Novonix Limited announced that it has entered into an agreement for 77,962,578 ordinary shares at a price of approximately $1.92399999907648 per share for gross proceeds of $150,000,000 on August 9, 2021. The transaction will include participation from new investor Phillips 66 for 16% stake in the company. As a result, Phillips 66 will nominate one director to the company's board of directors. The transaction is subject to approval by the company's shareholders, as well as other customary closing conditions.