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NOVONIX (NASDAQ: NVX, ASX: NVX), a leading battery materials and technology company, announced the successful completion of due diligence for a strategic merger with Lithium Energy 's (ASX: LEL) natural graphite interests. The merger will create Axon Graphite , combining NOVONIX's Mount Dromedary graphite exploration and LEL's Burke and Corella graphite projects. NOVONIX will receive shares in Axon, which is planned to be listed on the Australian Securities Exchange (ASX). The transaction is contingent on Axon's initial public offering (IPO) and its ASX listing approval. This announcement was authorized by NOVONIX Chairman, Admiral Robert J. Natter, USN Ret.
NOVONIX (NASDAQ: NVX, ASX: NVX) and PowerCo SE, a Volkswagen Group battery cell company, have signed a non-exclusive Testing and Development Agreement (TDA). Under this TDA, NOVONIX will develop, test, and analyze synthetic graphite anode materials to meet PowerCo's needs. If the development proves successful, the two companies may enter into a supply agreement.
PowerCo, established by Volkswagen in 2022, aims to lead global battery cell production and has plans for three gigafactories in Germany, Spain, and Canada with a combined capacity of up to 200 GWh/year. The collaboration focuses on the St. Thomas gigafactory to boost the North American battery materials supply chain.
NOVONIX is developing North America's first large-scale synthetic graphite production facility, targeting production by late 2024 and scaling to 20,000 tonnes annually, with future expansion to 150,000 tonnes. NOVONIX has received US$100 million in grant funding and US$103 million in tax credits to support this expansion.
NOVONIX (NVX) announces its participation in several investor events in May 2024. The executive team will attend conferences like Canaccord Genuity, Citi, J.P. Morgan, and CGS-CIMB to showcase the company's battery materials and technology. Presentation materials and webcast links will be available on the investor relations website.
