NOVONIX Limited announced on February 18, 2026, that it has entered into a binding term sheet to sell its NOVONIX Battery Technology Solutions Inc. (BTS) business in Nova Scotia, Canada, to Dr. Chris Burns, the division’s founder and former chief executive officer. This divestiture is part of the company’s ongoing effort to streamline its operations and concentrate on building a vertically integrated synthetic graphite supply chain in North America.
This transaction follows the September 2025 sale of the Mt. Dromedary natural graphite mining project and underscores NOVONIX’s priority to focus its resources and capital on synthetic graphite production. Mike O’Kronley, CEO of NOVONIX, explained that redirecting management attention to synthetic graphite aligns with the company’s strategy to support domestic supply of this essential battery material.
Established in 2013 through a collaboration with Dalhousie University researchers and acquired by NOVONIX in 2017, BTS offers advanced battery testing systems such as Ultra-High Precision Coulometry (UHPC). The division also provides specialized research and development services and proprietary all-dry, zero-waste cathode synthesis technology, serving customers in defense, grid stability, and high-performance energy storage markets.
Key terms of the proposed share sale include:
- Transfer of all BTS assets and liabilities
- Transaction price of US$1.00
- NOVONIX to retain a 15% non-dilutable equity stake in the cathode business
- A target cash balance at BTS of US$2 million at closing, subject to customary adjustments
- Provision of transition services by NOVONIX and a trademark license to the buyer through September 30, 2026
The sale remains subject to negotiation and execution of definitive agreements, as well as customary closing conditions. Both parties anticipate finalizing the documentation and completing the transaction in the coming months. The announcement was authorized by NOVONIX Chairman Ron Edmonds.
NOVONIX is headquartered in Chattanooga, Tennessee, and develops advanced battery materials, cell-testing services, and clean manufacturing technologies. The company’s operations aim to reduce supply chain risk and bolster North American energy independence by delivering integrated anode and cathode solutions for the growing electrification and energy storage industries.
Source: NOVONIX Group News
