Manufacturers of electric vehicles are stepping up production plans. On the other hand, high purity and responsibly sourced lithium is increasingly scarce around the world. Reciprocally with the growing demand for high performance materials, equipment and services for the global LIB industry, NOVONIX Limited (ASX: NVX) has recently gained market attention.
The NVX share price traded 8.85% higher on the ASX at $ 1.66 on August 27, 2020 following the company’s latest ASX update. NOVONIX announced that it has signed a new agreement with Lake Resources NL (ASX: LKE) to produce high performance LIB test cells.
NVX shares traded at $ 1.62 at midday on August 28. The stock has generated a return of around 559% over the past six months.
NOVONIX appointed by Lake Resources to produce LIB test cells
Lake Resources has appointed NOVONIX Battery Technology Solutions in Nova Scotia, Canada, to produce high performance LIB test cells. Production will use lithium carbonate samples from Lake Resources, versus advanced materials.
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Lake Resources will provide lithium carbonate samples to the Company. These samples will be used with commercial battery cathode precursor materials. Together, they would form a cathode and an NMC622 battery.
The company’s proprietary pilot cell line and advanced diagnostic tools, combined with Lake Resources’ responsibly sourced, high purity lithium product, are likely to assess compliance with LIB standards. In addition, this data can allow users and potential buyers of Lake Resources’ product to make direct and meaningful comparisons of its performance with familiar cellular chemistries.
GOOD READING: NOVONIX is progressing well with its patented advanced cathode material fabrication method
To develop lithium carbonate samples from lithium chloride produced by technology partner Lilac Solutions, Lake appointed Hazen Research. This will happen at the Lake Resources pilot plant in California. Lilac Solutions has already produced 99.9% pure lithium carbonate from this lithium chloride via a conventional lithium carbonate process.
The first samples of battery-grade lithium carbonate are expected to be produced by Hazen Research in a few weeks. It would appear that Lake Resources is confident that the high purity lithium carbonate will be confirmed, as the results obtained from the pilot plant are similar to previous bench tests.
This is when the chronology of the NOVONIX accord comes into play.
The first batch of lithium carbonate will be transformed into NMC622 LIB by NOVONIX. It should take at least four months. The first results are expected two months after production of the cathode material, according to the company.
At the same time, NOVONIX creates “million mile” battery technologies with revolutionary cathode and anode materials. The company designs, manufactures and sells high precision battery test equipment to battery manufacturers and Tier 1 OEMs in fifteen countries. Few consumers include SK Innovation, Apple, Panasonic, CATL, Bosch, Honda, Samsung, and Dyson.
To learn more about the company’s developments from April to June 2020, READ HERE: Pioneer in Advanced Battery Materials, NOVONIX uploaded to ASX