(Reuters) - Australian battery maker Novonix said on Monday (NASDAQ:MNDY) it had signed a binding off-take agreement with automaker Stellantis (NYSE:STLA) to supply high-performance synthetic graphite material to its cell manufacturing partners in North America.
As part of the agreement, the Brisbane-headquartered firm will supply a minimum of 86,250 metric tons, up to a target volume of 115,000 metric tons of synthetic graphite from its Riverside facility in Chattanooga, Tennessee, to Stellantis' cell manufacturing partners in North America from 2026 until 2031.
"This contract allocates the remainder of our available volumes at our Riverside facility and a portion of volumes to be produced at our planned greenfield facility," Novonix CEO Chris Burns said.
The Australian firm also said that it was making progress on building a new production facility in the southeastern United States which will boast an initial capacity of 30,000 metric tons per annum (tpa) and plans to expand that facility to 75,000 tpa.