Phillips 66 to acquire stake in NOVONIX as demand for EV battery materials rises
Reuters
Published Aug 09, 2021 11:50AM ET
(Reuters) - Phillips 66 (NYSE:PSX) will acquire a 16% stake in lithium-ion battery material supplier NOVONIX Limited for $150 million, the U.S. refiner said on Monday, as demand for electric-vehicle battery materials rises.
Phillips 66 develops carbon anodes and other materials for lithium-ion batteries using by-products from its oil-refining business.
Earlier this year, the company forged a technology partnership with Faradion to develop anode materials for sodium-ion batteries, which are also used in electric vehicles. (https://
U.S. Democrats have been advocating for a majority of cars manufactured in the country to be electric by 2030 and every car on U.S. roads to be electric by 2040.
Phillips 66 makes specialty coke, a key precursor in the production of batteries that power electric vehicles, personal electronics, medical devices and energy storage units.
NOVONIX produces synthetic graphite used to processes specialty coke to make anode material for these batteries.
The company'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. The investment by Phillips 66 will support a capacity expansion of an additional 30,000 metric tonnes per year, which is expected to be completed by 2025.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.