Technology development

Phillips 66, NOVONIX signs technology development agreement to advance production of lithium-ion batteries in North America

Collaboration builds on strategic investments and will accelerate the development of next-generation anode materials for the battery supply chain

HOUSTON & BRISBANE, Australia, January 19, 2022–(BUSINESS WIRE)–Phillips 66 (NYSE: PSX) and NOVONIX Limited (ASX: NVX, OTC: NVNXF) today announced that they have signed a technology development agreement to advance the production and commercialization of next-generation anode materials for lithium ion batteries.

“This agreement builds on our strategic investment in NOVONIX and is a natural next step for two companies committed to innovation and a low-carbon future,” said Ann Oglesby, vice president of research and energy innovation at Phillips 66. “It sets the framework for companies to work closely together to accelerate the development of next-generation materials for the battery supply chain in the United States. »

Phillips 66 became a major investor in NOVONIX in September 2021, when it acquired a 16% stake in the company. The investment supports NOVONIX’s growth as it scales up production and develops new technologies for more efficient energy storage applications.

“We are excited to continue our relationship with Phillips 66, and together we plan to develop end-to-end processes, from manufacturing precursor materials to producing high-capacity, long-life synthetic graphite anode material to improve battery performance, lower costs and reduce environmental impact,” said Chris Burns, CEO of NOVONIX, Ph.D. “We believe that NOVONIX is currently the only vendor with plans to provide large volumes of synthetic graphite anode material in the United States, and this partnership will accelerate our mission to establish a North American supply chain to power the growing battery industry and facilitate a sustainable future.”

Under the agreement, Phillips 66 and NOVONIX will leverage their leadership positions in their respective industries – as well as existing intellectual property and R&D capabilities – to drive the commercial development of optimized raw materials and building materials. lithium-ion anode with low carbon treatment.

Phillips 66 is one of the world’s leading manufacturers of specialty coke, a key precursor to the synthetic graphite anode material produced by NOVONIX. The company is one of the few downstream companies to have an in-house research and development organization. Its Energy Research & Innovation group is working on the development of less carbon-intensive technologies to support the energy transition, including next-generation batteries.

NOVONIX is a leading producer of synthetic graphite anode materials used in the manufacture of lithium-ion batteries that power electric vehicles, personal electronics, medical devices and energy storage units. NOVONIX’s anode materials business is based in Chattanooga, Tennessee, where it is expanding its capacity to produce 10,000 metric tons per year of synthetic graphite by 2023, 40,000 t/year by 2025 and 150,000 t/year by 2030.

About Philips 66

Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of midstream, chemical, refining and marketing and specialty businesses, the company processes, transports, stores and markets fuels and products worldwide. Based in Houston, the company has 14,100 employees committed to safety and operational excellence. Phillips 66 had $56 billion in assets as of September 30, 2021. For more information, visit www.phillips66.com or follow us on Twitter @ Phillips66Co.

About Novonix

NOVONIX Limited is an integrated developer and supplier of high performance materials, equipment and services to the global lithium-ion battery industry with operations in the United States and Canada and sales in over 14 countries. NOVONIX’s mission is to enable a clean energy future by producing longer life, lower cost battery materials and technologies.

WARNING FOR THE PURPOSES OF THE “SAFE HARBOUR” PROVISIONS
OF THE PRIVATE SECURITIES LITIGATION REFORM ACT 1995

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors thus created. . Forward-looking statements can be identified by the use of words such as “plans”, “expects”, “will”, “anticipates”, “believes”, “intends”, “projects”, ” target”, “estimate” or other words of the same meaning. Forward-looking statements are based on certain assumptions and expectations of future events which may not be accurate or realized, and involve risks and uncertainties, many of which are beyond Phillips 66’s control, including, but not limited to, regulatory approvals and market conditions. A discussion of factors that could affect future results is included in Phillips’ 66 filings with the Securities and Exchange Commission. Phillips 66 disclaims any responsibility and assumes no obligation to update or revise any forward-looking statement, except as required by applicable law.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220119005965/en/

contacts

For Phillips 66:

Jeff Dietert (investors)
832-765-2297
[email protected]

Shannon Holy (investors)
832-765-2297
[email protected]

Bernardo Fallas (media)
855-841-2368
[email protected]

For NOVONIX Limited:

Stefan Norbom (investors)
[email protected]

Kiki O’Keeffe (media)
[email protected]