Australia's Novonix reached a graphite material supply agreement with PowerCo, a subsidiary of Volkswagen.

Australian battery materials supplier Novonix announced on Monday that it has signed a binding purchase agreement with PowerCo, a subsidiary of Volkswagen autos, to supply at least 0.032 million tons of high-performance synthetic graphite. As part of the agreement, Novonix will provide PowerCo with synthetic graphite materials for 5 years starting in 2027. PowerCo, founded by Volkswagen Group, is a battery company responsible for international factory operation. Novonix stated that its Riverside plant in Chattanooga, Tennessee, will be responsible for supplying the materials.

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