My take is they are gearing up for European expansion.
They won't let them set up shop if their processes are not environmentally sustainable.
Phillips 66 UK have been working with the highest levels of government regarding their Humber refinery and one of the pillars for them to go green is to use their needle coke into long life battery applications, doing this away from China and with a lot better environmental compliance.
Novonix ticks this box, hence the strategic investment by Phillips 66 into Novonix becoming the largest shareholder.
This is going global and Phillips 66 will want this to happen asap IMO. Why sell their needle coke to China when they now can sell it to Novonix and turn profit on both fronts. Its a win win for P66 and Novonix.
Ann: Preliminary Results of Environmental Impact Study, page-21
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