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Queensland's market darling Novonix says it's almost all American

Business

Novonix has declared that Australia was its heritage and the US its future as Brisbane based chair Tony Bellas handed over the job to an American and founding director Greg Baynton retired.

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Former US Navy Admiral Robert Natter has taken over as chair and Bellas will move to being deputy chair.

The company recently announced the appointment of Zhanna Golodryga to the board as the representative of Phillips 66, an American energy company that has become its biggest shareholder. Baynton has also announced his resignation from the board of Brisbane tech company IntelliHR.

Novonix, which has had a spectacular year on the market with its shares now approaching $11 from $1.24 at the start of the year, is also working through the process of a listing on the American Nasdaq exchange and remains in talks with Samsung SDI and Sanyo-Panasonic over supply.

Bellas, a former State Government Under Treasurer, said the complexion of the company was changing.

“Our operations are now almost entirely in North America, our senior executives are all based in North America, our largest shareholder is now an iconic US-headquartered company, a household name founded in Texas in 1927,” Bellas said.

“We also have a significantly broader US shareholder base as a consequence of our over-the-counter markets listing and this will be augmented soon by a potential listing on Nasdaq.

“In this context, the board has determined that its make up should similarly reflect this evolution in the character and development of the company.

“I would emphasise in the strongest ossible terms that, whilst we focus our energy and attention on the current opportunity in the North American market, we value our Australian heritage and support of our Australian shareholders and will continue to aim to build a globally significant player in the battery energy storage sector.”

 

 

 

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