NOVONIX Signs Offtake Agreement with Stellantis; Shares Up 14%

MT Newswires Live

2024/11/11

Battery technology company Novonix (ASX:NVX) signed a binding offtake agreement with automotive company Stellantis for the supply of its synthetic graphite material, according to a Monday filing with the Australian bourse.

A minimum of 86,250 tonnes and up to a target volume of 115,000 tonnes of the material will be supplied to Stellantis' North American cell manufacturing partners over a six-year term starting in 2026, the filing said.

The product pricing under the offtake agreement will be determined by an agreed-upon market-based price formula, according to the filing.

Novonix shares rose more than 14% in afternoon trade.

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