Volkswagen's PowerCo secures battery materials supply deal [Yahoo! Finance]
NOVONIX Limited (NVX)
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Source: Yahoo! Finance
Volkswagen Group subsidiary PowerCo SE inked a five-year battery raw materials supply deal with Australia-based Novonix, according to a Nov. 24 press release Under the agreement, Novonix will supply PowerCo with at least 32,000 tonnes of synthetic graphite material for EV battery production, starting in 2027. All materials will be manufactured from Novonix's Riverside facility in Chattanooga, Tennessee, which is slated to begin commercial production in 2025. The agreement with Novonix is yet another step toward Volkswagen's electrification goals. PowerCo was established by the automaker in 2022 with the intention of boosting battery cell production globally. The company oversees international factory operations, cell technology development and the vertical integration of the battery value chain, according to the press release. The Volkswagen subsidiary plans to open three gigafactory locations in Germany, Spain and Canada with a combined capacity of up to 200 GWh/year. The
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News
- Graphite Market worth $36.40 billion by 2030, at a CAGR of 15.1%, says MarketsandMarkets™ [Yahoo! Finance]Yahoo! Finance
- American Graphite Producers File Trade Case with U.S. Government Over Anticompetitive Graphite Prices on Chinese ExportsGlobeNewswire
- Australian Graphite Maker Jumps on $755 Million Loan From US [Yahoo! Finance Canada]Yahoo! Finance Canada
- US backs graphite factory to loosen China’s EV supply chain grip [Financial Times (FT.com) (UK)]Financial Times
- Australian Graphite Maker Jumps on $755 Million US Plant Funding [Yahoo! Finance]Yahoo! Finance
NVX
Sec Filings
- 12/26/24 - Form 6-K
- 12/26/24 - Form 6-K
- 12/20/24 - Form S-8
- NVX's page on the SEC website