St Baker is a major shareholder in Novonix, a company that supplies materials to the electric vehicle battery market but the 82-year-old said has too many board seats.

He advised Novonix that he had “excessive company board representations on behalf of the St Baker Energy Innovation Fund”, a vehicle that has a stake in companies like EV battery fast charger Tritium.

“This relates to a number of companies in which the SBEIF has invested including Novonix,” the company said.

“Mr St Baker will also be devoting more time to the establishment of a second St Baker Energy Innovation Fund.”

St Baker said he was pleased to have been able to contribute to Novonix and was excited about its continued growth.

He said the resignation “should not reflect any diminution of interest by SBEIF or the St Baker family in Novonix”.

He said Novonix remained a “serious growth stock” within the investment portfolio.

Novonix has been going through a significant change in its identity over the past year as it shifts to being more of an American company. It has listed on the Nasdaq and switched its chairman from Tony Bellas to retired US Navy admiral Robert Natter.

The chairman said it appreciated St Baker’s contribution and the continued commitment of the St Baker family and the innovation fund.

He said there was a succession plan in place, but St Baker’s decision would mean the appointment of Chris Hay as an alternate director to St Baker would also end.

While there was no detail about the second innovation fund St Baker planned to launch it was unlikely to be looking for investment in hydrogen after St Baker rubbished its prospects as an energy fuel recently.