Collaboration builds on strategic investment decision and will speed up the progress of upcoming-generation anode resources for the battery offer chain
HOUSTON & BRISBANE, Australia, January 19, 2022–(Organization WIRE)–Phillips 66 (NYSE: PSX) and NOVONIX Limited (ASX: NVX, OTC: NVNXF) right now declared they have signed a technological innovation growth settlement to progress the manufacturing and commercialization of upcoming-generation anode supplies for lithium-ion batteries.
“This agreement builds on our strategic investment decision in NOVONIX and is a natural upcoming phase for two organizations dedicated to innovation and a reduce-carbon upcoming,” reported Ann Oglesby, Vice President of Strength Exploration & Innovation at Phillips 66. “It sets the framework for the companies to do the job carefully and collaboratively to speed up the growth of up coming-generation supplies for the U.S. battery supply chain.”
Phillips 66 grew to become a significant trader in NOVONIX in September of 2021, when it acquired a 16% stake in the company. The financial commitment is supporting NOVONIX’s advancement as it scales up generation and develops new systems for increased-functionality power storage applications.
“We are psyched to more our partnership with Phillips 66, and jointly we strategy to build integral processes, from manufacturing precursor supplies to creating higher-ability extensive-life artificial graphite anode content supposed to strengthen battery overall performance, decrease charge and decrease environmental affect,” explained NOVONIX CEO Chris Burns, Ph.D. “We believe NOVONIX is presently the only supplier with strategies to deliver huge volumes of synthetic graphite anode product in the U.S., and this partnership will accelerate our mission to build a North American provide chain to electrical power the developing battery sector and facilitate a sustainable long term.”
Under the agreement, Phillips 66 and NOVONIX will leverage leading positions in their respective industries — as nicely as present intellectual property and R&D abilities — to drive commercial improvement of optimized feedstocks and lithium-ion anode resources with lessened carbon-intensive processing.
Phillips 66 is a leading world-wide producer of specialty coke, a essential precursor to the artificial graphite anode material NOVONIX makes. The corporation is one of the couple downstream corporations with an in-household investigation and growth corporation. Its Power Investigation & Innovation team works on establishing lessen-carbon systems to assistance the electrical power changeover, like next-era batteries.
NOVONIX is a foremost producer of artificial graphite anode products applied in the creating of lithium-ion batteries that power electric powered automobiles, particular electronics, professional medical equipment and electricity storage models. NOVONIX’s anode resources business is based mostly in Chattanooga, Tennessee, in which it is increasing ability to produce 10,000 metric tons per yr of synthetic graphite by 2023, 40,000 mt/year by 2025 and 150,000 mt/year by 2030.
About Phillips 66
Phillips 66 is a diversified electricity producing and logistics enterprise. With a portfolio of Midstream, Substances, Refining, and Advertising and Specialties businesses, the corporation processes, transports, retailers and markets fuels and products and solutions globally. Headquartered in Houston, the company has 14,100 workforce committed to basic safety and running excellence. Phillips 66 had $56 billion of belongings as of Sept. 30, 2021. For extra information and facts, visit www.phillips66.com or abide by us on Twitter @Phillips66Co.
NOVONIX Restricted is an built-in developer and provider of superior-functionality resources, machines and products and services for the world lithium-ion battery field with functions in the U.S. and Canada and profits in much more than 14 nations around the world. NOVONIX’s mission is to empower a clear electrical power long run by making for a longer period-existence and lower-expense battery elements and systems.
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OF THE Personal SECURITIES LITIGATION REFORM ACT OF 1995
This press release incorporates forward-wanting statements in the that means of Part 27A of the Securities Act of 1933, as amended, and Segment 21E of the Securities Trade Act of 1934, as amended, which are meant to be coated by the protected harbors produced thus. Forward-wanting statements could be recognized by the use of terms like “plans,” “expects,” “will,” “anticipates,” “believes,” “intends,” “initiatives,” “targets,” “estimates” or other terms of similar meaning. Ahead-wanting statements are centered on sure assumptions and expectations of future occasions which may not be exact or recognized, and contain threats and uncertainties, numerous of which are past Phillips 66’s command, which include but not limited to regulatory approvals and sector problems. A discussion of factors that might have an effect on foreseeable future benefits is provided in Phillips 66’s filings with the Securities and Trade Commission. Phillips 66 disclaims and does not undertake any obligation to update or revise any forward-on the lookout assertion, besides as necessary by relevant regulation.
Check out resource version on businesswire.com: https://www.businesswire.com/information/property/20220119005965/en/
For Phillips 66:
Jeff Dietert (buyers)
Shannon Holy (buyers)
Bernardo Fallas (media)
For NOVONIX Restricted:
Stefan Norbom (investors)
Kiki O’Keeffe (media)