Novonix and Panasonic Energy sign binding off-take agreement for graphite anode

Novonix (NVX) and Panasonic (PCRFY) Energy, a manufacturer of electric vehicle batteries in North America, signed a binding off-take agreement for high-performance synthetic graphite anode material to be supplied to Panasonic Energy’s North American operations from Novonix’s Riverside facility in Chattanooga, Tennessee. Panasonic Energy has agreed to purchase at least 10,000 tons of anode material for use in their U.S. plants over the term of 2025-2028. During the term, if additional volumes are requested by Panasonic Energy, Novonix wonn use its best efforts to deliver the increased volumes. Panasonic Energy is working to expand its production of EV batteries in North America to meet increased demand while also increasing the percentage of materials procured locally. Novonix’s Riverside facility is set to become the first large-scale production site dedicated to high-performance synthetic graphite for the battery sector in North America and is slated to begin production in late 2024, with plans to grow output to 20,000 tons per annum to meet anticipated customer demand.