NOVONIX (NVX) announces that strategic investor Phillips 66 (PSX) has entered into an agreement with NVX to acquire 77.9m new shares for US$150m (A$203m). PSX is the world’s largest producer of speciality petroleum coke – a precursor for battery grade synthetic graphite anode materials found – with an Enterprise Value of US$47.5Bn and assets of US$57Bn. Post investment, which is subject to shareholder approval, PSX will hold 16% of the expanded capital base of NVX and will have a Director nominated to the NVX Board.
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