capability of as much as 200 GWh/yr. NOVONIX and PowerCo beforehand introduced the signing of a non-exclusive Testing and Improvement Settlement in March 2024.

NOVONIX’s Riverside facility is poised to develop into the primary large-scale manufacturing website devoted to high-performance artificial graphite for the battery sector in North America and is slated to start industrial manufacturing in 2025, with plans to develop output to twenty,000 tonnes every year (tpa) to satisfy present buyer commitments. Beforehand, the Firm introduced the U.S. Division of Vitality (DOE) Workplace of Manufacturing and Vitality Provide Chains (MESC) awarded the Firm a US$100 million grant and was chosen for a US$103 million funding tax credit score in direction of the funding of the Riverside facility.

The Firm can be progressing plans to construct a second manufacturing facility, within the southeastern United States, that can have an preliminary capability of 30,000 tpa and plans to increase that facility to 75,000 tpa. NOVONIX stays in discussions with the DOE Mortgage Program Workplace (LPO) for an Superior Know-how Autos Manufacturing Program mortgage to help the development of this new manufacturing facility. NOVONIX’s present plans name for complete manufacturing to extend to not less than 150,000 tpa of artificial graphite materials to accommodate anticipated buyer demand.

Key Deal Phrases

Offtake dedication is for at least 32,000 tonnes over the five-year time period of the settlement.Merchandise can be priced beneath a pricing construction that has been agreed between the events.The beginning of economic provide is focused to start in 2027, topic to NOVONIX attaining agreed upon milestones concerning ultimate mass manufacturing qualification and satisfying sure compliance standards. NOVONIX should additionally safe financing commitments for the manufacturing amenities that can provide PowerCo product. If these milestones or necessities haven’t been happy, then PowerCo could terminate the settlement.

This announcement has been approved for launch by NOVONIX Chairman, Admiral Robert J. Natter, USN Ret.

About NOVONIXNOVONIX is a number one battery expertise firm revolutionizing the worldwide lithium-ion battery {industry} with revolutionary, sustainable applied sciences, high-performance supplies, and extra environment friendly manufacturing strategies. The Firm manufactures industry-leading battery cell testing tools, is rising its high-performance artificial graphite materials manufacturing operations, and has developed a patented all-dry, zero-waste cathode synthesis course of. By superior R&D capabilities, proprietary expertise, and strategic partnerships, NOVONIX has gained a outstanding place within the electrical automobile and power storage techniques battery {industry} and is powering a cleaner power future.

To be taught extra, go to us at www.novonixgroup.com or on LinkedIn and X.¯

For NOVONIX Restricted  Scott Espenshade, ir@novonixgroup.com (buyers)  Stephanie Reid, media@novonixgroup.com (media)      

Cautionary Observe Concerning Ahead-Trying StatementsThis communication accommodates forward-looking statements concerning the Firm and the {industry} wherein we function. Ahead-looking statements can typically be recognized by use of phrases corresponding to anticipate, consider, ponder, proceed, may, estimate, anticipate, intend, could, plan, potential, predict, undertaking, ought to, goal, will, or would, or different related expressions. Examples of forward-looking statements on this communication embody, amongst others, statements we make concerning assembly our goal manufacturing capability and scaling of manufacturing at our Riverside facility, our plans to construct a brand new manufacturing facility and obtain preliminary and complete manufacturing capacities, our efforts to finance this new manufacturing facility with a mortgage from the LPO, our estimate of future anticipated North American graphite demand and our plan to be a big provider of high-performance artificial graphite to the North American market.

We now have based mostly such statements on our present expectations and projections about future occasions and traits that we consider could have an effect on our monetary situation, outcomes of operations, enterprise technique and monetary wants. Such forward-looking statements contain and are topic to recognized and unknown dangers, uncertainties and different components which can trigger our precise outcomes, efficiency or achievements to be materially completely different from any future outcomes, efficiency or achievements expressed or implied by the forward-looking statements. Such components embody, amongst others, the well timed deployment and scaling of our furnace expertise, our means to satisfy the technical specs and demand of our present and future clients, together with PowerCo, the accuracy of our estimates concerning market dimension, bills, future income, capital necessities, wants and entry for extra financing, the provision and impression and our compliance with the relevant phrases of presidency help, together with the DOE MESC grant and, if obtained, the LPO mortgage, our means to acquire patent rights efficient to guard our applied sciences and processes and efficiently defend any challenges to such rights and stop others from commercializing such applied sciences and processes, and regulatory developments in the US, Australia and different jurisdictions. These and different components that would have an effect on our enterprise and outcomes are included in our filings with the U.S. Securities and Trade Fee (SEC), together with the Firm’s most up-to-date annual report on Kind 20-F. Copies of those filings could also be obtained by visiting our Investor Relations web site at www.novonixgroup.com  or the SEC’s web site at www.sec.gov.  

Ahead-looking statements should not ensures of future efficiency or outcomes, and precise efficiency and outcomes could differ materially from these made in or urged by the forward-looking statements contained on this communication. Accordingly, you shouldn’t place undue reliance on forward-looking statements. Any forward-looking assertion on this communication is predicated solely on info at the moment out there to us and speaks solely as of the date on which it’s made. We undertake no obligation to replace any forward-looking assertion, whether or not written or oral, that could be made occasionally, whether or not because of new info, future developments or in any other case, besides as required by legislation.

Supply: Novonix Ltd.