Completion of Acquisition of 100% of Novonix
Sydney, June 2, 2017 AEST (ABN Newswire) - Graphitecorp Limited (
ASX:GRA) (GC3:FRA) ("Graphitecorp" or "the Company") is pleased to announce that it has completed the acquisition of 100% of international battery testing equipment and services company, NOVONIX.
HIGHLIGHTS
- On 22 May 2017, Graphitecorp announced that it had executed definitive agreements to acquire the remaining one-third of NOVONIX that it had not already agreed to acquire, with consideration payable in cash (CAD1,666,666) on the same per share valuation metrics as for the previous two-thirds being acquired.
- The acquisition by Graphitecorp of all of the shares in NOVONIX has now been completed.
- The NOVONIX transaction is part of Graphitecorp's downstream integration strategy, aimed at deeper participation in the value chain to supply advanced battery materials, equipment and services to the global Lithium Ion Battery (LIB) market.
On 2 March 2017, Graphitecorp announced the acquisition of two-thirds of NOVONIX, and on 22 May, advised it was also to acquire the remaining one-third of NOVONIX, with consideration payable in cash (CAD1,666,666) on the same cash consideration metrics as negotiated for the previous two-thirds being acquired (as announced on 2 March).
The acquisition of NOVONIX, together with the company's PUREgraphite anode material production joint venture in the USA, progresses Graphitecorp within the value chain to become an integrated supplier of advanced battery materials, equipment and services to the global LIB market.
NOVONIX sells its proprietary high precision battery testing equipment and services to customers including Panasonic, Apple, 3M, Microsoft, CATL, Bosch and Dyson, as well as US and Global EV and battery manufacturers.
NOVONIX was spun out of Dr Jeff Dahn's LIB research lab at Dalhousie University, which signed an exclusive five-year research partnership with Tesla in 2015 to develop longer-lasting lithium-ion batteries. In less than three years, NOVONIX has deployed more than 1,000 of its High Precision Coulometry battery testing units in 12 countries.
NOVONIX launched its new 20 Amp HPC testing system in May 2017 and is currently installing the first such unit within the facilities of a major global battery manufacturer.
The NOVONIX business is already cashflow positive and well-funded, with existing available working capital.
ABOUT PUREgraphite AND COULOMETRICS
Graphitecorp and Coulometrics have established a 50:50 joint venture company, PUREgraphite LLC (PUREgraphite), to produce ultra-high-purity anode materials in the USA for Lithium Ion Batteries primarily for EV and energy storage applications.
Founded in 2008 by Dr Edward Buiel, Coulometrics is a leading US-based battery materials and battery cell development and testing company. Dr Buiel graduated from Dalhousie University (Jeff Dahn Lab) in 1998 with a PhD in Physics specializing in "Development of Carbon Anode Materials for Lithium Ion Battery Applications". He is CEO of PUREgraphite.
Coulometrics owns its own toll coating and converting line and specializes in battery and capacitor testing of all types. It has strong capabilities in qualification testing, development of specification sheets and validation of energy storage materials and technology. Coulometrics also works with system designers to select, model and test the optimal energy storage system for their application. It has expertise in materials characterization and processing, including coin/pouch cell fabrication, mixing and electrode fabrication and converting (slitting, calandering).
For more information on Coulometrics please visit its website at http://coulometrics.com
For more information on PUREgraphite please visit its website at http://puregraphite.com
About NOVONIX Limited
NOVONIX Limited (ASX:NVX) (FRA:GC3) (OTCMKTS:NVNXF) is an integrated developer and supplier of high-performance materials, equipment and services for the global lithium-ion battery industry with operations in the USA and Canada and sales in more than 14 countries. NOVONIX's mission is to support the global deployment of lithium-ion battery technologies for a cleaner energy future.
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