Novonix (ASX:NVX) is an ASX-listed battery maker. The company specialises in lithium-ion batteries used to power electric vehicles, mobile phones and energy storage units. Novonix’s clients include the likes of Panasonic and Bosch, with the high-value battery market valued at up to $US60 billion in the US alone.
US-based Novonix joined the ASX in July 2017 after the business was acquired by GraphiteCorp in June. US defence strategist Admiral Robert J. Natter was appointed to the board in order to help the company access defence, marine and aerospace markets.
In 2018, Novonix began making battery cells in Canada, producing the first batch of cylindrical cells and pouch cells at its battery cell pilot factory in Nova Scotia. Novonix stated that the pilot line will accelerate the R&D cycle time and reduce costs.
Novonix is also the co-owner of the Tennessee-headquarter PUREgraphite joint venture, which develops, manufactures and sells high performance anode materials into the global lithium-ion battery market. Following on, Novonix raised money to take a controlling stake in the joint venture, defining a key strategic investment that leaves the company well-placed to benefit from the growth in lithium-ion battery production.
In addition to its US joint-venture, the company also runs Novonix Battery Technology Solutions, a Canada-based company that carries out research & development to improve battery speed. It also owns a 100 per cent stake in a graphite deposit located in Mount Dromedary, NSW, which is still pending mining approval. Novonix says it’s considering partnership or divestment opportunities for the site.
In December 2019, the battery materials player spiked almost 40 per cent after announcing it would supply lithium-ion battery anode material to Samsung. Novonix was due to deliver 500 tonnes of material to Samsung beginning in October 2020 and this could increase in future years. Novonix has said its battery cell technology demonstrated an ability to exceed 1 million miles, a holy grail in performance terms for the EV industry.