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AUSTRALIA, 10 June 2023: NOVONIX Limited, a leading battery materials and technology company, and LG Energy Solution, a global battery manufacturer, announced a strategic partnership to jointly develop artificial graphite anode material for lithium-ion batteries.
High-performance artificial graphite
Under the terms of the agreement, NOVONIX and LGES will work together to develop high-performance artificial graphite anode material that meets LGES’s specifications. The material will be developed at NOVONIX’s current Tennessee-based facilities and is expected to be ready for mass production in 2026.
In addition to the development agreement, NOVONIX has also agreed to issue USD 30m worth of unsecured convertible notes to LGES. The notes will have a four percent coupon and a maturity date of June 7, 2028. The proceeds from the notes will be used to fund NOVONIX’s continued development of anode materials, operational needs, and general corporate purposes.
“We are excited to partner with LG Energy Solution, a global leader in the battery industry,” said Chris Burns, CEO of NOVONIX. “This partnership will accelerate our development of high-performance artificial graphite anode material and help us to establish a leading position in the battery supply chain in North America.”
“This partnership is a significant step forward in our efforts to establish a solid battery supply chain in the United States,” said Dongsoo Kim, Senior Vice President of Procurement Center at LG Energy Solution. “We are committed to strengthening our product competitiveness and operation excellence, and this partnership will help us to achieve our goals.”
The partnership between NOVONIX and LGES is a significant development for the battery industry. It demonstrates the growing demand for high-performance artificial graphite anode material and the importance of having a robust supply chain in North America.
Company’s
NOVONIX is a leading battery materials and technology company. The company is developing anode materials that are more sustainable, cost-effective, and performance-optimized than traditional materials. NOVONIX has a strong intellectual property portfolio and is well-positioned to capitalize on the growing demand for lithium-ion batteries.
LG Energy Solution is a global battery manufacturer with a leading position in the electric vehicle battery market. The company has a strong track record of innovation and is committed to providing high-quality batteries that meet the needs of its customers.
