Battery technology company Novonix (ASX:NVX) is set to raise about AU$44.4 million via the placement of up to 86.8 million shares priced at AU$0.60 apiece, according to a Tuesday filing with the Australian bourse.

Phillips 66, the company's largest shareholder, agreed to subscribe for 12.8 million new shares to raise roughly $5 million, pending shareholder approval, the filing said.

The company also plans to raise an additional AU$5 million through a share purchase plan of up to 8.3 million shares for eligible shareholders at the same offer price as the placement.

Proceeds will be used to cover key property, plant, equipment, and facility costs at the Riverside facility in Tennessee, according to the filing.

Trading in the company's shares is halted.