NOVONIX Limited, a battery materials and technology company, and PowerCo SE, established by Volkswagen in 2022), announced the signing of a binding offtake agreement for a minimum of 32,000 tonnes of high-performance synthetic graphite material. The material will be supplied to PowerCo over a five-year term starting in 2027.
PowerCo is committed to scaling global battery cell production, overseeing international factory operations, cell technology advancements, and vertical integration of the battery value chain. With gigafactory locations in Salzgitter (Germany), Valencia (Spain), and St. Thomas (Canada), PowerCo plans a combined capacity of up to 200 GWh per year.
NOVONIX is set to launch North America’s first large-scale synthetic graphite production facility at its Riverside site, scheduled for commercial production in 2025. Backed by a $100 million grant and a $103 million investment tax credit from the US Department of Energy, the facility will initially produce 20,000 tonnes annually, with plans to expand capacity to meet customer needs.
To further boost production, NOVONIX is progressing plans for a second US facility in the southeastern region, starting with 30,000 tonnes per year and aiming to expand to 75,000 tonnes. With a total target of 150,000 tonnes annually, NOVONIX is preparing to meet growing customer demand while supporting the domestic battery supply chain with advanced, sustainable solutions.
In March 2024, PowerCo and NOVONIX announced a non-exclusive Testing and Development Agreement to advance battery innovation.
Filed Under: Batteries, Technology News