Emera Technologies and Novonix (NVX) will partner to manufacture and develop new batter technology for North American market.
Novonix stock is trading at $AUD 3.55 (up by 16.3%) as of 10.00 PM AWDT
Emera Technologies:
The Canadian-listed Emera Inc. owns Emera Technologies. Emera Inc. is a multinational energy holding company. In 2019 the company held assets worth more than AUD 32.4 billion.
Novonix:
Novonix Limited is company that supplies battery materials and equipment along with services to the lithium-ion battery market in North America. Emery Technologies will be partnering with Novonix Battery Technology Solutions, a wholly owned subsidiary of Novonix limited.
Emera has a microgrid platform that supplies solar power directly to users’ homes. The company launched the platform called BlockEnergy in 2020. It is the first the first utility-owned community microgrid platform. The teams from both companies have been working together to develop a battery pact that will support this platform, utilizing customized manufacturing and control systems to achieve this goal.
See also: SpotX Acquired by Magnite in $1.17 Billion Deal
Chief Executive and Co-founder of Novonix, Dr Chris Burnst said, ““The BlockEnergy project is a great example of applying our technology to real life projects and developing systems with specifications not available currently in commercial products, and that have tangible downstream applications. This project brings the opportunity to partner on not only the development but also manufacturing of new battery systems with significant market opportunities. The target market is not limited to the United States but will also include a focus on opportunities and customers here in Canada.”
Focus on North America
Novonix has been making strategic moves to increase its presence in North America. Recently the company also extended its partnership with Dalhousie University in Canada. As per the new extension, Novonix will contribute $1.1 Million Canadian over a period of five years to the university in exchange for intellectual rights.