Latest news with #MichaelO'Kronley
Yahoo
a day ago
- Business
- Yahoo
Wall Street Bets on U.S. Graphite as China Faces 160% Tariffs
Combined with existing tariffs, the 93.5% preliminary anti-dumping tariffs the U.S. Commerce Department announced this week on anode-grade graphite imported from China, targeting nearly $350 million in goods, promises to deal a major blow to battery producers. It would bring the tariffs to 160% on the notion that Chinese graphite is being sold in the U.S. below fair market value. And it gets worse than that for some Chinese producers. China's Huzhou Kaijin New Energy Technology and Shanghai Shaosheng Knitted Sweat, specifically, will face even higher duties exceeding 700%. The final determinations will be announced by December 5, 2025. The latest tariffs stem from a petition filed in December by the American Active Anode Material Producers for alleged violations of anti-dumping regulations, and the impact on the American EV battery supply chain will likely be significant. The United States imported ~180,000 metric tons of graphite in 2023, with two-thirds coming from China. According to a recent report by the International Energy Agency (IEA), the U.S. graphite supply chain remains highly vulnerable to supply disruptions, with the energy agency calling for urgent diversification efforts. The IEA has projected that graphite will remain the most widely used anode material in lithium-ion batteries over the next five years, with silicon expected to gradually gain ground after latest tariffs on graphite are expected to escalate tensions between the two countries, with the U.S. EV sector already feeling the heat after Beijing imposed export restrictions on certain critical minerals and battery technologies. In December 2024, China implemented export restrictions on several critical minerals, including gallium, germanium, antimony, and graphite, primarily targeting the U.S. This action is seen as a response to increased tariffs and trade tensions with the US. The ban has significant implications for various industries globally, particularly those reliant on semiconductors, electronics, and renewable energy technologies. The cost implications of the tariffs will also be significant. According to Sam Adham, Head of Battery Materials at CRU Group, battery costs could increase by roughly $7/kWh once the tariffs take effect, effectively cutting ~20% of tax credits under the U.S. Inflation Reduction Act (IRA). 'I think this is going to change behaviors and sourcing strategies of battery manufacturers in the United States,' Michael O'Kronley, chief executive officer at Novonix, told Bloomberg. 'The cost of graphite imported from China is going to go up. This ruling essentially is going to accelerate some of those discussions we have with manufacturers.' That's the reason why major EV players such as Tesla Inc. (NASDAQ:TSLA) and Panasonic have lobbied hard against the tariffs, citing an insufficient domestic supply chain to meet their quality and volume needs. Back in May, analysis from the International Council on Clean Transportation projected that U.S. battery production would decline by ~75% by 2030 to 250 GWh and EV sales by 40% under the Trump administration. According to the report, Trump's 'Big Beautiful Bill', which he signed into law earlier this month, could eliminate 130,000 potential jobs in the EV sector by 2030, the majority being in battery manufacturing. Previously, companies had announced a total of 128 U.S. facilities for battery manufacturing in the country thanks to generous credits under the 2022 IRA, with more than half yet to begin construction. Not surprisingly, TSLA took a hit, falling 3% after the tariffs were announced, while stocks of non-Chinese graphite producers soared: Shares of Canada's Northern Graphite Corporation (OTCQB:NGPHF) have doubled; Australian graphite miner, Syrah Resources Ltd. (OTCPK:SYAAF), have surged nearly 40%, Novonix Ltd. (OTCPK:NVNXF), an Australian-listed graphite producer with a plant in Chattanooga, Tennessee, jumped 21%, Canada's Nouveau Monde Graphite (NYSE:NMG) gained 23% while South Korea's POSCO Holdings Inc. (NYSE:PKX) gained 5%. Interestingly, Northern Graphite is one of the companies that lobbied for the tariffs on Chinese graphite. Northern Graphite engages in the development and production of graphite and other minerals in Canada and Namibia. Meanwhile, Wall Street is bullish about the U.S. graphite sector, saying the tariffs will encourage companies like Tesla to buy their graphite from U.S. producers. 