Aug 9 (Reuters) - Phillips 66 (PSX.N) will acquire a 16% stake in lithium-ion battery material supplier NOVONIX Limited (NVX.AX) for $150 million, the U.S. refiner said on Monday, as demand for electric-vehicle battery materials rises.
Phillips 66 develops carbon anodes and other materials for lithium-ion batteries using by-products from its oil-refining business.
Earlier this year, the company forged a technology partnership with Faradion to develop anode materials for sodium-ion batteries, which are also used in electric vehicles. (https://bit.ly/3yB0gun)
U.S. Democrats have been advocating for a majority of cars manufactured in the country to be electric by 2030 and every car on U.S. roads to be electric by 2040. read more
COULD THIS BE GOOD NEWS FOR LKE- FUTURE PARTNER MAYBE, MIGHT BE A BIGGER PICTURE FOR LKE TO SUPPLY DOWN THE TRACK
Aug 9 (Reuters) - Phillips 66 (PSX.N) will acquire a 16% stake...
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