NOVONIX and Lithium Energy have formed a joint venture, Axon Graphite, to consolidate their natural graphite interests.

Axon Graphite plans an IPO on the ASX, with both partners retaining up to 28.57% ownership post-IPO.

The venture aims to capitalise on the rising demand for battery materials amid the electric vehicle boom.

Axon Graphite targets $15-25 million through its IPO to advance Burke/Mt. Dromedary and Corella graphite projects.