Phillips 66 (NYSE: PSX) has entered into an agreement to acquire a 16 percent stake in Novonix Ltd. (ASX: NVX, OTC: NVNXF), 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,” said Greg Garland, chairman and CEO of Phillips 66. “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.”
“We’re excited by Phillips 66’s vision for a sustainable future and confidence in our business plan and management team,” said Novonix CEO and co-founder Chris Burns “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.”