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NOVONIX Limited is building production capacity in Chattanooga, Tennessee, to supply synthetic graphite used in battery anodes for electric vehicles and energy storage. This business has not yet generated sales revenue. Panasonic Energy and PowerCo have agreements to buy its material, but purchases depend on NOVONIX meeting their specifications. Its Riverside plant is still undergoing equipment calibration, raw-material testing and final battery-grade qualification.
All current revenue comes from Battery Technology Solutions (BTS), which sells testing equipment and provides battery-testing and development consulting to battery manufacturers and developers. Consulting brings in more revenue than equipment sales, and BTS relies on a limited customer base. NOVONIX has announced a proposed sale of BTS; if completed, it would have no revenue until graphite production scales up.
The transition to graphite sales depends on producing customer-approved material at commercial volumes and acceptable cost, securing additional funding, and bringing specialized furnaces supplied by Harper into operation. U.S. Department of Energy grant reimbursements require NOVONIX to contribute its own funding and meet conditions covering U.S. manufacturing, environmental protection, worker safety and export controls.
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NOVONIX’s commercialization hinges on Panasonic’s battery-grade qualification and planned production ramp, alongside PowerCo’s agreement to buy its material, while current revenue comes entirely from battery-testing equipment and services.
E-Power Inc. already sells graphite anode materials through its consolidated Sunrise Guizhou business, competing with the synthetic graphite NOVONIX is preparing to sell for batteries. Watch its graphite-product revenue: this business supplied 99.84% of fiscal 2025 revenue, while NOVONIX had no synthetic-graphite sales revenue as of its 2026 annual report.
Solidion Technology, Inc. and NOVONIX are competing to commercialize graphite-based anode materials for lithium-ion battery manufacturers. Solidion’s biochar-derived materials offer a different approach from NOVONIX’s synthetic graphite; watch progress on those products rather than its separate silicon-anode work.
POSCO Holdings competes with NOVONIX’s graphite products through POSCO Future M’s battery-anode materials, but steel dominates the parent’s business. Watch Future M’s battery-material customer demand rather than the parent’s steel results: weaker global EV demand has reduced its key customers’ orders for cathode and anode materials.
QuantumScape shares a commercialization partner with NOVONIX: PowerCo is helping scale QuantumScape’s battery technology and has agreed to buy NOVONIX’s graphite anode material. Progress on QuantumScape’s milestone-linked collaboration payments and licensing offers another view of PowerCo’s push to commercialize new battery technologies, not NOVONIX’s material qualification.
Solid Power, Inc. and NOVONIX both need battery makers to qualify and adopt new materials: Solid Power plans to sell solid electrolyte to battery manufacturers and automakers making their own cells, while NOVONIX is qualifying graphite anodes. Watch Solid Power’s customer sampling and feedback on its electrolyte for a view of material adoption, rather than commercial cell sales, which it does not plan to pursue.
QuantumScape Corporation earningsQS
QuantumScape’s report will show whether its work with PowerCo is advancing toward commercialization, offering a signal about NOVONIX’s shared partner—not whether NOVONIX’s graphite has qualified.
Look for progress in milestone-linked collaboration payments and licensing offers. Payments tied to technical milestones or advancing licensing would suggest PowerCo is pushing new battery technologies toward commercialization, a potentially supportive backdrop for NOVONIX’s effort to supply its graphite to PowerCo. Little progress would leave that demand signal weak; it would not tell you whether NOVONIX’s material meets PowerCo’s specifications.
