Novonix invests in KorePower and signs supply contract – pv Magazine USA
Novonix will acquire approximately 5% stake in KOREPower, making it the exclusive supplier of graphite anode materials to KorePower’s large battery cell manufacturing facility in the United States.
Novonix, an advanced battery materials and technology company, announced that it has signed an investment and supply agreement with KorePower, a manufacturer of high energy density lithium-ion pouch cells and modular configurations based in the United States. Applications in the electric vehicle and energy sector.
According to the two companies, the deal was part of an ongoing joint effort to strengthen the battery supply chain in North America, from key materials to the manufacture of cells and packs for electric vehicles and energy storage systems.
This move is also portrayed as a natural evolution of the existing relationship between the two companies. Novonix and Kore first collaborated in 2019, when the parties signed a test agreement to focus on the verification and development of KORE Power’s battery cell technology.
Once the deal reaches final approval, Novonix will acquire approximately a 5% stake in Kore Power, making it the exclusive supplier of graphite anode materials to KORE Power’s large battery cell manufacturing facility in the United States. This currently has an annual production capacity of 2 GWh, and is expected to increase its total annual production capacity to 18 GWh by the end of 2030.
This surge in capacity is expected to be fueled by KorePower’s plans to build a 12GWh manufacturing facility in Buckeye, Arizona to support local market needs for battery cells and systems. If the facility is fully operational, it will require nearly 12,000 tonnes of graphite anode material annually. It is supplied by Novonix.
Novonix plans its own new facility with the company Announced in July 2021 We plan to purchase and modify a plant of over 400,000 square feet in Chattanooga, Tennessee to produce 8,000 tonnes of anode material.
According to the company, this growth stage will support the production of anode materials that can supply lithium-ion battery packs to more than 100,000 EVs. The expansion plan will increase Novonix’s annual anode material production capacity to 10,000 tonnes annually by 2023.
Novonix We also have a supply contract between Sanyo Electric of Japan and Samsung of South Korea. Both of these are the leading international manufacturers of EVs and energy storage systems in the world.
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https://ift.tt/3o2P1HR Novonix invests in KorePower and signs supply contract – pv Magazine USA
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