Join our daily newsletter At The Bell to receive exclusive market insights
- Novonix (NVX) will supply lithium-ion battery material to battery producer Samsung SDI under a conditional agreement
- Novonix will deliver 500 metric tons of its ‘PUREgraphite Anode’ product to Samsung SDI in 2020
- The graphite product has been shown to extend the life of lithium-ion batteries
- Novotix and Samsung SDI will also explore the use of the graphite product in electric vehicle batteries under a research and development collaboration
- Shares in Novonix are trading 8.6 per cent higher, worth 63 cents apiece
Novonix (NVX) will supply lithium-ion battery material to major battery manufacturer Samsung SDI under a new conditional agreement.
Novonix will deliver an initial 500 metric tons of its ‘PUREgraphite Anode’ product to Samsung SDI in 2020.
Novotix and Samsung SDI will explore the use of the graphite product in electric vehicle batteries under a research and development collaboration.
Samsung SDI manufactures rechargeable batteries for the IT industry, automobiles, and energy storage systems. To date, the company is the core battery supplier for over 30 electric vehicle projects.
Novonix’s ‘PUREgraphite Anode’ product’ is an anode material for lithium-ion batteries and it has shown to extend battery life.
Novonix will begin deliveries to Samsung SDI’s battery manufacturing facilities in several other countries in October 2020.
By this point, production capacity will be fully installed at Novonix’s production facility in Tennessee.
The initial order matches the facility’s production capacity. However, Samsung SDI will reassess its order each year, taking market conditions and supply performance into consideration.
The agreement is conditional on quality assurance processes and an audit of supplier processes.
Shares in Novonix are trading 8.6 per cent higher, worth 63 cents apiece at 3:05 pm AEDT.
