Battery technology company Novonix has partnered with TAQAT Development Company to establish an incorporated joint venture that will produce anode materials needed for manufacturing electric vehicle and energy storage system batteries in the Middle East and North Africa region.
The JV will leverage Novonix’s cutting-edge battery technology and capability to develop a graphite anode materials facility with a capacity of 30,000 tonnes per year.
Slated to be established in Saudi Arabia, the project is expected to secure access to precursor material as feedstock for critical battery materials and access to developing end-use markets for the manufacturing and sale of electric vehicles and ESS applications.
The new anode materials facility will help support a localised supply chain for the sector in Saudi Arabia, Novonix said in an ASX announcement.
Chris Burns, CEO of Novonix, said the joint venture will enhance Novonix’s financial strength and profitability by both driving revenues and accessing cost-efficient, quality feedstock for projects outside North America.
“Novonix’s battery anode manufacturing expertise coupled with TAQAT’s anticipated strong financial support will help bring the first anode materials facility to Saudi Arabia,” Burns said.
TAQAT has also signed an agreement with Rabigh Refinery Petrochemical Company to build a petroleum needle cooking facility, using Chevron Lummus Global’s proprietary Needle Coke technology. This plan will provide the joint venture with access to precursor material within Saudi Arabia while also being able to leverage Novonix’s existing suppliers of key feedstocks from North America and globally.
The Saudi Arabian government has been investing in projects that align with its Vision 2030 goals and is planning to have 30 per cent of all vehicles on the road be electric by 2030.
As part of this initiative, Saudi Arabia recently launched Ceer, the country’s first electric vehicle brand.
Furthermore, a US-based EV manufacturer also announced plans to establish its first international factory in Saudi Arabia.
