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LG Energy Solution Ltd. and Novonix Limited have joined forces for the electric vehicle (EV) battery material business in the United States. To be more precise, the companies have signed an agreement for artificial graphite anode material, which is a highly durable material that is used in a wide range of applications.
LG Energy Solution and Novonix agreed to a long-term contract where the South Korean battery manufacturing company is set to purchase up to 50,000 tons of artificial graphite anode from the Brisbane, Australia-based battery materials supplier for 10 years. Novonix will process the product in its production plants in the U.S.
As part of the agreement, the companies will also engage in joint research and development (R&D) of artificial graphite anode so they can also gain benefits from the US subsidy program that favors products manufactured in North America. In addition, The Korea Economic Daily reported that LG Energy Solution agreed to invest about $30 million in unsecured convertible notes issued by Novonix, and this was announced on Wednesday, June 7.
“Our partnership with NOVONIX once again demonstrates LG Energy Solution’s determination to establish a solid battery supply chain in the U.S., complementing our local manufacturing network to meet our customers’ needs for lRA-compliant batteries,” LG Energy Solution’s senior vice president of procurement center, Kim Dong Soo, said in a press release. “As we work with NOVONIX in developing a new source of artificial graphite anode material, we will stay committed to strengthening our product competitiveness and operation excellence, delivering the world-best quality products both in scale and with speed.”
Novonix’s chief executive officer, Chris Burns, further stated that they “are excited to formalize our work with LG Energy Solution and establish the path for NOVONIX to become a supplier for LGES of artificial graphite anode material in the United States.” He added that the deal simply “demonstrates our leading position to establish a supply chain for high-performance artificial graphite for the battery industry in North America.”
Photo: Novonix Press Release
