PowerCo SE and NOVONIX Enter into a Testing and Development Agreement

Core Insights - NOVONIX Limited and PowerCo SE have signed a non-exclusive Testing and Development Agreement (TDA) to develop synthetic graphite anode materials tailored for PowerCo's requirements [1][2] - PowerCo, established by Volkswagen in 2022, aims to lead global battery cell production with three identified gigafactory locations in Germany, Spain, and Canada, totaling a capacity of up to 200 GWh/year [2][5] - NOVONIX's Riverside facility is set to become North America's first large-scale production site for high-performance synthetic graphite, targeting 20,000 tonnes per annum by late 2024, with plans to expand to 150,000 tonnes per annum [3][6] Company Overview - NOVONIX is a leading battery technology company focused on innovative and sustainable technologies, high-performance materials, and efficient production methods in the lithium-ion battery industry [6] - PowerCo SE is part of the Volkswagen Group, overseeing global battery operations and advancements in cell technology, with a focus on vertical integration of the battery value chain [5][6]