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Summary
- NOVONIX Limited (ASX:NVX) recently announced a series of updates and continues to ride the momentum in the electric vehicle sector.
- Change in US administration is going to significantly accelerate the electrification of vehicles, propel the entire battery sector, and NOVONIX is well positioned to capture this opportunity.
- NOVONIX has announced a strategic agreement with Harper International Corp. to develop specialized furnace technology.
- NOVONIX is expanding its production capability for battery-grade synthetic graphite material.
- The Company will expand collaboration with Samsung SDI to include next generation technologies.
Releasing a series of updates on ASX, NOVONIX has made significant headway with the contract with Samsung SDI. Also, NOVONIX has declared a strategic agreement with Harper International Corporation, which is based in the US.
NOVONIX Limited (ASX:NVX) is an integrated maker and provider of high-performance materials, services as well as equipment for the global lithium-ion battery (LIB) industry. The Company has a stated mission to assist the global deployment of LIB technologies for a cleaner energy future.
Notably, NOVONIX has powerful links with leading companies in auto, renewables, battery, and electronics space.
CLICK HERE to read about the Company’s Presentation at Benchmark Week 2020 Conference- NOVONIX Limited (ASX:NVX) Forecasts Synthetic Graphite to Win per Panel at Benchmark Week 2020 Conference
Samsung SDI Contract Update
NOVONIX is expanding its production capability for battery-grade (synthetic) graphite material. The Company’s PUREgraphite anode material plant in Chattanooga is fast-tracking the capacity to 2,000 tons/year of synthetic graphite (the initial phase target capacity). This includes supplying 500 tons to Samsung SDI initially.
Samsung SDI, one of the world’s largest LIB makers for EVs, and NOVONIX have also mutually agreed that their collaboration will expand to include next generation technologies. Notably, the US-sourced supply of these materials will be a key priority for Samsung SDI.
NOVONIX further informed that the production timeline of cells at Samsung SDI using NOVONIX’s PUREgraphite material will be adjusted accordingly from April 2021 to the second half of 2021. Both parties are working towards accelerating the qualification program and the rescheduling has no material impact on NOVONIX’s finances.
CLICK HERE read about the Company’s September Quarter Results- Ground-breaking Battery Technology Company NOVONIX Limited (ASX:NVX) Unveiled September Quarter Results
Harper International Corporation Strategic Alliance
As per the alliance, NOVONIX will make purchases from Harper. Harper will develop as well as supply proprietary systems to the Company. This will be used for thermal processing material exclusively for the battery anode market.
The parties will work towards developing a further advancement in specialized furnace technology and this will continue to enhance NOVONIX’s synthetic graphite manufacturing process.
The alliance is expected to deliver scale-up, quality control and operational savings. Notably, NOVONIX’s distinctive thermal processing technology is central to the Company’s ability to produce high performance materials at globally competitive costs. The alliance may also support NOVONIX to further enable the expansion of graphite manufacturing in the US, aimed at supporting growth in the EVs and ESS sector.
Engineering and production of the first Harper-built system developed remains underway. Installation is scheduled to start in February 2021.
NVX traded at $1.54, mid-day on 14 January 2021.
CLICK HERE for details on NOVONIX’s FY20 Highlights & FY21 Outlook- Scan Through NOVONIX’s FY20 Highlights & FY21 Outlook
