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NOVONIX and PowerCo SE Sign Binding Offtake Agreement
NOVONIX and PowerCo SE have signed a binding offtake agreement for a minimum of 32,000 tonnes of high-performance synthetic graphite material to be supplied from 2027-2031.
PowerCo, established by Volkswagen in 2022, operates three gigafactories with a combined capacity of 200 GWh/year.
NOVONIX's Riverside facility will begin commercial production in 2025, targeting 20,000 tonnes per annum output.
The company received a US$100 million DOE grant and US$103 million investment tax credit for the facility.
NOVONIX plans a second facility in the southeastern US with initial 30,000 tpa capacity, expandable to 75,000 tpa, aiming for total production of 150,000 tpa.
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