KORE Power and Novonix Battery Testing Services Inc. have entered into a testing and consulting services agreement. KORE Power will conduct research and development with NOVONIX to improve their Mark 1 Energy Storage System utilizing NOVONIX's proprietary battery cell testing technologies.

COEUR D'ALENE, Idaho, Aug. 20, 2019 -- KORE Power and Novonix Battery Testing Services Inc. ("NOVONIX", a subsidiary of Novonix Ltd (ASX:NVX), have entered into a testing and consulting services agreement in relation to KORE Power's suite of lithium-ion battery technology, the Mark 1 Energy Storage System.

KORE Power will conduct research and development with NOVONIX to improve their battery technology utilizing NOVONIX's proprietary battery cell testing technologies. The project will support KORE Power's objectives of building high quality energy storage systems and battery cell manufacturing in North America.

"The team at NOVONIX will collaborate with KORE Power in our scientific development process as we work to design electrolyte and electrode optimization programs aimed at boosting capacity, reliability, and cycle life, and improving future manufacturing costs," said Nan Wu, KORE Power's CTO.

The research and development will include testing and improving electrolyte, cathode, and anode materials. Graphite anode materials from PUREgraphite LLC (a subsidiary of Novonix Ltd.) will be used in the program.

"We are excited to start this project and use our expertise in materials evaluation and cell design to support KORE's vision of building energy storage systems in North America. It is a great opportunity to demonstrate how material from PUREgraphite can improve the battery lifetime of different designs with a commercial partner," said Dr. Chris Burns, CEO of NOVONIX.

This agreement will leverage NOVONIX's expertise along with in-house cell assembly capabilities and access to NOVONIX's proprietary technologies. As part of the consulting services, Dr. Burns will work directly with KORE's team as an advisor on battery technology to evaluate current and future options for energy storage systems.

"The collaboration between KORE Power and NOVONIX will ensure that our Mark 1 solution and future products are on the leading edge of commercially available battery storage systems," said Lindsay Gorrill, CEO of KORE Power. "This collaboration is an important step for KORE, as we continue developing relationships with potential partners and customers seeking more powerful, customized solutions to meet growing demand for lithium-ion battery production."

The testing and development agreement work will begin this month and is expected to run at least one year. There will be several phases of work relating to the use of different materials and cell design, which are hoped to improve battery performance and lower manufacturing costs.

ABOUT KORE Power

KORE Power is a leading developer of high density, high voltage energy storage solutions for utility, industrial and mission-critical markets. The Company designs and manufactures its industry-leading, patent pending 1500Vdc Mark 1 Energy Storage System. Designed to lower energy storage installation and operation costs while optimizing performance, the Mark 1 energy storage system includes its propriety NMC cells with added safety features, innovative modules and standard racks, all of which come fully integrated with the Mark 1 BMS. With support from our manufacturing partner Do-Fluoride Chemicals, KORE Power enhances the quality control and visibility across the entire supply chain. The Company serves the growing demand for applications such as energy storage peaker plants, solar + storage projects, microgrids, front-of and behind-the-meter storage, mining energy solutions, and military applications. For more information, visit www.korepower.com

Further Information:

Lindsay Gorrill
Chief Executive Officer
Phone: +1 208 758 9397
Email: lgorrill@korepower.com

Tom DeRosa
Vice President of Business Development
Phone: +1 208 758 9395
Email: tderosa@korepower.com

KORE Media Contacts:

FischTank Marketing and PR
KORE@fischtankpr.com
+1 646 699 1414

Cautionary Statement

Certain statements contained herein constitute forward-looking statements, including but not limited to statements about the plans, objectives and expectations KORE Power has in relation to its collaboration with NOVONIX. All statements included herein, other than statements of ‎historical fact, are forward-looking information and such information involves various risks and ‎uncertainties. KORE Lithium Technologies, Inc. ("KORE Power") believes the expectations reflected in these forward-looking statements are ‎reasonable, but no assurance can be given that these expectations will prove to be correct and ‎such forward-looking statements in this news release should not be unduly relied upon. Forward-‎looking statements included in this news release are made as of the date of this news release and ‎ KORE Power disclaims any intention or obligation to update or revise any forward-looking statements, ‎whether as a result of new information, future events or otherwise, except as expressly required by ‎applicable securities legislation.

ABOUT NOVONIX Limited

(ASX: NVX) is an integrated developer and supplier of high-performance materials, equipment and services for the global lithium-ion battery industry with operations in the USA and Canada and sales in 15 countries. NOVONIX's mission is to accelerate the adoption of batteries for a cleaner energy future.

NOVONIX Contacts:

Greg Baynton
Executive Director
Phone: +61 414 970 566
Email: greg@novonixgroup.com

Philip St Baker
Managing Director NOVONIX
Phone: +1 970 376 4918
Email: phil@novonixgroup.com