Andrew Liveris to join board of ASX-listed battery tech firm Novonix

Andrew Liveris has agreed to join the board of ASX-listed battery tech outfit Novonix, shelling out $500,000 for a stake.

Departing DowDuPont executive chairman Andrew Liveris. (Lyndon Mechielsen/The Australian)

Departing DowDuPont executive chairman Andrew Liveris has agreed to join the board of fledgling Brisbane battery and graphite company and buy $500,000 worth of shares in the company through a placement.

The Darwin-born, US-based corporate elder will take the role after he steps down from DowDuPont in the first half of next year.

Mr Liveris said he was excited about the opportunity to help create an integrated, global battery materials and specialist equipment company.

“The rechargeable battery market offers huge global growth, with the opportunity to supply differentiated products and establish market share during this relatively early stage of market maturity,” Mr Liveris said.

“I am excited with the prospect of growing Novonix and its technology in the international and especially the US markets.”

Mr Liveris is also a non-executive director of IBM.

As part of Mr Liveris’ prospective appointment, he will invest $500,000 through a placement of 757,575 Ordinary Shares in Novonix (NVX) at an issue price of 66c per share, subject to shareholder approval at the upcoming annual general meeting.

At 3.04pm (AEST), Novonix shares were up 5c to $1, giving the company a market value of about $56 million.

Novonix, a Canadian lithium battery-testing and services business, was acquired by ASX listed Graphite Corp for $5m.

Graphite Corp, run by former ERM Power boss Phillip St Baker, then changed its name to Novonix.

Before the acquisition, Graphite Corp had been focused on the Mt Dromedary graphite exploration project in Queensland, 125km north of Cloncurry.

Mr Baker holds 7.7 per cent of Novonix’s shares, while the wealthy Millner family’s Brickworks owns 15.46 per cent.