NOVONIX Secures Support from the Government of Canada for Cathode and Data Product Research & Development
27 September 2023 - 8:35AM
NOVONIX Limited (NASDAQ: NVX, ASX: NVX) (“NOVONIX” or the
“Company”), a leading battery materials and technology company,
announced that its Battery Technology Solutions division in Nova
Scotia, Canada is receiving up to CAD$3 million (USD$2.23 million)
in research and development funding and advisory services from the
National Research Council of Canada Industrial Research Assistance
Program (NRC IRAP).
NOVONIX will use the funds to advance two important research and
development initiatives aimed at enhancing its battery materials
and technology projects: the Company’s all-dry, zero-waste cathode
materials development and pilot line; and a new technology to
predict the lifespan of lithium-ion batteries that is supported by
the Company’s recently announced collaboration with SandboxAQ that
leverages their AI-driven chemical simulation software.
“We are honored to receive this funding and grateful to NRC IRAP
for their support,” said NOVONIX CEO, Dr. Chris Burns. “Lithium-ion
battery tailwinds have accelerated quickly on the back of public
policy support, increasing private sector investment, and strong
electric vehicle demand. We expect this trend to grow, underscoring
the increasing need for NOVONIX’s materials technologies and
advanced battery testing expertise that support cleaner
high-performance materials.”
Growth of All-Dry, Zero-Waste Cathode Pilot Line and
MaterialsIn July 2023, NOVONIX commissioned its all-dry,
zero-waste cathode pilot line and announced that its material
matched the performance of leading cathode materials from existing
suppliers in full-cell testing. The Company also recently shared
the results of an independent engineering study by Hatch Ltd. that
shows potentially significant cost savings and waste reduction of
NOVONIX’s proprietary cathode synthesis process compared to the
conventional, wet process.
Funding from NRC IRAP will support the growth of the NOVONIX
scientific and engineering team specializing in all-dry, zero-waste
cathode synthesis. This will allow the Company to further develop
its cathode synthesis process at pilot scale for various
high-nickel cathode chemistries, including cobalt-free materials,
and support commercialization engagements with potential customers
and partners.
Enhanced Data and Analytics OfferingDemand for
lithium-ion batteries is rapidly growing and NOVONIX is working to
support the global electrification trend by exploring critical
technologies and materials that are required for long-life,
high-performance battery applications. By leveraging SandboxAQ’s
expertise in artificial intelligence with quantum analysis, NOVONIX
is developing a data and analytics product offering that pairs
effectively with the Company’s existing battery testing equipment
and services offering.
NOVONIX’s planned product development is focused on implementing
advanced analysis techniques, anomaly detection tools, and using
machine-learning to create accurate lifetime prediction using
NOVONIX's UHPC testing equipment and data.
This announcement has been authorized for release by NOVONIX
Chairman, Admiral Robert J. Natter, USN Ret.
About NOVONIX NOVONIX is a leading battery
technology company revolutionizing the global lithium-ion battery
industry with innovative, sustainable technologies,
high-performance materials, and more efficient production methods.
The company manufactures industry-leading battery cell testing
equipment, is growing its high-performance synthetic graphite anode
material manufacturing operations, and has developed an all-dry,
zero-waste cathode synthesis process. Through advanced R&D
capabilities, proprietary technology, and strategic partnerships,
NOVONIX has gained a prominent position in the electric vehicle and
energy storage systems battery industry and is powering a cleaner
energy future. To learn more, visit us at www.novonixgroup.com or
on LinkedIn and X.
For NOVONIX Limited Scott
Espenshade, ir@novonixgroup.com (investors)Lori Mcleod,
media@novonixgroup.com (media)
Forward-Looking StatementsThis communication
contains forward-looking statements about the Company and the
industry in which we operate. Forward-looking statements can
generally be identified by use of words such as “anticipate,”
“believe,” “contemplate,” “continue,” “could,” “estimate,”
“expect,” “intend,” “may,” “plan,” “potential,” “predict,”
“project,” “should,” “target,” “will,” or “would,” or other similar
expressions. Examples of forward-looking statements in this
communication include, among others, statements we make regarding
our cathode technology and the launch of our data solutions
platform. We have based such statements on our current expectations
and projections about future events and trends that we believe may
affect our financial condition, results of operations, business
strategy and financial needs. Such forward-looking statements
involve and are subject to known and unknown risks, uncertainties
and other factors which may cause our actual results, performance,
the accuracy of our estimates regarding market size, expenses,
future revenue, capital requirements and needs for additional
financing, and regulatory developments in the United States,
Australia and other jurisdictions. Detailed information regarding
these and other factors that could affect our business and results
is included in our filings, including the Company's most recent
transition and annual reports on Form 20-F, particularly the
“Operating and Financial Review and Prospects” and “Risk Factors”
sections of those reports. Copies of these filings may be obtained
by visiting our Investor Relations website at www.novonixgroup.com
or the SEC's website at www.sec.gov. Forward-looking statements are
not guarantees of future performance or outcomes, and actual
performance and outcomes may differ materially from those made in
or suggested by the forward-looking statements contained in this
communication. Accordingly, you should not place undue reliance on
forward-looking statements. Any forward-looking statement in this
communication is based only on information currently available to
us and speaks only as of the date on which it is made. We undertake
no obligation to publicly update any forward-looking statement,
whether written or oral, that may be made from time to time,
whether as a result of new information, future developments or
otherwise.
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