In the last session, NOVONIX LTD (NVNXF), the stock opened trading at the price of $4.95. During the session, the stock price ranged from $3.93 – $4.20 with a volume of 1,551,495. At the market close, the share price of NVNXF stock was down -18.19% to $3.95 to take the Market Cap to 1,598,175,46.
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On 08/09/2021, Philipps 66 (NYSE: PSX) has signed an agreement to gain a 16.2% stake in NOVONIX Limited (OTC: NVNXF).
According to Greg Garland, Chairman, and CEO of Phillips 66, “this strategic investment allows Phillips 66 to directly support the development of the U.S. battery supply chain.” NVNXF President Michael Milner says the deal will allow us to use our experience in the specialty coke market and support our emerging position in the U.S. anode market.
Besides manufacturing specialty coke, Phillips 66 also produces medical devices, electric vehicles, and medical equipment that run off of energy stored in batteries. NVNXF, a leading supplier of synthetic graphite, produces high-performance anodes from specialty coke. As a result of the investment, an American supply chain will be developed for the sales of electric vehicles and energy storage systems.
Novonix CEO and co-founder Chris Burns, Ph.D. said the company is pleased with Phillips 66’s vision for a sustainable future.
Our partnership with Phillips 66 will aid our efforts to scale up and continue experimenting with new technologies to increase the performance of energy storage. Our relationship with Phillips 66 aims for further development as both a strategic partner and an investor.
A total of US$150 million will be paid by Phillips 66 to acquire 77,962,578 ordinary shares of NVNXF through the agreement. Moreover, Phillips 66 will nominate one director of NOVONIX’s board. NOVONIX shareholders must approve the transaction, along with customary closing conditions. It is a project led by Phillips 66’s Emerging Energy group, which is tasked with building a platform that reduces carbon emissions.
In addition to operations in both the U.S. and Canada, NVNXF has sales in more than 14 countries and is an integrated developer and supplier of high-performance materials, equipment, and services to the global lithium-ion battery industry. NOVONIX is committed to creating longer-lasting and more cost-effective battery materials and technologies to enable a clean energy future.