Phillips 66, NOVONIX Sign Technology Development Agreement to Advance Production of Lithium-Ion Batteries in North America
January 19 2022 - 3:30PM
Business Wire
Collaboration builds on strategic investment
and will accelerate the development of next-generation anode
materials for the battery supply chain
Phillips 66 (NYSE: PSX) and NOVONIX Limited (ASX: NVX, OTC:
NVNXF) today announced they have signed a technology development
agreement to advance the production and commercialization of
next-generation anode materials for lithium-ion batteries.
“This agreement builds on our strategic investment in NOVONIX
and is a natural next step for two companies committed to
innovation and a lower-carbon future,” said Ann Oglesby, Vice
President of Energy Research & Innovation at Phillips 66. “It
sets the framework for the companies to work closely and
collaboratively to accelerate the development of next-generation
materials for the U.S. battery supply chain.”
Phillips 66 became a major investor in NOVONIX in September of
2021, when it acquired a 16% stake in the company. The investment
is supporting NOVONIX’s growth as it scales up production and
develops new technologies for higher-performance energy storage
applications.
“We are excited to further our relationship with Phillips 66,
and together we plan to develop integral processes, from
manufacturing precursor materials to producing high-capacity
long-life synthetic graphite anode material intended to improve
battery performance, lower cost and decrease environmental impact,”
said NOVONIX CEO Chris Burns, Ph.D. “We believe NOVONIX is
currently the only supplier with plans to provide large volumes of
synthetic graphite anode material in the U.S., and this partnership
will accelerate our mission to establish a North American supply
chain to power the growing battery sector and facilitate a
sustainable future.”
Under the agreement, Phillips 66 and NOVONIX will leverage
leading positions in their respective industries — as well as
existing intellectual property and R&D capabilities — to drive
commercial development of optimized feedstocks and lithium-ion
anode materials with reduced carbon-intensive processing.
Phillips 66 is a leading global manufacturer of specialty coke,
a key precursor to the synthetic graphite anode material NOVONIX
produces. The company is one of the few downstream companies with
an in-house research and development organization. Its Energy
Research & Innovation group works on developing lower-carbon
technologies to support the energy transition, including
next-generation batteries.
NOVONIX is a leading producer of synthetic graphite anode
materials used in the making of lithium-ion batteries that power
electric vehicles, personal electronics, medical devices and energy
storage units. NOVONIX’s anode materials business is based in
Chattanooga, Tennessee, where it is increasing capacity to produce
10,000 metric tons per year of synthetic graphite by 2023, 40,000
mt/year by 2025 and 150,000 mt/year by 2030.
About Phillips 66
Phillips 66 is a diversified energy manufacturing and logistics
company. With a portfolio of Midstream, Chemicals, Refining, and
Marketing and Specialties businesses, the company processes,
transports, stores and markets fuels and products globally.
Headquartered in Houston, the company has 14,100 employees
committed to safety and operating excellence. Phillips 66 had $56
billion of assets as of Sept. 30, 2021. For more information, visit
www.phillips66.com or follow us on Twitter @Phillips66Co.
About NOVONIX
NOVONIX Limited is an integrated developer and supplier of
high-performance materials, equipment and services for the global
lithium-ion battery industry with operations in the U.S. and Canada
and sales in more than 14 countries. NOVONIX's mission is to enable
a clean energy future by producing longer-life and lower-cost
battery materials and technologies.
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE
“SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, which are intended to be covered by the safe harbors
created thereby. Forward-looking statements may be identified by
the use of words like “plans,” “expects,” “will,” “anticipates,”
“believes,” “intends,” “projects,” “targets,” “estimates” or other
words of similar meaning. Forward-looking statements are based on
certain assumptions and expectations of future events which may not
be accurate or realized, and involve risks and uncertainties, many
of which are beyond Phillips 66’s control, including but not
limited to regulatory approvals and market conditions. A discussion
of factors that may affect future results is included in Phillips
66’s filings with the Securities and Exchange Commission. Phillips
66 disclaims and does not undertake any obligation to update or
revise any forward-looking statement, except as required by
applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20220119005965/en/
For Phillips 66:
Jeff Dietert (investors) 832-765-2297 jeff.dietert@p66.com
Shannon Holy (investors) 832-765-2297 shannon.m.holy@p66.com
Bernardo Fallas (media) 855-841-2368
bernardo.e.fallas@p66.com
For NOVONIX Limited:
Stefan Norbom (investors) IR@novonixgroup.com
Kiki O'Keeffe (media) media@novonixgroup.com
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