Phillips 66, an American energy company, will invest $150mn to acquire a 16pc share in Novonix Limited, an Australian lithium-ion battery material supplier.
Novonix is currently increasing capacity at its anode material plant in Chattanooga, Tennessee, for the production of 10,000mt of synthetic graphite annually by 2023. This investment will allow the company to increase capacity by an additional 30,000mt annually by 2025.
Phillips 66 produces specialty coke which will then be processed by Novonix, using synthetic graphite, to create anode material for batteries used in electric vehicles, medical devices, energy storage units and other electronics. It also produces carbon anodes and other materials for batteries from its oil-refining by-products.