NOVONIX Limited Completes Divestment of Non-Core Business

NOVONIX Limited has finalized the sale of its NOVONIX Battery Technology Solutions (BTS) business in Nova Scotia, Canada, to its former CEO, Dr. Chris Burns. This divestiture is part of NOVONIX's strategy to focus on building a vertically integrated synthetic graphite supply chain in North America. The BTS business will now operate as two independent companies: Avrion Battery Labs Inc. and Dryve Battery Materials Inc. The key terms of the transaction include a share equity sale with a transaction price of US $1.00, with NOVONIX receiving a 15% equity stake in the cathode business (Dryve Battery Materials Inc.). The cash balance at BTS as of the close is US$2M, subject to adjustments. NOVONIX will provide transition services and a trademark license until December 31, 2026. This move allows NOVONIX to direct its resources towards advancing domestic supply of critical minerals and supporting the North American battery industry.