Why was the sale price only US$1.00?

The nominal price reflects a "liability transfer." The buyer (Dr. Chris Burns) is taking over all the costs, employees, and potential debts of the business. For NOVONIX, the value isn't in the dollar received, but in the millions of dollars in future operating expenses they no longer have to pay.

Is NOVONIX still a "battery technology" company?

Yes, but the business model has changed. They have moved from being a service-provider (testing batteries for other people) to a materials-provider (making the actual stuff that goes inside the batteries).

What is the significance of the 15% stake in Dryve?

This acts as a "safety net" or "upside" for NOVONIX shareholders. If the cathode technology being developed by the new company becomes an industry standard, NOVONIX still owns a significant piece of that success without having to pay for the ongoing R&D.

Where will NOVONIX operate now?

Their primary operations are now centered in Chattanooga, Tennessee, USA. This is where they are building their major synthetic graphite production hub to supply the North American EV market.

Is the "BTS" brand gone?

Effectively, yes. The division is being rebranded into Avrion and Dryve. NOVONIX has allowed the new owners to use the NOVONIX name temporarily until the end of 2026 to help with the transition, but the brands will eventually be entirely separate.

NOVONIX finalizes divestment of BTS division to focus on synthetic graphite

Written by Liezl GambePublished May. 1 2026Last Updated May. 1 2026

Battery materials provider NOVONIX Limited (NASDAQ: NVX, ASX:NVX) has officially completed the sale of its Battery Technology Solutions (BTS) division.

The Nova Scotia-based business was sold to the company’s former CEO, Dr. Chris Burns, for a nominal transaction price of US$1.00.

The strategic divestment allows NOVONIX to concentrate its management and capital on its primary goal: establishing a vertically integrated synthetic graphite supply chain in North America.

By offloading non-core segments, the company aims to bolster domestic supplies of critical minerals essential for the electric vehicle industry.

Under the terms of the equity sale, BTS will be split into two independent entities: Avrion Battery Labs Inc.: Focusing on R&D and battery testing, and Dryve Battery Materials Inc.: Dedicated to commercializing pCAM-free dry synthesis for cathodes.

While exiting the direct operations of these units, NOVONIX retains a 15% equity stake in the cathode business (Dryve).

The deal includes the transfer of all associated assets and liabilities, with a closing cash balance at BTS of approximately US$2 million.

NOVONIX will provide transition services and trademark licensing through the end of 2026 to ensure a stable handover.