NOVONIX sells battery tech unit to former CEO
NOVONIX (NVX) has sold its Battery Technology Solutions unit to former CEO Chris Burns for $1, including all assets and liabilities. The unit will split into Avrion Battery Labs and Dryve Battery Materials, with NOVONIX retaining a 15% stake in Dryve. The deal provides BTS with approximately $2M in cash and includes transition support from NOVONIX until the end of 2026. CEO Mike O'Kronley stated this divestment allows the company to focus on the North American battery industry. NVX shares rose over 6% in premarket trading following the announcement.
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