'The U.S. is likely to be promoting the development of its own graphite industry by forcing domestic battery makers to switch suppliers,' said Eugene Hsiao, head of China equity strategy at Macquarie Capital, as reported by Bloomberg. 'Thus upstream suppliers of Chinese graphite anodes are more likely to be impacted.' That shift is expected to hit Chinese suppliers hard, particularly those who have long dominated the synthetic and natural graphite anode markets with low-cost exports. According to trade data, over 65% of U.S. graphite imports in 2023 originated from China, with companies like BTR New Energy, Shanghai Shanshan, and Huzhou Kaijin heavily exposed. With anti-dumping duties pushing effective tariff rates to as high as 160% (and over 700% for certain producers) the cost advantage that underpinned Chinese market share is rapidly eroding. Analysts expect many of these upstream firms to lose access to U.S. buyers unless they shift production offshore or absorb significant margin compression. Beijing's December 2024 export restrictions on graphite further complicate the picture, heightening uncertainty for Chinese exporters already navigating increased geopolitical and cost pressures. By Alex Kimani for More Top Reads From this article on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
6 days ago
- Automotive
- Yahoo
Battery Material Stocks Jump after US Announces Graphite Duty
(Bloomberg) — Stocks of battery material makers climbed after the US announced it would impose preliminary anti-dumping duties of 93.5% on graphite imports from China. The Dutch Intersection Is Coming to Save Your Life Advocates Fear US Agents Are Using 'Wellness Checks' on Children as a Prelude to Arrests LA Homelessness Drops for Second Year Manhattan, Chicago Murder Rates Drop in 2025, Officials Say Mumbai Facelift Is Inspired by 200-Year-Old New York Blueprint Shares of Australian graphite miner Syrah Resources Ltd. (SYAAF) surged as much as 38%, while shares of South Korea's Posco Future M Co. ( climbed 24%. Novonix Ltd. (NVNXF), an Australian-listed company with a graphite production plant in Chattanooga, Tennessee, surged 21%. Gains in these and other Asian stocks tracked earlier jumps in Canadian peers including Nouveau Monde Graphite Inc. (NMG). The Commerce Department issued the preliminary determination Thursday, and a final plan should be announced by Dec. 5. The US determined that China, which dominates the processing capacity of graphite, had been unfairly subsidizing the industry. Graphite is a key raw material in the anodes of electric-vehicle batteries. About two-thirds of the material imported by the US still came from China last year, according to BloombergNEF, even though China strengthened export control on some categories of graphite since 2023. The US has sought to encourage EV makers to be less reliant on Chinese components with subsidy-qualifying measures under its Inflation Reduction Act. 'I think this is going to change behaviors and sourcing strategies of battery manufacturers in the United States,' said Michael O'Kronley, chief executive officer at Novonix. 'The cost of graphite imported from China is going to go up. This ruling essentially is going to accelerate some of those discussion we have with manufacturers.' The new duties will add to existing rates making the effective tariff 160%, according to the American Active Anode Material Producers, the trade group that filed the complaint. China currently dominates the processing capacity of graphite, with the International Energy Agency in a report in May calling the material one of the most exposed to potential supply risks. 'Expectations of IRA benefits coupled with US-China decoupling are boosting investor sentiment and driving up the share prices of related companies,' said Namho Kim, general manager of Timefolio Investment Management in Seoul. 'Battery material companies with lower reliance on China will emerge as key beneficiaries.' Chinese suppliers including Hunan Zhongke Electric Co. ( and Jiangsu Baichuan High-Tech New Materials Co. ( traded slightly higher early Friday. 'The US is likely to be promoting the development of its own graphite industry by forcing domestic battery makers to switch suppliers,' said Eugene Hsiao, head of China equity strategy at Macquarie Capital. 'Thus upstream suppliers of Chinese graphite anodes are more likely to be impacted.' —With assistance from Hoi Yuet Woo. What the Tough Job Market for New College Grads Says About the Economy How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All Godzilla Conquered Japan. Now Its Owner Plots a Global Takeover Forget DOGE. Musk Is Suddenly All In on AI Why Access to Running Water Is a Luxury in Wealthy US Cities ©2025 Bloomberg L.P.
