Novonix (ASX:NVX) entered a binding offtake agreement with Volkswagen Unit PowerCo to supply 32,000 tonnes of synthetic graphite over five years, starting in 2027, according to a Monday filing with the Australian bourse.
The agreement follows a non-exclusive testing and development deal signed in March, the filing said.
Novonix's Riverside facility is set to start commercial production in 2025, targeting 20,000 tonnes per annum (tpa).
The battery materials and technology company is also planning to build a second production facility in the southeastern US with an initial capacity of 30,000 tpa with plans to expand to 75,000 tpa.
Additionally, the company is in talks with the US. Department of Energy for a loan under the Advanced Technology Vehicles Manufacturing Program to help fund the new facility.
The company aims to ramp up total production to at least 150,000 tpa to meet rising customer demand.
Novonix's shares rose past 12% in recent Monday trade.
Price (AUD): $0.83, Change: $+0.09, Percent Change: +12.16%
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