NOVONIX Limited, a lithium-ion battery developer and supplier, has closed an investment and supply agreement with KORE Power, which is based in Coeur d’Alene, Idaho.
With the agreement, NOVONIX will be an exclusive supplier of graphite anode material to KORE Power, a U.S.-based battery cell technology developer for the clean energy industry, according to a recent press release.
"The completion of this transaction with KORE Power marks an important step toward establishing the domestic battery supply chain as the first large-volume contract of battery-grade synthetic graphite from a U.S.-based supplier," said Dr. Chris Burns, NOVONIX co-founder and CEO. "More than ever, the United States and its neighbors are realizing the importance of building a sustainable and energy-secure future. Our partnership with KORE Power is a testament to our commitment on executing on our phased growth plan and bringing large-scale production of high-performance battery synthetic graphite to the United States."
The agreement was announced in January, according to Business Wire.
"Our relationship with NOVONIX helps us secure the leading U.S. domestic supply of synthetic graphite anode materials and related technology for our U.S. manufacturing facility, which is positioned to operate at 12 Gigawatt-hours per year with net-zero carbon emissions due to this strategic partnership," said KORE Power Co-Founder and CEO, Lindsay Gorrill, in the release.
Under the terms of a Securities Purchase Agreement, NOVONIX has purchased 3,333,333 shares of KORE Power at $7.50 per share, the release stated. The aggregate offering price of the shares amounts to $25 million which has been paid in a combination of 50% cash and 50% through the issuance of nearly 2 million ordinary shares of NOVONIX.
NOVONIX will begin supplying graphite anode material at a rate of 3,000 metric tons per annum beginning in 2024, the release stated.