Business Insider
28-04-2025
- Business
- Business Insider
Novonix appoints Michael O'Kronley as CEO
NOVONIX (NVX) announced the appointment of Michael O'Kronley as Chief Executive Officer, effective May 19, 2025. Most recently, O'Kronley served as Chief Executive Officer of Ascend Elements. Stay Ahead of the Market: Discover outperforming stocks and invest smarter with Top Smart Score Stocks. Filter, analyze, and streamline your search for investment opportunities using Tipranks' Stock Screener. Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Yahoo
27-04-2025
- Business
- Yahoo
NOVONIX Appoints Michael O'Kronley as Chief Executive Officer
CHATTANOOGA, Tenn., April 27, 2025 (GLOBE NEWSWIRE) -- NOVONIX Limited (NASDAQ: NVX, ASX: NVX) ('NOVONIX' or the 'Company'), a leading battery materials and technology company today announced the appointment of Michael O'Kronley as Chief Executive Officer, effective May 19, 2025. With a strong technical foundation in engineering, Mr. O'Kronley brings over 30 years of automotive experience, including 15 years in the Lithium-ion battery and battery materials space. Most recently, Mr. O'Kronley served as Chief Executive Officer of Ascend Elements where he increased the enterprise value of the company by US$1.6 Billion in 5 years. Admiral Robert J Natter, USN Ret., Chairman of NOVONIX said 'We are thrilled to welcome Mr. O'Kronley to the NOVONIX team. His professional accomplishments as well as his extensive experience in manufacturing, operations, and scaling critical minerals production, makes him an ideal choice. We're confident in his ability to lead the Company into its next phase of growth from our headquarters in Chattanooga, Tennessee.' Michael O'Kronley, incoming Chief Executive Officer said 'It's an honour to join NOVONIX at such a pivotal time. I look forward to working with the team to build on recent successes and ultimately onshore the graphite supply chain in North America.' Mr. O'Kronley succeeds Mr. Robert Long, who has served as Interim CEO since January 2025. He will now resume his role as Chief Financial Officer, continuing to play a key role in the Company's strategic and financial leadership. 'I'd like to extend our sincere thanks to Mr. Long for his leadership over the past several months. He has provided invaluable stability and strategic direction during this important time and we're grateful he will continue in his role as CFO,' added Admiral Natter. This announcement has been authorised for release by Admiral Robert J Natter, USN Ret., Chairman. About NOVONIX NOVONIX is a leading battery technology company revolutionizing the global lithium-ion battery industry with innovative, sustainable technologies, high-performance materials, and more efficient production methods. The Company manufactures industry-leading battery cell testing equipment, is growing its high-performance synthetic graphite material manufacturing operations, and has developed a patented all-dry, zero-waste cathode synthesis process. Through advanced R&D capabilities, proprietary technology, and strategic partnerships, NOVONIX has gained a prominent position in the electric vehicle and energy storage systems battery industry and is powering a cleaner energy future. To learn more, visit us at or on LinkedIn and X. For NOVONIX Limited Scott Espenshade, ir@ (investors)Stephanie Reid, media@ (media) Cautionary Note Regarding Forward-Looking Statements This communication contains forward-looking statements about the Company and the industry in which we operate. Forward-looking statements can generally be identified by use of words such as 'anticipate,' 'believe,' 'contemplate,' 'continue,' 'could,' 'estimate,' 'expect,' 'intend,' 'may,' 'plan,' 'potential,' 'predict,' 'project,' 'should,' 'target,' 'will,' or 'would,' or other similar expressions. Examples of forward-looking statements in this communication include statements we make regarding our plans to commence commercial scale production at our Riverside facility and grow our synthetic graphite production over the coming years. We have based such statements on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Such forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the timely deployment and scaling of our furnace technology, our ability to meet the technical specifications and demand of our existing and future customers, the accuracy of our estimates regarding market size, expenses, future revenue, capital requirements, needs and access for additional financing, the availability and impact and our compliance with the applicable terms of government financing support, our ability to obtain patent rights effective to protect our technologies and processes and successfully defend any challenges to such rights and prevent others from commercializing such technologies and processes, and regulatory developments in the United States, Australia and other jurisdictions. These and other factors that could affect our business and results are included in our filings with the U.S. Securities and Exchange Commission ('SEC'), including the Company's most recent annual report on Form 20-F. Copies of these filings may be obtained by visiting our Investor Relations website at or the SEC's website at Forward-looking statements are not guarantees of future performance or outcomes, and actual performance and outcomes may differ materially from those made in or suggested by the forward-looking statements contained in this communication. Accordingly, you should not place undue reliance on forward-looking statements. Any forward-looking statement in this communication is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, except as required by in to access your portfolio
