Phillips 66 Buys Stake in EV Battery Company
August 12, 2021—Phillips 66 announced on Wednesday it had entered an agreement to acquire a minority stake in NOVONIX.
According to a news release, Phillips 66 will nearly 80 million shares, or about 16 percent, of the Australian-based battery material supplier for $150 million. The transaction is still pending shareholder approval.
“This strategic investment enables Phillips 66 to directly support the development of the U.S. battery supply chain,” Phillips 66 Chairman and CEO Greg Garland said in the release. “It advances our commitment to pursue lower-carbon solutions while leveraging our leadership position and expertise in the specialty coke market and supporting NOVONIX’s emerging position in U.S.-based anode production.”
NOVONIX recently expanded its Chattanooga production facility, and the investment by Phillips 66 will allow the company to increase its production capacity of synthetic graphite by 30,000 metric tons per year.
Image: Anete Lusina