Phillips 66 — the Houston-based energy corporation with oil refineries and hundreds of gas stations under its control — is betting on battery storage with its latest investment.
The company announced Monday the acquisition of a 16% stake in Austrian battery material supplier NOVONIX Limited, valued at $150 million.
“This strategic investment enables Phillips 66 to directly support the development of the U.S. battery supply chain,” Greg Garland, Phillips 66 chairman and CEO, said in a statement. “It advances our commitment to pursue lower-carbon solutions while leveraging our leadership position and expertise in the specialty coke market and supporting NOVONIX’s emerging position in U.S.-based anode production.”
Phillips 66 is developing a fully domestic supply chain to support the electric vehicle market and energy storage markets.
NOVONIX is ramping up capacity at its Chattanooga, Tenn. facilities to produce 10,000 metric tons per year of synthetic graphite by 2023. The partnership with Phillips 66 will allow capacity to increase by 30,000 mt per year, the companies said, by 2025.