13
Aug
13:43
Phillips 66 to invest $150m in Australian battery materials company
Texas-based Phillips 66 says it is investing $150 million to acquire a 16% stake in an Australian battery materials company, NOVONIX Ltd, and a seat on its board of directors, Kallanish reports.
The deal will expand Phillips 66’s presence in the battery supply chain and advance NOVONIX’s production of synthetic graphite for high-performance lithium-ion batteries, the companies say.
The deal must be approved by NOVONIX’s shareholders.
“Thi…
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