Novonix signs testing agreement with Volkswagen unit
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The news: Battery technology company Novonix has signed an initial testing and development agreement with PowerCo SE, the battery cell subsidiary of automaker Volkswagen Group.
The numbers: Under the agreement, Novonix will develop, test and analyse synthetic graphite anode materials tailored to meet PowerCo’s requirements. On successful completion of certain development work, the two companies have the option to enter into a supply agreement for developed products, with details to be determined at that time.
Novonix shares last closed at $0.82 and over the last 12 months has fallen 18.32%.
The context: PowerCo, which oversees all global battery activities for Volkswagen, is developing three gigafactory locations in Germany, Spain, and Canada with a total capacity of up to 200 GWh per year.
The testing and development agreement could lead to future collaboration with Novonix focusing on requirements for its St. Thomas facility in Canada as it looks to bolster the development of the North American battery materials supply chain.
Novonix, which recently secured a supply deal with Panasonic, is building a manufacturing facility in Tennessee, which will become the first large-scale production site for high-performance synthetic graphite for the battery sector in North America.
The source: ASX announcement
