Novonix Sells BTS Division for $1, Keeps 15% Stake in Dryve
NVX•Novonix sold its Battery Technology Solutions division for US$1.00 and retained a 15% equity stake in Dryve Battery Materials Inc. The US$2 million cash balance at close, transition services, and trademark license through December 2026 support Novonix's renewed focus on a North American synthetic graphite supply chain.
1. Divestiture Completion
Novonix has finalized the sale of its Battery Technology Solutions division in Nova Scotia to its former CEO, Dr. Chris Burns, transferring all assets and liabilities for a nominal US$1.00 and completing previously announced agreements.
2. Strategic Focus on Synthetic Graphite
The divestiture concentrates Novonix’s management attention and capital on advancing a vertically integrated North American supply chain for synthetic graphite, reinforcing its position in the battery materials market.
3. Detailed Deal Terms
Under the transaction, Novonix retains a 15% equity stake in Dryve Battery Materials Inc., assumes a US$2 million cash balance at close, and will provide transition services and a trademark license through December 2026.
4. Spinoff Operations
The spun-off BTS operations now form two independent entities: Avrion Battery Labs Inc. for advanced battery testing and R&D services, and Dryve Battery Materials Inc. focused on commercializing a pCAM-free dry synthesis platform for cathode materials.
