In the Quarterly Activities Report for the three months ending on 30 June 2023, NOVONIX (ASX:NVX) unveiled key highlights and significant progress made during the quarter.
One of the notable achievements was the signing of a Joint Research and Development Agreement (JDA) with LG Energy Solution (LGES), a leading global battery manufacturer, for artificial graphite anode material for lithium-ion batteries. Under a separate agreement, LGES invested US$30 million in NOVONIX through an unsecured convertible note.
This partnership is a major milestone for NOVONIX as it aligns the company with a premier cell manufacturer, positioning it to become one of the largest battery manufacturers in North America. Discussions with other Tier One Original Equipment Manufacturers (OEMs) and cell manufacturers for potential supply contracts with NOVONIX also progressed.
The company continues to make advancements towards the Department of Energy (DOE) Advanced Technology Vehicles Manufacturing (ATVM) Loan and Grant programs. NOVONIX is actively negotiating terms and conditions for both funding opportunities to support its growth plans.
In terms of NOVONIX's Anode Materials (NAM) division, the Generation 3 production furnaces fully met specifications for EV-grade synthetic graphite during the first quarter. The company is on track for commercial deliveries of anode material to KORE Power in the fourth quarter of 2024.
The Cathode Pilot Line development marked a major milestone for NOVONIX, with the successful completion of the commissioning of its 10 tpa cathode pilot line in July 2023. The first product, a mid-nickel grade of single-crystal cathode material, demonstrated performance matching that of leading cathode materials from existing suppliers in full-cell testing.
Additionally, NOVONIX joined the Accelerate Coalition to foster the growing battery ecosystem in Canada, and it expanded its UHPC battery testing equipment distribution agreement with AVL to include Canada.
Dr Chris Burns, CEO of NOVONIX, expressed satisfaction with the second quarter's progress and highlighted the company's alignment with LG Energy Solution and the DOE funding opportunities. The achievements position NOVONIX for continued growth and success in the battery materials industry.
