{"id":399,"date":"2024-11-28T15:56:54","date_gmt":"2024-11-28T15:56:54","guid":{"rendered":"https:\/\/republicanstradetoday.com\/index.php\/2024\/11\/28\/novonix-signs-synthetic-graphite-offtake-deal-with-volkswagens-powerco\/"},"modified":"2024-11-28T15:56:54","modified_gmt":"2024-11-28T15:56:54","slug":"novonix-signs-synthetic-graphite-offtake-deal-with-volkswagens-powerco","status":"publish","type":"post","link":"https:\/\/republicanstradetoday.com\/index.php\/2024\/11\/28\/novonix-signs-synthetic-graphite-offtake-deal-with-volkswagens-powerco\/","title":{"rendered":"NOVONIX Signs Synthetic Graphite Offtake Deal with Volkswagen\u2019s PowerCo"},"content":{"rendered":"<\/p>\n<p><strong>Battery materials and technology  company NOVONIX (ASX:NVX,NASDAQ:NVX) has signed a binding offtake agreement for synthetic graphite material, the company said in a Monday (November 25) press release.<\/strong><\/p>\n<p>\tThe agreement is with PowerCo, a battery company set up by Volkswagen (OTC Pink:VLKAF,FWB:VOW). The company is looking to boost its battery cell output, and has identified three gigafactory locations.<\/p>\n<p>\tThe first is in Salzgitter, Germany, the second is Valencia, Spain, and the third is in St. Thomas, Canada.<\/p>\n<p>\tNOVONIX and PowerCo signed a non-exclusive testing and development agreement in March of this year.<\/p>\n<p>\tUnder the newly announced offtake agreement, NOVONIX will supply a minimum of 32,000 tonnes of synthetic graphite material to PowerCo over a five year term that is set to begin in 2027.<\/p>\n<\/p>\n<p>\tThis arrangement comes after NOVONIX penned a binding offtake deal with automotive company Stellantis (NYSE:STLA) earlier this month. It is for a minimum of 86,250 tonnes of synthetic graphite material over a period of six years.<\/p>\n<p>&#8216;Offtake agreements with high-quality partners such as Stellantis solidify NOVONIX\u2019s position as a leader in onshoring the supply chain of synthetic graphite and accelerating the adoption of clean energy,&#8217; said CEO Dr. Chris Burns.<\/p>\n<p>\tNOVONIX&#8217;s Riverside facility, located in Tennessee, US, is reportedly slated to become the first large-scale production site for high-performance synthetic graphite in North America. The company has been awarded a US$100 million grant from an office of the US Department of Energy, and also received a US$103 million investment tax credit.<\/p>\n<p>\tThe facility plans to grow output to 20,000 tonnes per year. Commercial production is set to begin in 2025.<\/p>\n<p>\tNOVONIX is due to start commercial supply to PowerCo in 2027, but will have to achieve agreed-upon milestones first. These include mass production qualification and the satisfaction of certain compliance criteria.<\/p>\n<p>\tThe company will also have to secure financing commitments for production facilities.<\/p>\n<p>\tShould NOVONIX fail to satisfy these requirements, PowerCo has the right to terminate the agreement.<\/p>\n<p>\tShares of NOVONIX were on the rise following the news, reaching as high as AU$0.98 on Monday.<\/p>\n<p><strong>Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.<\/strong><\/p>\n<\/p>\n<div>This post appeared first on investingnews.com<\/div>\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Battery materials and technology company NOVONIX (ASX:NVX,NASDAQ:NVX) has signed a binding offtake agreement for synthetic graphite material, the company said in a Monday (November 25) press release. The agreement is with PowerCo, a battery company set up by Volkswagen (OTC Pink:VLKAF,FWB:VOW). The company is looking to boost its battery cell output, and has identified three&hellip;<\/p>\n","protected":false},"author":1,"featured_media":400,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-399","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing"],"_links":{"self":[{"href":"https:\/\/republicanstradetoday.com\/index.php\/wp-json\/wp\/v2\/posts\/399","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/republicanstradetoday.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/republicanstradetoday.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/republicanstradetoday.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/republicanstradetoday.com\/index.php\/wp-json\/wp\/v2\/comments?post=399"}],"version-history":[{"count":0,"href":"https:\/\/republicanstradetoday.com\/index.php\/wp-json\/wp\/v2\/posts\/399\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/republicanstradetoday.com\/index.php\/wp-json\/wp\/v2\/media\/400"}],"wp:attachment":[{"href":"https:\/\/republicanstradetoday.com\/index.php\/wp-json\/wp\/v2\/media?parent=399"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/republicanstradetoday.com\/index.php\/wp-json\/wp\/v2\/categories?post=399"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/republicanstradetoday.com\/index.php\/wp-json\/wp\/v2\/tags?post=399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}