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Panasonic Energy Co. Ltd. and Novonix have signed a deal to supply synthetic graphite for the production of electric vehicle batteries. On Friday, Feb. 9, the Japanese firm confirmed that it agreed to a binding off-take contract with the Australian battery materials company to obtain 10,000 tons of graphite.
Panasonic Energy, which supplies EV batteries for Tesla's electric vehicles, said it will procure high-performance synthetic graphite anode from Novonix's battery plants in North America, including one in Tennessee. The manufactured material is expected to be continuously delivered to Panasonic's battery unit in four years starting next year.
Possible Contract Extension
Panasonic Energy and Novonix's deal involves supplying at least 10,000 tons of anode material. According to Capital Brief, the order could be expanded later, as the partners can increase the volume if needed.
Then again, it was revealed that Panasonic Energy could also trim down the initial volume or even cancel the agreement if Novonix fails to deliver. The contract may be terminated if the battery maker thinks its supplier cannot comply with the agreed production milestones.
Novonix's Shares Soars
The Motley Fool reported that Novonix announced its newest deal with Panasonic Energy, and its shares immediately increased by 20%. The investors reportedly got excited with the news, which caused the company's share prices to go up.
"We are excited to announce the finalization of a binding off-take agreement with Panasonic Energy to become a supplier of key anode material for its North American-based facilities," Novonix's chief executive officer, Dr. Chris Burns, said in a press release. "Off-take agreements with high-quality partners such as Panasonic Energy solidify NOVONIX's position as a leader in onshoring the supply chain of synthetic graphite and accelerating the adoption of clean energy in the industry."
Panasonic Energy's chief technology officer, Dr. Shoichiro Watanabe, commented, "We are thrilled about the partnership with NOVONIX, which will bring innovative technologies to key anode material."
