FY2019 has been a year focused on the implementation of our business plan to become a world leading battery materials and technology company.
Annual Report to Shareholders
Brisbane, Sep 30, 2019 AEST (ABN Newswire) - NOVONIX Ltd (
ASX:NVX) (GC3:FRA) is comprised of two key businesses: PUREgraphite (manufacturer of battery anode material), and NOVONIX Battery Technology Solutions (provider of battery R&D services and a manufacturer of battery test equipment).
NOVONIX's business plan to enter the battery technology and materials space continues to be validated by market growth and demand. The Lithium Ion Battery Market is forecasted to grow from US$36.20 billion in 2018 to US$109.72 billion by 2026, at a CAGR of 13.4%, during the forecast period.
Lithium-ion batteries are increasingly being used as a hybrid and full-battery electric vehicle (BEV) power source, along with energy storage systems (ESS).
In FY2019, based on this market validation, NOVONIX made several strategic decisions to increase the company's opportunity for future growth in the battery technology and materials space. These strategic decisions and investments included: NOVONIX exercising its "call option" to increase NOVONIX ownership of PUREgraphite from 50% to 75%, PUREgraphite relocated to a new premises with 3,700 square meters and rights of first offer to lease additional 11,150 square meters, NOVONIX BTS moved into a new facility in Bedford and expanding staffing to 20 employees, NOVONIX BTS entered into strategic R&D partnerships with Dalhousie University, NOVONIX BTS commenced a patent development pipeline, and NOVONIX BTS began offering new expert advisory and development services and product options.
NOVONIX - Highlights for FY2019
Corporate
- Exercised "call option" to increase NVX ownership of PUREgraphite from 50% to 75% and production rights to 100% above 1,000tpa (Q3) with the remaining 25% being acquired in Q4
PUREgraphite
- Commenced hand-over of PUREgraphite CEO and CFO roles to NOVONIX executives and appointment of COO (Q3)
- Conducted further follow-up technical and business development meetings with international battery-makers, providing additional samples of our anode material for evaluation (Q4)
- Began relocation of existing plant equipment and personnel from the Duncan Street, Chattanooga facility to its new premises located in Corporate Place, Chattanooga. Lease executed on new facility has 3,700 square meters with rights of first offer to lease additional 11,150 square meters (Q4)
NOVONIX BTS
- Commenced strategic battery R&D partnership with Dalhousie University (Q1)
- Filed several patent applications including a provisional patent for a silicon infused graphite material and manufacturing process and a provisional patent for cathode material processing methods aimed at increasing life & reducing cost (Q2 and Q3)
- Cell building sales accelerated with contracts for multiple large customers to build custom cells and evaluate materials (Q4)
Mount Dromedary
- Main activities included maintaining the tenements in good standing, finalising land holder and native tile agreements, and reassessing next steps with permitting on the project
To view the Annual Report, please visit:
https://abnnewswire.net/lnk/6BB6OPYP
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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