NOVONIX Limited, a leading battery materials and technology company, announced that it has entered into a binding term sheet for the proposed sale of its NOVONIX Battery Technology Solutions business in Nova Scotia, Canada, with its former Chief Executive Officer, Dr Chris Burns.
The proposed transaction represents a divestiture of the Company’s non-core business segments and aligns NOVONIX’s strategic focus to establish a vertically integrated synthetic graphite supply chain in North America.
“The divestiture of the BTS division, following the completed sale of the Mt. Dromedary natural graphite mining project in September 2025, reflects NOVONIX’s disciplined strategy to prioritise synthetic graphite,” said Mike O’Kronley, CEO of NOVONIX. “We are focused on directing our management attention and capital to building the North American supply chain for this critical mineral.”
BTS was founded in 2013 by Dr. Chris Burns in collaboration with researchers from the Dalhousie University research group and was acquired by NOVONIX in 2017. BTS provides advanced battery testing systems, including Ultra-High Precision Coulometry (UHPC) systems, specialised R&D services, and its proprietary all-dry, zero-waste cathode synthesis technology that supports customers across defence, grid stability, and high-performance energy storage applications.
Key highlights of the deal:
- Share equity sale of the BTS business, including all associated liabilities and assets
- Transaction price of US $1.00
- NOVONIX to receive a 15% non-dilutable equity stake in the cathode business
- Cash balance at BTS as of Close is to be US$2M, subject to customary adjustments
- NOVONIX will provide certain transition services and will grant Buyer a trademark license through at least 30 September 2026
The transaction is subject to the negotiation and execution of definitive agreements and satisfaction of customary conditions precedent. The parties expect to finalise definitive agreements and complete the transaction in the coming months.
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