Save for later Print Download Share LinkedIn Twitter Independent US refiner Phillips 66 is investing in the lithium-ion battery industry, it announced this week. The refiner will purchase a 16% stake in Australia-based Novonix, a company that produces components for the manufacture of lithium-ion batteries and, according to its website, seeks to enable “an electrified future for electric vehicles and grid energy storage.” Phillips 66 is a major producer of specialty coke, a petroleum-derived product and a crucial component of such batteries. Novonix said Phillips 66’s investment -- some $150 million -- will allow it to dramatically increase its production capacity by 2025. Phillips 66’s investment comes amid the accelerating energy transition and pressure to limit or offset carbon emissions industry-wide (related).
