Phillips 66 announces strategic investment in NOVONIX
Investment will expand Phillips 66’s presence in the battery supply chain and advance NOVONIX’s production of synthetic graphite for lithium-ion batteries.
Phillips 66 has entered into an agreement to acquire a 16% stake in NOVONIX Limited, a Brisbane, Australia-based company that develops and supplies in-demand materials for lithium-ion batteries.
“This strategic investment enables Phillips 66 to directly support the development of the U.S. battery supply chain. It advances our commitment to pursue lower-carbon solutions while leveraging our leadership position and expertise in the specialty coke market and supporting NOVONIX’s emerging position in U.S.-based anode production,” said Greg Garland, Chairman and CEO of Phillips 66.
The investment supports the development of a fully domestic supply chain for sales into the U.S. electric vehicle and energy storage system markets.
“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. We look forward to continuing to build our relationship with Phillips 66 as both a strategic partner and investor,” said NOVONIX CEO and co-founder Chris Burns, Ph.D.
Phillips 66 will nominate one director to NOVONIX’s Board of Directors.
